Why Royalty Accounting Matters
At MetaComet, we know that better royalty accounting makes a better business. For any publisher, managing royalty calculations and distribution can be a daunting and time-consuming task. We have the royalty accounting software to make life easier, helping you transform your royalty operations from stressful and slow to simple and speedy. So just how exactly does high-quality royalty revenue tracking improve a publishing business? Here are seven of the key benefits.
Time Savings Through Royalty Accounting Software
Royalty management done manually can drain hours, days or even weeks of staff time. MetaComet’s experience shows that we can shred the effort spent on the task by up to 90%, freeing team members to do what they’re good at: creating and selling content.
Lower Costs
Reducing the man-hours spent on royalties is just one of the tangible cost benefits of automation using royalty accounting software. By replacing printed statements with digital ones, publishers can save on paper, ink and postage costs too.
Financial Stability
Clear sight of royalty payments creates more disciplined cashflow management in the short term, and more informed strategic planning in the long run. A business that knows where it stands on royalty accruals, monies payable and other important financial matters is one that can look to the future with confidence.
Engaged Authors
All authors value accurate, on-demand royalty accounting and efficient, on-time payments. Publishers that can deliver both these things can soon establish an important advantage over companies that might be competing for your authors’ work. MetaComet’s Author Portal can also help to set and share contracts and terms too, optimizing author relationships from the start.
Enhanced Your Reputation As A Publisher
Smooth royalty revenue recording helps publishers to polish their image as a professional and well-ordered business. That instills trust and confidence among partners in the publishing and throughout the supply chain. It can help to attract new authors to the business too.
Risk Management
Errors in royalties can be expensive. Overpayment compromises profits, underpayment damages reputation, and correcting the mistakes costs time and money. Organizing and automating the processes with royalty accounting software substantially reduces the risk of slip-ups and eases the stress associated with mistakes and delays.
Fresh Royalty Revenue Insights
Sharp and timely royalty data unlocks new insights into business performance. MetaComet’s Sales Aggregator tool helps combine multiple and complex sales files into a single, easy to handle database that delivers instant, up-to-the-minute audits. They offer fresh perspectives on which books are selling where and when, show which authors are and aren’t earning out their advances, and flags the key market trends to follow. Contact us today to learn more about our royalty accounting software!
