Enable Blog — Rebate Management

10 disadvantages of using spreadsheets for rebate accounting

Posted by Elizabeth Allcock on November 2, 2020 11:21:49

Businesses managing complex rebates and deals often do not realize how crucial the software they use is to company expansion and increased rebate revenue. What was most likely the best fit for your business when you first started out, may not be the right choice to fuel the next stage of your company’s growth - especially when the scale of your business processes increases dramatically!

One of these pieces of software is Excel spreadsheets, which according to Forrester Research is used by 81% of businesses and has 750 million users worldwide. Many of us use spreadsheets daily because they are inexpensive to create, highly flexible, mostly easy to use and very easy to share. However, Excel has its downsides.

A continued reliance on Excel spreadsheets causes inefficient manual processes, high operational costs, greater risk of errors, and limitations to your rebate revenue potential. Below we’ll share in more detail the many disadvantages of spreadsheets and the various ways they are used in the rebate world, plus why an automated rebate management system is a more secure, efficient and safer software option for your business going forward.

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Topics: Rebate Management, Rebate Accounting, Rebate Management System, Spreadsheets

8 things to consider before implementing a rebate management system

Posted by Elizabeth Allcock on October 26, 2020 09:00:00

If your business is planning an overhaul of its rebate management, then you know finding the right solution is only half the battle. The second half is actually implementing the system. No matter the size of your organization, implementing a new rebate management system into your existing processes can be a daunting task, since you and your employees need to adapt to the new system and learn how to use it effectively. After making an initial investment in a new solution, the last thing you want is a failed implementation.

It’s important to have a solid plan on how to move forward by first assessing the current situation. While the software implementation process may take some time, preparation and planning is the best way to ensure the implementation goes as smoothly as possible. To position you and your team for success, here are some things to consider prior to starting your software implementation.

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Topics: Rebate Management, Rebate Management System, Deal Management

The 12 warning signs of outdated rebate management

Posted by Elizabeth Allcock on September 21, 2020 09:14:41

Most businesses start out managing their rebates using a variety of simple, standalone tools such as financial spreadsheets. But from experience, we know that these outdated rebate management processes can prevent businesses from calculating, accruing, and allocating rebates easily. Businesses that rely upon inefficient rebate processes as they evolve, could face various challenges and risks that prevent growth, efficiency, and increased ROI.

Don’t let obsolete rebate management processes hinder your business’s evolution; discover the twelve warning signs you’ve outgrown your old rebate system or financial spreadsheets and why you need a modern rebate management system that can help you maximize the performance of your B2B deals.

1. Spending too much time on data entry

Do you often find yourself spending hours on end creating reports or staring at financial spreadsheets because your current system can’t keep up? Or do you find yourself constantly manually entering data? Both of these tasks can easily be automated with a rebate management system – so your valuable time is not being wasted.

2. You’re relying too much on financial spreadsheets

Creating, updating, and generating rebate calculations in financial spreadsheets requires a significant amount of manual labour. Plus, financial spreadsheets are extremely limited when it comes to collaboration and version control. For example, employees from several different departments may have contributed data to the spreadsheet which can also present challenges when it comes to regulatory compliance and month-end closings. As such financial spreadsheets can be a warning sign that your rebate processes are not up to the job.

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Topics: Rebate Management, Rebate Management System

Infographic & report: The impact of COVID-19 on B2B rebate deals

Posted by Elizabeth Allcock on September 7, 2020 08:35:59

The COVID-19 pandemic caught companies and whole industries off guard, as they experienced dramatic and sudden changes in demand and revenue.

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Topics: Rebate Management, Industry Sector: Wholesale Distribution, Rebates, Deal Management

10 common myths of rebate management

Posted by Elizabeth Allcock on August 12, 2020 10:08:49

Many businesses around the world have integrated various rebate management processes to get a better grasp of their B2B deals. These businesses quickly found the benefits of having a rebate management platform, inspiring other businesses to look for software of their own. While businesses stand to benefit from rebate management processes, some companies might have reservations of what these processes and platforms can do for them, and whether their businesses should make the investment. They often go into the software selection process with misguided presumptions and tend to stumble upon outdated information. Such “myths” can be misleading and discouraging to potential software users and fail to communicate the significant benefits businesses make, causing them to resign the chance to maximize the value of their rebate agreements.

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Topics: Rebate Management, Rebate Management System, Deal Management

The rise of the rebate accounting professionals

Posted by Elizabeth Allcock on August 6, 2020 09:03:53

For decades, many of the world’s strongest trading relationships have been built on rebate agreements.

The people trusted with managing these mutually beneficial business deals have played vital roles. But by necessity, they’ve been cogs in a much larger machine. Their time has been absorbed by administrative tasks: collecting and keying-in data, performing audits, corresponding over disputes.

Now, the limits of rebate management are expanding.

Businesses are realizing the need for—and immense value of—even closer collaboration with their suppliers and customers. And at the same time, technology is automating rebate management administration, enabling deeper strategic insights, and supporting new ways of working together.

Liberated from mundane tasks, empowered to analyze and collaborate...

Ambitious rebate analysts and rebate accountants are redefining their roles—to supercharge their careers, and help their companies thrive.

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Topics: Rebate Management, Rebate Accounting, Rebate Management System, Rebates

How to reduce human error in rebate management

Posted by Elizabeth Allcock on July 30, 2020 09:14:13

When it comes to the complexities of rebate management and B2B negotiations, human errors can creep in and seriously compromise the value of trading agreements, especially when the process is manual. Human errors tend to create additional costs, reduce efficiency, and cause catastrophic failures.

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Topics: Rebate Management, Rebate Management System

Why your business needs a centralized deal repository

Posted by Elizabeth Allcock on July 8, 2020 12:17:42

With 80% of B2B transactions governed by contractual agreements, contracts are the foundation of nearly every trading relationship and should seek to define and mitigate risk. Contracts also provide the basis by which companies ensure compliance with regulatory and financial accountability requirements. More importantly, agreements should be documented.

However, the number and complexity of those contracts are growing. According to IACCM, the average Global 1000 corporation maintains over 40,000 active contracts; these high numbers of contracts are difficult for companies to track and maintain. This difficulty is magnified when contracts are managed manually with pen-and-paper, filed away into overflowing cabinets or saved as Microsoft Office documents, at best, in shared folders or at worst, on individual employee’s hard drives. Plus, with remote working on the rise in many workplaces, deal management can become even more complicated.

Like almost every other business process, making the move to a deal management solution, with a built-in centralized deal repository, is necessary for improving efficiency, speed, and cost.

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Topics: Rebate Management, Contract Management, Deal Management

The purchasing power of a buying group

Posted by Elizabeth Allcock on June 11, 2020 09:55:59

When you become an independent business owner, you’re always thinking of ways to reduce your expenses, manage your finances better and stay ahead of the competition. One of the best ways to solve all three is to join a buying group also known as a group purchasing organization (GPO).

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Topics: Rebate Management, Industry Sector: Buying Groups

5 industries that would benefit from rebate management software

Posted by Fraser Weetman on May 4, 2020 14:47:21

Rebates are prevalent in many industries because they can have a significant impact on a business’s bottom-line. A buyer agrees to purchase a certain volume, or value of a seller’s goods. Once the purchase has been made, the seller refunds a proportion of the price they’ve paid. But although they sound manageable, we have found that 4% of potential rebate revenue typically goes unclaimed which can mean many industries are missing out on hundreds of thousands of dollars each year.

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Topics: Rebate Management, Industry Sector: Building Materials, Industry Sector: Wholesale Distribution, Rebate Management System