Streamline Rights and Royalty Management in NetSuite
Automatically file royalty reports and submit payments to agencies, track financial obligations, and generate licensor-specific statements.
For companies in the brand, sports, publishing, media, or music licensing industry, managing complex royalty and rights obligations can be challenging. Without the right systems and reporting, filing royalty reports can be an extremely time-consuming, manual, and error-prone. Manual and spreadsheet-based royalty accounting processes that aren’t integrated with your financial system also prevent the corresponding royalty obligations from being captured. All of this makes it difficult to satisfy compliance and audit requirements.
With the MIBAR Rights and Royalty Management solution for NetSuite, licensees can now automatically file royalty reports and submit payments to agencies, track financial obligations, and generate licensor-specific statements across an unlimited number of contracts.
MIBAR’s Rights and Royalty Management solution is specifically designed for licensees that are currently using or are looking to purchase the NetSuite ERP platform.
Benefits of Rights and Royalty Management for NetSuite
Right and Royalty Management for NetSuite takes the hassle, processing, and errors out of distributing royalties.
Calculate, file, and pay royalties quickly and accurately to all royalty agencies or recipients
Integrate with general ledger for real-time accounting entries and financial reporting to accrue for royalty expenses to be recognized
Evaluate cost and real-time profitability of products through robust analysis reports
Reduce the effort and time associated with the management and administration of royalties and rights
Satisfy compliance and audit requirements
Read Now: Using ERP to Manage the Complexities of IP Licensing, Reporting and Audits
This whitepaper explores the key challenges that growing and mid-market companies face when licensing IP from other companies and explains how cloud enterprise resource planning (ERP) can help these organizations automate their processes, save time and keep more of their profits.
Features of Rights and Royalty Management for NetSuite
MIBAR has created a complete royalty and rights management accounting solution specifically designed to integrate seamlessly with NetSuite.
Royalty codes are associated with an inventory item in NetSuite. Tightly integrated with your general ledger, the generation of royalties due is automatic, can be modified, and is based on eligible sales order transactions generated in NetSuite.
Get complete visibility into overall financial status, including royalties due or paid. Tight integration with General Ledger to support the proper GL accounting (the anticipation of the royalty expense, the recognition of the royalty expense, and the creation of the accounts payable vouchers).
Create filing reports for electronic submission to various agencies. File royalty reports of sales to the agency, and submit payment.
Better Reporting and Insights
The reporting functionality provides visibility and insight into operations and financial performance including analysis by item and by vendor.
“The Rights and Royalty Management solution from MIBAR is saving us massive amounts of time. Not only do we have to pay royalties, a lot of times we have to pay in advance. For example, if a college sports team had a $500 advance and I sell $100 worth of product, then I need the system to show that I had a $500 advance, I used $100 of that, and I still have a $400 advance left. We needed something to monitor that and keep track of that balance until it went negative which tells me when I need to start paying them based on units sold. We have royalty codes, dates when the license is available, who we’re supposed to pay – there’s a whole wealth of data that got encompassed, not just into the sales order aspect but also into the accounting system as well. It makes it very seamless. It works perfectly.”