While your primary reason to enter the publishing business might not be because of your interest in royalty management, you just cannot overlook this aspect of your business. No matter what you publish or how you offer your work for use, if it involves royalty, you have to work on managing everything properly. Thankfully, you can try some ways to make things easier, and here are a few things to remember.
Pay Special Attention To Creating Appropriate Contracts
In the case of a publishing business, you can work directly with your writers and create contracts that would benefit both parties. These contracts would push the writers to be proactive and allow publishers to take more risks to reward the authors. You would always have to start by managing royalty statements manually, but you can slowly determine your backend capabilities and then create contracts to match them.
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Be Sure To Mention Author Issues In The Statements
In your publishing business, you will be working directly with writers who may have so many questions regarding prior balances, sales, free copies, and so on. These questions are likely to crop up when you send the statements to the authors. The right way to prevent the issue is to address the most common issues in the statements. You can explain different entries and share footnotes to make it easier for the authors to understand everything.
Use Some Royalty Management Software
Along with taking other steps, you can always take advantage of robust royalty management software. How royalty management software helps streamline business operations? The right use of such software can help your accounting team manage everything in a much more efficient manner. By using the software, it becomes easier to define, validate, receive, and process all royalties with utmost ease. Here are some of the reasons why you may want to go this way:
- You can use the software to establish a correct royalty definition for all parties involved in the process. It will be possible to get the correct information about the licensing agreement and inform the other party about the profit they will receive for every view, purchase, ticket, etc. Once defined, it is easy to upload the information to the platform.
- It saves you from manually entering the important data, which could be a lot of work, especially in the case of VOD statements. You can use the software to automate the whole process that saves time and money.
- It helps calculate and process different types of royalty statements. The use of the software will eliminate the risk of human error because it generates royalty statements automatically.
The fact of the matter is that royalty management can be an intimidating task, but you can simplify it all by using the right type of royalty management software and creating appropriate contracts from the word go.