Whether it is for artists in the music industry, the use of natural resources, technology patents, or copyrighted works, royalty payments usually play a major role in ensuring that the rightful owner (or party, in the case of natural resources) receives adequate compensation.
It makes for an ideal financial agreement for both parties, which is one of the reasons behind its popularity as a method of payment. Before, only giant names in various industries, including those mentioned above, were able to reap the benefits of royalty payments.
Today though, with so many sectors having recognized its many useful features, the number of individuals and organizations turning to royalty revenue accounting has gone up considerably. This is especially true with the existence of modern royalty accounting software.
Automating the otherwise time-consuming accounting legwork
Royalty payment management solutions used to have features, specifications, and, most importantly, price that only made them available to the publishing industry’s biggest contributors.
In other words, only the most popular and established names in the industry had access to robust accounting technology that enabled them to simplify the management and automation processes of royalty payments. Everyone else had to make do with manually going about the numbers.
Today, almost all publishers can now take advantage of such programs, many thanks to the improvements and innovations in the publishing industry’s accounting technology.
These welcome changes have pushed royalty accounting software into the realms of affordability and cost-effectiveness, so even smaller publishers and individuals can start reaping the benefits of automated number crunching.
Some of the most noteworthy changes within the royalty accounting department include the structuring of the payment management and their incorporation into easy-to-use and – navigate applications.
It is primarily because of this that publishers – regardless of size and niche – can quickly and more affordably integrate royalties into their financial systems.