Reporting to artists with accurate royalty statements is one of the core functions of a record label. In the early stages of running a record label, creating statements displaying music royalties for artists can feel like a difficult and daunting task, especially if you do not have the budget to bring in a specialist accounting firm to produce handle this task for you. An accountant will help ensure your statements are correct, delivered on time and can advise you on other financial matters like cash flow, budgeting for music releases etc but until you reach that stage you need to find the right solution for your needs. If you do not have a music accountant or finance specialist on your team, we recommend using some purpose made, music accounting software. There are several options to choose from, we have listed some of the best record label accounting software for processing royalty statements and managing your labels finances below:. Price: Packages based on label size and needs. Before making the decision on which of the above is best for you be sure to ask for a demo so you can try out the software for yourself.
The Korrect team will support your data ingestion, working in tandem with your administration team to ensure timely loading of all your incoming data. Specific digital service providers proving troublesome can be completely managed by the team. Millions of monthly lines of data being quickly and efficiently processed on time. All data goes through multiple validation points in the processing functions. Alerts are triggered and review panels for data warnings.
As the landscape of the music and entertainment industry is constantly evolving, accurate and timely royalty processing is needed now more than ever. Not only does a company need royalty software, which can be expensive to purchase and maintain, experienced staff is required to process the royalties accurately and efficiently. Royalty Solutions Corporation understands these challenges and offers a variety of label services to prioritize your royalty processing. RSC is the answer to processing royalties rather than having an in-house royalty department. Our staff is fully trained and dedicated to royalties and will ensure that everything is accounted for properly. Royalty Solutions provides a complete turnkey solution for your royalty department, eliminating the staffing overhead and technical complexities of managing a fully-functional royalty department. Focus on Your Core Business - The creative side of your business is the priority.
Do you use QuickBooks and need to manage royalties for music? Do you pay royalties on songs, albums, and compilations or even film and other intellectual property? Do you need a multi-thousand dollar system that can handle all of your royalty needs plus general accounting needs at once? Probably not. QuickBooks is good for general accounting, but fails at making royalty accounting easy.