As the end of 2019 approaches its that time of year when Record label managers are already dreading the forthcoming task of processing spreadsheets and calculating artist royalties… Or have you have started using a software solution for your label royalties, that just hasn’t turned out to be as easy to use as you imagined ? ampsuite is here to help!
There are many solutions available, but not all are equal…
Introduction to Accounting
The accounting module has been designed from the ground-up. You will be given the opportunity to import sales data supplied to you by your sales partners, digital distributors and content aggregators; and then allocate those sales to artists, labels, or any other third-party.
A contract in ampsuite defines the percentage of sales that a licensor receives for a specific track (or set of tracks) based on a number of factors such as the format of the track sold, the territory it was sold in and the store which made the sale. A licensor can have multiple contracts with different settings, and a single track can be assigned to multiple contracts where the sales are to be split between more than one licensor.
Contracts also form the basis of the digital contracting module, in this section we will only cover contracts as they relate to the generation of statements
You can set up store/territory specific contracts too, and cross collaterise contracts. In addition you can apply Adjustments: Expenses and manual adjustments assigned to this contract to be recouped from sales royalties.
Once you have your artist contracts set up & assigned to the tracks/releases you can start to process your sales.
Importing Sales Statements
Select the Import Accounts option from the Accounting section of the main menu. This screen lets you import sales statements from your distribution partners and stores, as well as adjustments using ampsuite adjustments import. Each row in the table here represents to a previously imported sales sheet.
You can import statements in various formats, and import them in multiple currencies as the system converts to your system home currency.
The system matches on ISRC code but data checks on other data, such as artist/title. If a discrepancy is noticed then you have the ability to match the sales data to a track in the system. once this has been done once, the system remembers the correction & you will not be required to correct it again.
Once you are happy that all of your sales for the current accounting period have been imported, and your adjustments/expenses have been applied, you can generate a statement run ready to send out to your Licensors.
Click on Statements under the Accounting section of the main menu to see the Statements view (shown below).
ampsuite will process all sales data imported within the set period. You will be able to see the overall sales revenue during the accounting period, the amount of this revenue that has been allocated to your artists/licensors, and the payable amount for the period. You can then view all the individual statements to make sure you are happy with them, before sending out
ampsuite will show you who you need to pay, and the carry forward balances for everyone else. The statements will show your artists/licensors an overview of sales per contract/release, an overview of any expenses you are recouping, the brought forward balance from previous accounting period & amount payable for the reported period… the statement also includes a full breakdown of each individual sale, indicating the Store/Territory/Quantity and all track related data
If all licensor email addresses have been entered in to ampsuite then sending your statements out is as simple as clicking a button! ampsuite can bulk email to all licensors with their statement attached, for the selected period. Statements can be emailed out BEFORE closing off a period, to allow licensors to check statements and request any changes before the period is finalised.
Thats it… or is it ?
There are many other intricacies with the ampsuite platform that relate to the royalty accounting module, you can log/track & include third party licensing revenue. You can process & include publishing revenue. You can customise your reports and much more.
Want to find out why some of the words best labels already use ampsuite, and make your label royalty accounting easier ? Contact us today