Daniel Kang knew that it would be challenging to find a commissions platform that would be robust and flexible enough to handle 10 different commissions structures for over 150 sales reps. Additionally, he needed a system that could help him and his teammates implement the latest ASC606 accounting standards.
We actually just wrapped up our ASC606 implementation within CaptivateIQ. Previously, we were calculating commissions in a one excel file and transferring that same information into separate, siloed spreadsheets to pull together our journal entries related to commissions accounting under ASC 606. We now have end-to-end visibility into the commissions lifecycle in a single source of truth
The time-sink was significant and demoralizing. Daniel describes the process as tedious, cumbersome and inefficient.
The process felt unproductive. I knew we could be more efficient and better allocate our time to more value-add efforts.
This compelled the Vectra team to explore a commissions platform that could handle the entire end-to-end process of commissions management.
After reviewing 3 different options, Daniel felt that CaptivateIQ would be the most appropriate tool for him and his team. Why?
When we looked at the other vendors, their products felt antiquated and CaptivateIQ stood out as the clear modern solution
The other products effectively required some pre-existing expertise to own and operate after implementation, whereas CaptivateIQ felt like a tool with a quick learning curve. I felt that once I understood it, I could independently maintain our instance without having to constantly require outside services
We required heavy customization. There were a lot of complexities within our commissions plans that I thought CaptivateIQ may not be able to accommodate, but the platform proved to be much more flexible than I had anticipated.
With ASC 606, companies need to track commissions at a much deeper level. CaptivateIQ gives us that visibility and provides a clear audit trail with instant access to all the necessary data at the right level of detail
With CaptivateIQ, Daniel and his team have been given back hours every month. This has allowed them to focus on elevating other processes throughout the business.Daniel states that his team has been thrilled to be able to work with the CaptivateIQ team, and that they are confident knowing that they are more productive, efficient, and capable of making a greater positive impact on the business.When it comes to implementing ASC606, Daniel advises other companies to choose a platform that provides a holistic solution and is flexible enough to allow for multiple amortization methods based on the performance obligation.
I would highly recommend CaptivateIQ.
If you’re curious about how CaptivateIQ can help your organization better adapt to ASC606, please contact us.