Royalty processing is time consuming tasks for many publishers, made more complex it royalties are paid 2x or 4x a year.
Royalty software can reduce the time it takes to generate these reports. It can also allow publishers to respond quickly to authors requests for more information about their book's sales.
A good royalty module will;
A> Generate royalty reports at the push of a button by automatically pulling sales information from the sales files.
B> Automatically update your accounts payable system with the correct balances due, thereby eliminating the need to manually enter this information.
C> Provide editors with immediate access to royalty earnings by author.
The savings? At one client they had a full-time person assigned to royalties, entering sales information for 800+ titles into Excel spreadsheets. Then the accounting department had to manually enter these balances into their accounts payable system. After the checks were issued their royalty manager had to update his Excel spreadsheets with the payment information.
After the system was installed, Accounting was assigned responsibility for generating royalty statements.
Savings & Benefits
Cash Savings = $40,000 due to elimination of one position.
Productivity Savings = Eliminated 140 hours a year on royalty related work for the accounts payable clerk.
Author Relations = Increased author satisfaction due to timely generation of professional royalty statements and payments. Editorial was now able to provide authors with year to date royalty earnings at the push of a button. This assisted editorial in manuscript acquisitions.
Financial Reporting = Accurate liability totals for royalties payable. Previously, management had relied on estimated numbers for cash flow planning.
