What is automation (in Business or accounting)?
Accounting automation software helps to convert most or all of the manual accounting processes so that tasks are completed quickly and efficiently.
Why automation for your business?
There are different reasons why you should choose to automate your financial accounts. It illustrates a need to refine the process of managing your financial operations. It demonstrates business growth or a recognized need for expansion. Whatever the case, digitization of financial operations for your businesses is a necessity.
Adopting technology in your business accounting requires the elimination of manual processes. This could be done either completely or in part. It is characterised by the use of simpler processes aimed at reducing the incidents of human error in calculation. It provides a better chance of accurate transaction tracking.
Benefits of accounts automation for your business
The benefits of account automation are immense.
- Financial data is better protected.
- Faster payments
- Accurate bookkeeping and expense tracking.
Accounts automation in Music Business
In the music business, it is not unusual to find record labels with many artists, and they are always putting out new tracks. These tracks in turn generate incomes from multiple sources. Sometimes, these incomes, also known as royalties, would be shared amongst contributors. Multiple artists, multiple royalty streams, multiple contributors, advance payments and expenses. All these transactions require precise tracking and management.
The concept of computerised accounting is not new. There have always been tools (spreadsheets and accounting software) used by accountants in carrying out their tasks. Yet, most of these tools require some form of manual imputation of data and were not built for the new music industry. Hence, they are still subject to human errors.
Royalty Accounting Automation on Royalti.io
Royalti.io has a user-friendly accounting feature built specifically for the music business. The platform allows you to:
- Organise your music company’s financial operations, while keeping every stakeholder on the same page, in real-time
- Keep track of advances, expenses and payments, linked to specific artists, assets or products
- generate monthly account statements for payments, expenses and revenues
- Make business decisions informed by accounting data
If your accounting team is still transferring data between Excel files, we recommend switching to Royalti.io, there’s no reason to waste time entering expense numbers into spreadsheets, as they can with our accounting software.