Do you ever feel like you’re drowning in endless incoming data streams? The music industry is growing at a substantial rate with endless amounts of metadata embedded in each file, including the artist, recording info, composers, album, song title, and more.
Streaming has become the primary way music is consumed today, and according to MRC Data, the US alone had 872.6 billion audio streams of music in 2020.
The data involved with managing royalty payments and distributions is increasing and evolving. When you think about the amount of data coming from a single audio file, the incoming information is massive and overwhelming. With data coming in across many platforms from thousands of different artists and sources, the music industry needs a better way. As a music publisher, the need for efficient data management is greater than ever.
Breaking Down the Solution for Royalty Accounting Data Management
Managing so much data is an impossible task to do manually. You should be able to send royalty statements to your clients and process those payments efficiently. Without timely, accurate financial data, payments can be inaccurate, duplicated, or missed.
With automated data collection that integrates with your financial software, you’ll be more organized and better equipped to manage your business and royalty accounting. Access to better tools, software, and processes will offer more accurate and insightful financial reporting.
The following features are integral to our leading, cloud-based royalty solution:
- Automation. Manual processes are inefficient for handling the incoming data. Varying royalty rates and multiple income sources add another level of fragmentation to the payment process that makes manual work even more time-consuming. The industry is in desperate need of more robust systems with higher levels of automation to handle the complexities of the incoming data.
- Integration. There is a lack of integration and functionality in existing systems and a greater need for a solution that connects the incoming data to accounting tasks. Smart integration with your accounting processes will deliver the appropriate financial reports and eliminate the need for importing and exporting datasheets.
- Scalability and Adaptability. The right system will be able to evolve to the rapidly changing industry and handle growing data storage needs. With a scalable and adaptable solution, you’ll grow your business without worrying about keeping up with the increasing processing demands.
Royalty Accounting Managed by Industry Professionals
The software is only half of the solution. Pairing the right technology with the people you trust to manage your financials will help you get the most out of your business and achieve your goals. With an outsourced partner, you’ll gain the oversight you need from industry accounting professionals.
Lescault and Walderman have years of experience and authoritative knowledge in all areas of accounting that will help streamline your workflow and lessen the burden of your royalty accounting data management. With a custom-tailored solution, you won’t have to worry about spending valuable time on accounting-related tasks or keeping your data up-to-date and managed properly.
Sign up for a free discovery call today to learn more about how we can help you achieve a competitive advantage and grow your business.