If you are in the music business, the chances are good that you got into it to create music, express yourself artistically, and allow others to connect with the beautiful music you made. You unquestionably did not get into the music industry to deal with the business end and manage things like music royalties. Thankfully, music royalty accounting software can help.
It is impossible to be successful in the long term without an understanding of the business side of the music and entertainment industry. As such, it is vital that you are fully knowledgeable in music royalty accounting software and that you get what it is, how it works, and how you can ensure that it is working for you. Alternatively, if this really isn’t your jam, you can talk to Fusion CPA about the software solution options our entertainment accountants offer.
What Is Music Royalty Accounting Software?
In the past, the only royalties that musicians had to worry about came directly from sales or media plays. That, of course, has expanded dramatically. Thanks to the proliferation of programs like Spotify, Tidal, Pandora, and more, it has become exceptionally complicated for most people to track the number of programs available manually. As such, music royalty accounting software should be able to automate this process by connecting music platforms directly with accounting software, enabling musicians to track their royalties from any number of programs automatically.
The Best Music Royalty Accounting Software
Thankfully, there is no shortage of options if you are looking for this type of software to help you manage the business side of your music. Top performers include:
- Fifteen-day free trial period
- Ability to import entire music catalogue
- Track costs and manage revenue
- Highly adaptable
- Track the revenue you receive from any number of places
- Manages the registration of your music
- Register up to 60 different music platforms directly
- Diversity of platforms and music operations
- Great variety of integration with retailers such as Apple, Spotify and Youtube music.
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Let’s Explore These Accounting Software Options for the Music Industry
Eddy bills itself as the ideal software for indie labels and offers users a fifteen-day free trial period, giving you a perfect chance to determine if the software is right for you. It comes with many features, including the ability to import your entire music catalog, track costs and manage the revenue from various programs.
Interestingly enough, Eddy has a relatively unique offer: If it doesn’t already track one of your revenue sources, it will add it free of charge, making this software option highly adaptable.
Iris also offers streaming royalty services, meaning that you can track the revenue you get from any number of places. What sets Iris apart is that it also manages the registration of your music. In fact, you can use this program to register for up to 60 different music platforms directly. This is not a small thing, because as many musicians know, writing for streaming services can be one of the most challenging aspects of using them.
Reprtoir works directly with a number of streaming platforms and has business relationships with retailers, distributors, and aggregators. It leans into its broad base of music operations. The diversity of platform integrations ensure musicians are getting every cent to which they are entitled.
Need Help In Your Music Career?
If you are looking for assistance in managing the business side of your music career, reach out to Fusion CPA’s entertainment industry accountants by clicking the contact us button below to get started with us with a free discovery call. At Fusion CPA, we are experts in managing your music career’s accounting and business side and have ample experience with accounting software. We know what works, what doesn’t, and how to make sure that the business side of your business is cared for so you can keep doing what you love most: Creating and performing music.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.