Royalties management is complex, meaning streamlined tools for the process is essential for your label and your artists. That’s why at Tone, we’re always improving our platform to meet your evolving needs. Our latest update? New features in our Costs tool that will speed up your workflows and enhance transparency.
Enhanced Cost Management
Reporting Period Column: Keep track of costs by royalty period more efficiently. Each entry now shows the specific period in which a cost was reported or is slated for reporting. If a cost has already been reported, you’ll find a clickable link that takes you directly to that period for detailed viewing.
Status Column: Instantly see the current status of your costs—whether they’ve been submitted, reported, or are partially reported in a royalty period.
Additional Flexibility: In this view, you also have the ability to customize the transaction date format to your preference. Plus, our robust filtering options allow you to streamline your view, focusing on costs by description, amount, type, mapping, or status.
Smart Cost Mapping
To further simplify your workflow, the Costs tool update gives you smarter cost mapping. Now Tone will automatically assign new costs to the relevant reporting period based on the mapped contract group’s cadence and transaction date. This means no more manual tracking of allocations—Tone does it for you, ensuring accurate and timely expense reporting.
Expanded Costs Details Panel
Attach Documentation: Easily attach receipts, invoices, or other pertinent documentation directly to cost entries. This information is for your reference only, and is not shared with artists.
Remapping Costs: Adjust mappings effortlessly by removing the current mapping with a simple click and selecting a new contract, track, or release.
Override Royalty Periods: Our system now allows you to manually select from upcoming available periods or opt to “Do not report” if you prefer to exclude a cost from all reporting periods temporarily.
New to the platform? Here’s a quick guide to get you started with the Costs tool.
This tool is designed to help you enter and manage all recoupable expenses associated with your contracts. When you log into Tone, navigate to the Costs page under the Royalties Hub. Here, you can add new costs by going to the last row in the list and entering the necessary details such as description, transaction date, amount, and cost type.
Each of these fields plays a crucial role in how costs are managed and reported:
Description: Enter a clear and specific description for each cost, as this appears on artist statements and should be easily understandable.
Transaction Date: This is crucial for determining the reporting period for the cost. Tone uses the ISO date format (YYYY-MM-DD), but you can adjust the date format settings if you’re importing data from systems using different formats.
Amount and Cost Type: These details help categorize the expense correctly under your contract terms, affecting how costs are recouped during payout calculations.
Cost Mapping: Assign each cost to the relevant contract, track, or release to ensure that expenses are recouped correctly according to contractual agreements.
Tips for Effective Cost Management
Customize Views: Use filters to manage which costs are displayed. For example, focusing on unreported or pending expenses for spot-checking ahead of your next period.
Documentation: Make Tone your team’s financial hub and keep your records organized by attaching all related receipts and invoices to their respective cost entries. This ensures all documentation is readily available for audits or reviews.
Stay Informed: Regularly check the status of costs to manage them proactively and ensure they’re included in the reporting period you want to apply them to.
Our platform is designed to reduce the complexity of financial management, allowing you to focus more on strategic decisions and less on administrative tasks. Embrace these new features to enhance your label’s efficiency and maintain a clear overview of your financials.
Ready to streamline your royalties management process? Explore these new features by logging into your Tone account or booking a demo with us today. Let Tone transform your financial management strategy and help you focus on what really matters—your music.
