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Accounting Best Practices: Incentive Compensation Management Software

In the accounting industry, employers and companies value accuracy and the ability to manage complex business calculations with ease. This can be a difficult thing to manage if companies are using outdated accounting techniques such as calculating important payments and performing business processes the old fashioned way with spreadsheets and clunky software. However, new developments in business IT solutions have made things easier for the accounting department, as well as saving companies money. Automated incentive compensation management software (ICM software) is one example of the new IT trend of automating business and accounting processes.

But how does ICM software work? Instead of having to compile spreadsheets with information reported by sales representatives detailing their sales activity, accounting professionals can use the software to automatically calculate incentive compensation payments. Glocent, an ICM solution, will also use a proprietary download process to pull sales activity data from company servers. The software will then use this data to calculate sales incentives and send the completed calculations to accounting and payroll. After calculating incentive compensation for the sales department, the software also generates accurate reports.

ICM software like Glocent also provides accurate reports for different levels of users. This means that accountants and auditors can access very detailed reports of sales activity, but sales representatives will only be able to access their own sales activity reports. This keeps everyone informed about sales activity and incentive compensation. In today's business world, accurate reports are also very important for internal auditing and financial transparency. The software provides reports that are 100% accurate, error-free and compliant with the Sarbanes-Oxley Act of 2002, which requires companies to provide accurate financial reports to government agencies. With automated ICM software like Glocent, companies no longer have to worry about errors in their reports, and both executives and accountants can breathe easy knowing that they are SOX Act compliant.

Transparency at the speed you do business!