Synopsis

The Bind

Verso Books was relying on an unsupported royalty processing system that could not handle eBook sales and had limitations surrounding currencies, which meant manual intervention was required in order to process the royalties.

The system was also not able to give visibility of contract information, which meant staff had to look up physical copies of contracts, access a separate subrights database and disparate financial records before being able to reply to queries.

The company wanted to remove disparate, outdated systems and improve workflow between departments and locations.

Why Virtusales

Key selection criteria included a fully managed solution, accessible from any location, with tailored user securities and able to handle multiple currencies for sales and royalty processing. Virtusales has a proven record of supporting publishers around the world and offers updates at no additional cost. The hosted BiblioLIVE system caters for all of Verso’s contracts, rights and royalties requirements and allows Verso to benefit from the other functionality available.

The Solution

Verso explored the benefits of an integrated workflow between the editorial, rights and royalty teams and decided to implement BiblioLIVE’s Title and Data Management, Production, Contracts, Rights and Royalties modules.

Project Objectives

The key goals for the project were to increase the automation of processes in order to reduce errors and data duplication and enhance decision-making capabilities through the provision of accurate and up-to-date information.

To support growth, Verso Books required a unified publishing system that would incorporate the management of bibliographic, contracts, rights and royalties data.

Increased Visibility and Efficiency

Prior to implementing BiblioLIVE, Verso Books used multiple, disparate systems to manage its contracts, rights and royalites operations. Not all staff had access to all of the systems so querying details of a contract was a time consuming task.

With BiblioLIVE in place, contract, rights and royalties information is in a single online system that all staff can access as and when they need to. Data entry has been eradicated and the time spent searching for information and
replying to queries drastically reduced.

Jake Stevens, Managing Director, is delighted that, “One of the positive effects is an 80-90% decrease in time spent looking for contractual and financial information for a title.”

One of the positive effects is an 80-90% decrease in time spent looking for contractual and financial information.

Jake Stevens, Managing Director, Verso Books

90%

less time spent looking for financial details

60

minute’s time saved answering queries

24/7

access to shared data from any location

Improved Data Accuracy

Jake also explains how, “Head contract information is now entered and approved by specific users, resulting in more reliable information.” Previously, there was no verification or sign-off for crucial head contract information and subrights sales would have to be manually added to royalties. With BiblioLIVE, inbuilt validation and verification removes the opportunity for errors and ensures data is reliable.

Jake comments, “BiblioLIVE can process complex contracts, including multiple works and editions, with all possible combinations of discount breaks, grouped escalators and different rates by sales channel. All with detailed statements, which clearly show the basis for royalty amounts, advance and retention calculations, royalty deductions, and subrights income."

Improved Service for Authors

BiblioLIVE’s detailed royalty statements containing full subrights information provide fuller and more detailed information to agents and authors, and have reduced the number of queries. Jake summarises that, “In effect, it’s given us the power to answer questions before they’ve even been asked.”

You have no idea how impressed I am by the new system of reporting royalties— great work.

Mike Davis, Verso Author

Benefits of BiblioRoyalties

TIME SAVINGS

  • Huge time saving processing and preparing statements
  • Reduction in queries from authors due to detailed statements

OPERATIONAL IMPROVEMENTS

  • Increased accuracy of statements
  • Reduced bottlenecks in responding to author enquiries as more people have access to information
  • Biblio retains imported sales files that can be provided to agents

UNIFICATION OF COMPANY

  • Access to shared data from any location, 24/7
  • Integration of systems has provided real-time, accurate data across the business
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