Benefits of Automating Commissions Processing
Automating your commissions processing means that you are using an industry-specific Agency Management System (AMS) or CRM as opposed to manual calculations (like Excel) to track, process, and issue your commissions.
Two of the biggest benefits you’ll find when you automate your commissions processing are reduced errors and a significant amount of time saved. In fact, Gartner Inc. found that when companies move from Excel Spreadsheets to commission-based software (e.g. an industry-specific AMS like AgencyBloc), they reduce errors by 90% and reduce processing time by over 40%.
However, there are more benefits to automating your commissions processing than just error reduction and time saved. Easy-Commission found these to be the top 12 reasons why you should seriously consider automating your commissions:
- Reduces errors in sales commissions calculation
- Pays commissions on time
- Uses commission plans that fit your business need
- Communicates compensation clearly
- Has a complete reporting ability
- Avoids double data entry
- Tracks sales, commissions, and bonuses
- Reduces administrative time and effort
- Reduces administrative and overpayment costs
- Promotes increased trust and morale
- Ensures business process continuity
- Increases productivity
Finding the Right System
Easy-Commission goes on to list the top 3 features you should look for in your commissions software:
- It’s customizable
- It allows you to share commission statements with your sales reps
- It’s affordable
AgencyBloc’s intuitive industry-specific system fits all three of these checkpoints by allowing you to customize to your heart’s content, have multiple levels of users that can easily share information back and forth, and it all comes in at a great price! Beyond that, AgencyBloc’s software makes commissions processing a breeze. All you have to do is enter your commission data, and the system will take care of the splits for you. It will help you save time, reduce human errors, be more efficient, and streamline your insurance agency.
"We cut down our commissions in employee time, and gained over 90 hours back every month."
Leslye
JTS Financial
Want to learn more about automating your commissions processing?
Schedule your personalized, one-on-one live demo with one of our sales reps to see exactly how our commissions processing component can make your day more organized, efficient, and prosperous.
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By Allison Babberl on April 4, 2017 in Commissions Processing
Allison is the Marketing Content Specialist at AgencyBloc. She creates educational content and designs videos to promote AgencyBloc's resources to help you organize, automate, and grow your insurance agency. Favorite quote: “Conversation is the bedrock of relationships. Without it, our relationships are devoid of substance.” -Maribeth Kuzmeski More articles