4 tools that can help you run your record label accounts and manage your finances.
What Record Label Accounting Software Should You Use For Your Music Royalty Statements?
Reporting to artists with accurate royalty statements is one of the core functions of a record label.
In the early stages of running a record label, creating statements displaying music royalties for artists can feel like a difficult and daunting task, especially if you do not have the budget to bring in a specialist accounting firm to produce handle this task for you.
While we do recommend bringing in a specialist to help you with your accounts as early as you possibly can, it’s not always feasible in the early stages. An accountant will help ensure your statements are correct, delivered on time and can advise you on other financial matters like cash flow, budgeting for music releases etc but until you reach that stage you need to find the right solution for your needs.
If you do not have a music accountant or finance specialist on your team, we recommend using some purpose made, music accounting software. There are several options to choose from, we have listed some of the best record label accounting software for processing royalty statements and managing your labels finances below:
Label Engine
Price: $23.99 per month.
More information: https://musicfibre.com/company/label-engine/
Website: http://stfi.re/rndzlyb
Royalty Worx (by LabelWorx)
Price: 2% of sales or £25/month.
More information: https://musicfibre.com/company/label-worx/
Website: http://mfib.re/2mAhrGx
Amp Suite
Price: Packages based on label size and needs.
More information: https://musicfibre.com/company/amp-suite/
Website: http://mfib.re/2crfhXR
Backbeat Solutions
Price: POA
More information: https://musicfibre.com/company/backbeat-solutions/
Website: http://mfib.re/2deLsrE
Before making the decision on which of the above is best for you be sure to ask for a demo so you can try out the software for yourself. It can also be worthwhile contacting some of their current clients and asking for references.
There are several other options for music royalty accounting available, some are listed here. If you are using a different solution we would love to hear about it, contact us or leave a comment below!
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