Welcome to the "Send Payouts" feature - your solution to hassle-free commission management! This guide will walk you through creating and managing payouts, explain why this feature is such a time-saver, and show you how Cosmicly keeps everything running smoothly behind the scenes.
Dec 11, 2023
Features
Why Efficient Payout Management Matters
Before we jump into the how-to, let's talk about why this feature is so crucial:
Time-Saving: Automatically aggregate commissions for your entire team in seconds.
Accuracy: Say goodbye to spreadsheet errors and miscalculations.
Transparency: Clear, itemized lists keep everyone on the same page.
Flexibility: Easily handle various commission structures and payment schedules.
Refund Handling: Automatic commission clawbacks for refunded transactions.
In short, it's about making your life easier and your business more efficient. Now, let's see how it works!
Creating a New Payout
Navigate to the Payouts section in your Cosmicly dashboard.
Click the "New Payout" button in the top right corner.
In the "New Payout" popup:
Choose whether to payout all members or select specific ones.
Set the "End of Period" date. This determines which commissions are included.
Select the payment method (currently set to "Manual").
Click "Create" to generate the payout.
Managing Payouts
After creating a payout, you'll see it listed in the Payouts dashboard:
Number: A unique identifier for each payout.
Period End: The date up to which commissions are included.
Status: Whether the payout is due or paid.
Method: How the payout is processed (currently Manual).
Total Amount: The sum of all commissions in this payout.
Viewing Payout Details
Click on a specific payout to see its details:
End of Period and Created At dates
List of team members and their individual payout amounts
Total payout amount for all members
Processing the Payout
Review the itemized list of owed commissions.
Use this information to process payments through your current payroll system.
Once payments are sent, click "Mark as paid" in Cosmicly.
This step is crucial - it updates our system to accurately track paid commissions.
The Magic Behind the Scenes
Here's where Cosmicly really shines:
Automatic Aggregation: We pull in all commission data for the specified period, saving you hours of manual calculations.
100% Accuracy: Our system tracks every transaction and commission in real-time, ensuring no sale is missed or miscalculated.
Refund Handling: If a paid commission is refunded, we automatically create a negative commission for the next payout period. This "claws back" the overpaid amount, usually offsetting it against new earnings.
Historical Tracking: Every payout is recorded, giving you a clear audit trail and making end-of-year reporting a breeze.
Best Practices for Payout Success
Regular Schedule: Set a consistent payout schedule (e.g., bi-weekly, monthly) to create predictability for your team.
Communicate: Let your team know when payouts are processed and encourage them to review their earnings in Cosmicly.
Monitor Trends: Use the payout history to spot trends in commission earnings and adjust strategies as needed.
Stay Updated: Keep an eye out for new payout features and integrations we'll be adding to make the process even smoother.
What's Next?
With your payout processed, you might want to:
Review the updated commission reports to see the impact of the latest payout.
Check the Analytics dashboard to correlate payouts with overall sales performance.
Start planning for your next commission structure or incentive program based on the insights you've gained.
Remember, the goal of Cosmicly's payout system is to give you more time to focus on growing your business and motivating your team, rather than getting bogged down in commission calculations.
Got questions about payouts or ideas for new features? We're all ears! Reach out to our support team anytime.