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This FAQ provides some answers to common questions for those who are new to working with our
channelFUNDS application. This application was created to provide end to end workflow automation for your Co-Op
and MDF program.
Term definitions:
- I see both terms of Co-op and MDF used in parts of your product description.
What is the difference and which is channelFUNDS designed to manage?
Hooking up existing tools and data:
- I currently maintain a spreadsheet with my partner fund amounts. How will I get
those into your application?
Workflow:
- My partners and I have many daily tasks - is there a way that I can be notified
when I need to do something with this system?
- On our team different account managers are responsible for his/her partners'
requests and approvals. How will that work with your system?
- I need to keep track of multiple MDF expenditures that will be associated to an
event. Will your system support that?
- I keep different budgets throughout the year and I don't want the hassle of
keeping track of the end balance. Will your system allow me to transfer the budget amounts from
one period to another?
- My partners must provide proof that they spent the money on what they claimed
they would. Can they enter in details / append receipt images to the system?
Reporting:
- My C-level execs need to know what happens to funds given out to partners.
Do you have reports that I can show them?
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Q: I see both terms of Co-op and MDF used in parts of your product description.
What is the difference and which is channelFUNDS designed to manage?
A: Most Co-op programs are funded with a percentage of the sales proceeds (1-3% is typical).
Traditionally the money is allocated to each partner's individual 'bank' based on the partner's
sales 'accrual'. Some vendors feel that that model encourages the sense of an 'entitlement
program', and does not produce strategic results. A different and increasingly popular approach
is to put (at least part of) the co-marketing money in one or more investment "pools" that are
not earmarked for any specific partner, but for specific markets with marketing strategies
driven by the vendor. This type of practice is often referred to as MDF (Market Development Fund).
channelFUNDS is designed to provide tools for both types of practices, or even a mix of the two
at the same time, using the "partner accrual" and the "strategic investment" types of budgets,
respectively.
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Q: I currently maintain a spreadsheet with my partner fund amounts.
How will I get those into your application?
A: The system has a funds import tool that allows you to upload an XLS document into the
application. The system allows you to map fields within your existing spreadsheet to the
expected fields of the app.
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Q: My partners and I have many daily tasks - is there a way that I can be notified when I
need to do something with this system?
A: Yes, the system delivers call to action email notifications to both your partners and
internal users. Additionally, users have the ability to turn off these notifications,
should they so wish.
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Q: On our team different account managers are responsible for his/her partners' requests and
approvals. How will that work with your system?
A: The system administrator determines which internal users have access to any one of a list of
controlled capabilities via user "permissions". For example, a specific permission is needed to
enable the user to approve co-op reimbursements. In addition, such privileges when granted can
be limited to only cases associated with a certain set of partners, known in channelSUITE as the
user's "scop". The combination of permission and scope settings can be used for the scenario
described.
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Q: I need to keep track of multiple MDF expenditures that will be associated to an event.
Will your system support that?
A: Yes. The application allows partners to log multiple expenditure lines per claim.
The admin team may then issue multiple reimbursements as they see fit.
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Q: I keep different budgets throughout the year and I don't want the hassle of keeping track of
the end balance. Will your system allow me to transfer the budget amounts from one period to
another?
A: Yes, the application is set up so that all funding is tied to budgets with start and end
dates. When the budget line is closed by the admin team, they have the ability to transfer the
end balances to a new budget, if they so chose.
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Q: My partners must provide proof that they spent the money on what they claimed they would.
Can they enter in details / append receipt images to the system?
A: Yes, the partner will enter in claim expenditures and can add notes and file attachments
explaining what those expenditures are. The system allows for multiple expenditure lines,
attachments and notes.
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Q: My C-level execs need to know what happens to funds given out to partners.
Do you have reports that I can show them?
A: Yes. Our system provides "quick stats" of partner activities, in both activity counts and in
dollar values, and of fiscal expenditures, so that you and your team can get a clear sense of
the "big picture". We also can offer the service of creating customized reports to spec.,
to suit a particular business need. Lastly, historical expenditures/transactions can be exported
and used to build special or occasional reports or documents outside of the system.
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