At Compass, we're always looking to enhance ourselves with new features and enhancements. These are the list of features we have released:
Introduction of new ASC 606 report in Compass:
Now get a dedicated ASC 606 downloadable report in Compass.
Can be accessed from Reports->Payout->ASC 606.
ASC 606 is the Accounting Standards Codification standard issued by the FASB and IASB that provides a universal framework for companies to recognize revenue from customer contracts.
The ASC 606 report helps you to recognize revenue only when control of goods or services is transferred to the customer, improving transparency and consistency and adhering to the necessary guidelines.
The Benefit Period and the Amortization Start date can be adjusted as well.
Implement Clawback based on completed plans:
Clawback can now be implemented for completed plans based on last created plans. You can choose a plan to map for clawback when you are creating a new plan. The option called Start Clawback/Kickback is available in the Plan Settings page.
After mapping any completed plan to this active plan, you can choose to either approve or deny the clawback amounts that are generated automatically based on the reward points calculated for each plan.
Admins also have the option to manually trigger the clawback/kickback process:
View and Send your important KPI cards for approval along with plan report validation:
KPI cards can now be included as part of Performance Report Validation. The approver would get the option to approve/reject and add comments for the cards and the performance report as a whole, this helps to get quick approvals for your important KPIs.
Dedicated User Management Module to centralize all approver workflows:
All approver workflows are now centralized as part of a dedicated user management module in Compass Settings. This helps users avoid creating new approval workflows each time they are creating a new plan. Also facilitates the editing and re-usability of existing workflows.
The new workflows can be setup as part of plan settings when creating or cloning a plan.
Upcoming Features:
Reward selection optimization- Select only the rewards that you need to display to your users, rest of the rewards will not be processed, greatly optimizing calculation times.
Auto Mailer Functionality- Automatic mails would be triggered in case of successful approvals of performance reports. These mails would be sent to the next pending approver- to given an overview to next approver and to speed up the approval process.