Companies need an Incentive Compensation Management tool that uses the latest technology and guarantees accurate and reliable compensation payments and equally accurate reporting. Many companies are still using outdated and inaccurate methods to calculate sales commissions and bonuses. With outdated methods like spreadsheets, bonus errors, inaccurate sales information and over payments are common.
Spreadsheets can be useful for some business processes, but they create several different problems when used to manage incentive compensation.
- Spreadsheets are not auditable.
- Spreadsheets can be easily manipulated.
- Cumbersome spreadsheet formulas regularly contain errors.
- Spreadsheets make it difficult to manage all but the simplest compensation plans.
- Spreadsheets are a time-consuming way to calculate incentive compensation payments.
Glocent eliminates all these problems by providing an automated incentive management solution that uses raw sales transaction data to accurately collect sales transaction intelligence and calculate sales incentive compensation payments. With Glocent, authorized users can easily implement sales commission strategies. The program completes the payments with 100% accuracy and provides detailed commission reports to the sales and finance organizations. While sales commissions may seem relatively easy to calculate, Glocent currently supports clients that evaluate several hundred variables for each transaction. Glocent also has the capability to handle bonuses, rewards and other types of sales incentives.
Easy Bonus Structure Implementation
With Glocent, sales managers can implement corporate sales performance strategies easily. Glocent’s web-based format allows users with certain security authorizations to access the incentive compensation management system. Sales managers can implement performance strategies like bonus structures and reward incentives that are tied to real sales transaction data. For example, bonuses can be added when sales representatives meet quotas, sell in specific territories or certain product lines, expand market share, or even meet non-sales objectives. Glocent tailors our unique Incentive Compensation Management solution to your company’s specific bonus structure.
Accurate and SOX Compliant Reports
In the post-Enron scandal business world, accurate accounting for financial transactions is more important than ever, especially when tracking compensation. The 2002 Sarbanes-Oxley (SOX) Act requires that companies provide accurate internal audit reports to the US federal government, and bonus payments are heavily scrutinized. With Glocent, only authorized users can enter payment parameters or adjustments into the system. Each manual entry is logged to ensure proper accountability.