Is your commission calculation process time-consuming?
Accurately calculating commissions and promptly paying agents is key to keeping great agents at your brokerage. However, manually calculating commissions and sending payments can be a time suck for your back office team. With so much time spent on commission calculation, your team has less time to help you grow.
Commission automation software can help your team save hours on commission calculation. We’ll cover the top ways commission automation software can be a huge time saver for your team. To start, we’ll look at the first way – reducing errors.
The first way commission automation software can save your team time is by reducing errors.
With manual commission management, your team has to enter and transfer data from transactions, accounting, and more. Manual data entry makes it easy to misenter a number, put a number in the wrong place, or forget a number altogether. To fix these errors, your team has to comb through their commission data to find the problem, which wastes time.
Commission automation software can eliminate manual data entry and reduce errors. This software can automatically pull data and enter it in the right place. That way, your team doesn’t have to waste time on manual data entry/transfer or fixing errors. Instead, your team can spend their time managing more transactions to help your brokerage grow.
Another way commission automation can save your team time is by automating commission calculations.
To calculate commissions manually, your team has to input the right data into the right formula. After they calculate commissions, your team then has to transfer these calculations to the right place. Manually managing all these commission calculation steps can be time-consuming for your team – keeping them from focusing on what matters.
With commission automation software, your team can automate commission calculation. Instead of manually finding and inputting numbers, this software can automatically pull the correct data and put it in the right calculation formula. Then, commission automation software can send the results to other back office systems.
By automation commission calculations, your team can save hundreds of hours a year – freeing them up to focus on brokerage growth activities.
Create a seamless data flow
Along with automating commission calculations, commission automation software can also help your team save time by enabling a seamless data flow.
Commission calculation relies on info from transaction management, accounting, agent management, and more. And, these same systems rely on the data from commission calculation. With manual commission calculation, your team has to manually move data between your back office systems. This process can waste hours each week.
With the right commission automation software, however, your team doesn’t have to manually move data back and forth. Instead, commission automation software that’s part of a complete back office platform can automatically move the data to and from your commission calculation solution.
This seamless data flow means your team no longer has to waste time on data transfer – empowering them to spend more time on what matters.
Integrate with more tools
In addition to creating a seamless data flow, commission automation software can save your team time by integrating with a wide variety of software solutions.
Your commission calculation and accounting solutions might need to work with other tools outside of your back office platform. Yet, many commission automation software solutions don’t have integration with common tools (like QuickBooks). Without good integration, your team will have to waste time manually moving data from and to these tools.
The right commission automation software should have wide integration. With top-notch integration, your commission automation software can automatically move data to tools outside your back office platform. That way, your team can spend less time transferring data and more time on high-value tasks.
Customize commission plans
Commission automation software can also save your team time with custom commission plans.
Your brokerage has unique commission plan needs. Whether you do commission splits, sliding scales, caps, or fees, your brokerage has its own commission structure. However, many commission automation software solutions only have a one-size-fits-all commission structure. If your team needs to do commissions a different way, they’ll be stuck doing everything manually – wasting time.
The right commission automation software, in contrast, will allow your team to customize commission plans. Once your team creates the commission plans your brokerage needs, the commission automation software can take care of data entry/transfer and calculations for each plan.
With customizable commission plans, your team can tailor your commission software to your brokerage needs. This reduces the need for manual work and saves your team time.
The last way commission automation software can save your team time is by increasing agent transparency.
Agents want to know what they’re being paid and why. With manual commission management, this means that agents have to contact your team to find out. Your back office team then has to manually compile all income and expenses for agents and break it down for them. While this is helpful for agents, it can be time-consuming for your team.
Commission automation software with agent statements makes it a breeze to help agents understand their payments. This software automatically generates monthly statements for every agent. These statements break down commissions to explain agent payments – all without your team needing to do anything.
With agent statements, commission automation software can save your team time and increase agent morale – helping your brokerage grow.
Wrapping it up
Accurate commission calculation is essential to keep your brokerage running and retain top agents. However, manual commission calculation can be a huge time suck. Instead of managing more transactions or other brokerage growth activities, your team has to waste time finding, entering, calculating, and transferring data.
With commission automation software, your team no longer has to waste time on these tedious tasks. Instead, commission automation software can save your team time by reducing errors, automating calculations, enabling a seamless data flow, integrating with third-party tools, customizing commission plans, and increasing agent transparency.
If you’re looking for the right commission automation software to save time, Brokermint is the way to go. Brokermint’s commission automation module has automation to reduce errors and complete calculations. As a complete back office platform, Brokermint also creates a seamless data flow between your back office systems. And, Brokermint has wide integration, customizable commission plans, and automatic agent statements.
Along with commission automation, Brokermint also has transaction management, accounting, agent management, and reporting/analytics. Brokermint’s five back office modules have everything you need to streamline and modernize your back office.
Book your Brokermint demo today to see how commission automation can save your team time – so they can focus on what matters.
Schedule a demo and see your back office with Brokermint.