For a growing business dealing with royalty payments, organization and efficiency are vital. Calculation errors can spiral into time-wasting issues, and many CDOs feel overwhelmed when trying to make the best use of Excel spreadsheets or paper documents. A software personalized for owners of busy, expanding businesses can make all the difference. To begin with, let’s clarify what we mean by royalty calculation software, then talk about why it matters and the types available to you.
What Is Royalty Calculation Software?
Software for royalty calculation should organize information for complex royalty deals as simply as possible. Ideally, such software should help you keep all royalty information accessible, trackable, and easy to update. It should also be flexible, applying to: joint ventures, payments to your business, payments from your business to others, and terms for delivering royalties to multiple contributors.
Royalty calculation should also apply to all of a business’ product types that involve royalties, while also allowing for easy comparisons, such as physical products vs. digital or old vs. new. What’s more, executives should be able to use royalty reports and insights from the software to make decisions on how to manage franchise owners.
Why It Matters
Royalty calculation should not be complicated. The advantages of good software, as opposed to more traditional methods such as spreadsheets, are as follows:
Simpler accommodation for payments regarding licensing and subrights, discounts, etc.
Ease of installation and adaptability for all relevant employee devices. There is no need to print and deliver copies or share permission to view/edit online files.
User-friendly design that shows what you want to see, quickly and easily.
In an age when people order products from various online stores, watch TV shows from many services, and use diverse software and online services to make their lives easier, royalties from one entity to another have become more complicated. This means that without software designed for this modern scenario, you’ll likely end up with a great deal of frustration and wasted time. Good software will help your franchise operations be more efficient than your competitors. In addition, being able to better compare different figures in different areas allows savvy business executives to discover inefficient or sub-optimal deals that could be corrected. In many cases, this benefit more than compensates for the cost of effectual software.
What to Look For
There are many kinds of royalty calculation software on the market, with most being specialized for various industries. A business should employ a software specifically designed to handle its particular requirements. This software should be offered at an economical price compared to the revenue it could save for your business. Ideally, such software would be included in a suite of similarly useful tools and services for simplicity and ease of customer service, all at a low, bundled price.
For executives managing multiple physical units and seeking to further expand, Synuma’s software is best tailored to your royalty management needs. CDOs and other executives must know how their franchise units are performing and what steps they should take before opening others. Synuma’s operations software is the water and sunlight for the garden of your business, helping new brick-and-mortar units open strong, stay organized, and maintain top efficiency.
Image via Flickr by marcoverch