The NetSuite Incentive Compensation Add-on Module enables businesses to manage flexible sales commissions.
Want more information on how NetSuite Incentive Compensation can help you? Continue reading, or download the PDF data sheet on NetSuite Incentive Compensation to learn more!
NetSuite Incentive Management helps businesses design sales commission plans, monitor salesperson progress, and pay earned commissions. This solution is easy-to-use and addresses the challenges of managing complex multi-tiered commission plans. NetSuite Incentive Management includes functionality to help businesses manage and calculate sales compensation based on various criteria, such as quota, quantity sold, service item, and product profitability. In addition, with NetSuite, sales teams have visibility into their incentives and progress through automated commission reporting. This ensures that sales reps understand their incentives as they work to meet specific benchmarks and remain aligned with business goals throughout the process.
With NetSuite Incentive Management, companies can manage programs in a centralized and collaborative manner. Executives, sales, and finance managers can view and adjust compensation rules within commission schedules, configuring these with different performance measures. With NetSuite Incentive Compensation, companies can define quotas per period (monthly, quarterly, annually, year-to-date) categorized by total sales, product or service, subsidiary, department, or even location. Companies can also calculate commissions based on custom criteria, including custom measurements for all quota- and sales-based commission plans. With NetSuite Incentive Management, several commission schedules can be combined into comprehensive commission plans with various rules and enforce effective dates, providing flexibility in how your company structures and deploys commission.
Supporting Complex Commission Rules
NetSuite provides sophisticated rule management functionality that enables managers to structure commissions and payments best for their teams. Commissions can be calculated linearly, marginally, based on a target factor, or without a scale.
Easily calculate indirect commissions due to managers and executives from sales at the field level. Set up a schedule e that applies to sales managers and executives. When field sales personnel on the manager's team book orders that qualify, the amount will be reflected in the compensation due to the manager or other qualified individuals in the organizational hierarchy. Set up split commissions when needed. With Team Selling capabilities, you can split commissions between multiple parties on the same sales transaction. Specify the appropriate contribution percentages for each sales individual involved in the transaction, and commission schedules automatically use the contribution percentage to determine the payout.
NetSuite Incentive Management also allows businesses to calculate and provide reporting on partner commissions and enables companies to pay employees and partners on the same sales transaction. Businesses can calculate rules for partner commissions from the same parameters that are available for employees, such as commissions on sales, quantities, and profitability. Partner commissions can also be computed using custom criteria for additional flexibility.
NetSuite'sNetSuite's Incentive Management provides numerous ways to process and approve commission payments. Commission calculations can be triggered when a customer is invoiced or once the invoice has been paid. In NetSuite, an approved sales order starts the commission calculation. Commission amounts can go through sales manager approval and accounting approval or simply sales manager approval. Manual overrides are available during the commission approval process. Once compensation has been approved, companies can make payments in NetSuite through accounts payable or automatic integrated payroll processing. Overpayments and underpayments due to invoice changes are handled by providing a credit or debit towards the next pay cycle.
NetSuite'sNetSuite's Incentive Compensation module provides companies with complete reporting and analytics, enabling sales, operations, and finance to monitor sales trends, quotas, performance, and attainment distributions. Both summary and detailed compensation breakdowns are available through role-based, real-time dashboards and reporting. This functionality helps salespeople forecast their earnings, adjust their efforts, and see summary detail commission reports within their sales dashboard. You can even allow partners to view their sales commissions through an online Partner Center.
Yes! Anchor Group provides implementation services for NetSuite modules, including NetSuite Incentive Compensation. Contact us to learn more about our NetSuite module implementation services!
If this module doesn't fit your needs, there are many other financial management solutions available through NetSuite: