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Mismanaged rebates are usually to blame when it comes to distributors losing money. So, how do you use rebate management to not only stay in the black, but to also increase revenue? Accuracy, automation, and integration.
Even with the most flexible and powerful pricing tool, there are still a few boxes you’ll have to check off before putting your rebates on auto-drive. Our rebate management solution seamlessly brings together rebate management, pricing management, financial management, customer and supplier management, and overall business management. This allows you to set up any type of rebate program or price list and be well on your way to improving margins and cash flow.
Use Rebates to Boost Sales
How do you increase sales? Well, basic marketing tells us to start by being nice to our current customers (cheaper to keep them, after all). One way to do that is through special discounts and promotions. Rebates are an excellent way to provide sales incentives to both new and existing customers. Plus, you can use an ERP with an integrated CRM to create customized marketing campaigns that increase both awareness and profits.
Provide Accurate Pricing
Things change – that’s a fact of life. Amongst those things are pricing. Do you have an intern responsible for changing the pricing on hundreds of items by the time the clock strikes midnight? What if he forgets (uh oh) – how much money did you lose? Applying date-driven pricing makes it easy to assign valid date ranges to price lists so that your pricing is accurate, no matter the hour.
Track Vendor Receivables
Do your suppliers and partners keep their word? If there are hiccups or IOUs, it’s best to keep track of those on more than just a sticky note. Using our approach, your rebate management will sync with accounting – giving you insight into exactly what, why, and when you pay and get paid.
Ensure Timely Payouts
Remember those customers we mentioned earlier? Here’s something else that makes them happy – timely payouts. Once you’ve wooed them with those rebates, you’ll need to use your management system to make sure those funds are distributed just when you said they’d be. Getting up to speed requires you to make sure every customer receives accurate payments and that you can reconcile all your rebate transactions.
Automate Rebate Management
Today’s magic word is automation. Manually tracking rebates opens the door to costly errors and lost revenue. Not to mention that trying to keep up with a complicated rebate trail can be both frustrating and time-consuming. Today, no one really needs to manually do anything (well, about 95% of things, at least). And by integrating Rockton Pricing Management with your ERP, you don’t have to. Connecting the two gives you an end-to-end solution that cohesively manages all aspects of rebates in one centralized system. That includes everything from pricing and commissions to receivables and payouts.
Gain Real-time Visibility
To use rebates to your advantage, you need to know how they’re affecting your bottom line in real-time. Use your ERP to continuously track and analyze data, while making necessary adjustments. Where can you remove bottlenecks? How can you negotiate better pricing? Put your visual dashboards to work to gain deeper insight and make better decisions.
Margins are way too tight to be left on the table, especially in the food business. Matching advanced applications with a modern ERP provides a solution to a common, yet avoidable problem. That’s why many food distributors choose Acumatica Cloud ERP with built-in pricing and rebate management.
Schedule a demo and learn how effective rebate management can put money back into your pockets.