SayPro Ensure the proper tracking of royalty payments 

SayPro Tasks to Be Done for the Period:

5. Revenue and Royalty Management

Objective: Ensure the proper tracking of royalty payments for at least 3-5 new partnerships by the end of the month to maintain financial transparency and optimize revenue generation.

Key Activities:

• Establish Royalty Tracking Systems:
  • Set up a dedicated tracking system for monitoring royalty payments for each new partnership. This could be through spreadsheets, an accounting software, or a custom CRM solution.
  • Ensure that all royalty structures and payment schedules are clearly defined and agreed upon in the partnership contracts, including payment percentage, milestones, and terms of service delivery.
  • Ensure that the tracking system can capture revenue generated per campaign, royalty fees, and outstanding payments for each partner.
• Coordinate with Finance and Accounting Teams:
  • Work closely with the finance and accounting departments to ensure that royalty payment terms are integrated into the billing process and accurately reflected in financial records.
  • Ensure that billing cycles align with the service agreement terms (e.g., monthly payments, quarterly reporting).
  • Coordinate with finance to ensure timely invoicing and receipt of payments from partners, based on the agreed-upon royalty structure.
• Monitor Performance and Revenue Generation:
  • Continuously track the revenue generated from each new partnership and the associated royalty payments.
  • Ensure that performance metrics (such as campaign outcomes, ROI, or revenue benchmarks) are used to calculate and track royalty payments accurately.
  • Track total revenue for each campaign or service delivered and calculate the royalties owed based on the partnership agreements.
• Generate Monthly Royalty Reports:
  • Prepare monthly royalty reports detailing each partnership’s revenue generation, royalty payments, and outstanding balances.
  • Include a breakdown of services provided, royalty percentages, payment received, and any outstanding payments.
  • Share these reports with both internal stakeholders (e.g., finance and management teams) and external partners to ensure transparency and smooth payment processing.
• Ensure Timely Payment Processing:
  • Ensure that royalty payments are made to partners on time, as per the contractual agreements.
  • Resolve any discrepancies or issues related to payment processing, such as missed payments, incorrect amounts, or delayed invoices.
  • Provide regular updates to the finance team and partners about payment status, ensuring clarity around any delays or adjustments.
• Collaborate with Partners on Revenue Tracking:
  • Regularly communicate with partners to verify the accuracy of the revenue tracking system and ensure they are satisfied with the payment process.
  • Provide partners with clear documentation of the payments they’ve received and the associated revenue generation.
  • Offer assistance in resolving any misunderstandings or questions about payment schedules or amounts.
• Audit and Reconcile Payments:
  • At the end of the month, conduct a reconciliation of all royalty payments to ensure that everything aligns correctly with the revenue generated from campaigns.
  • Cross-check records with partners to ensure that payments are accurate and that no discrepancies exist between the reported revenue and the royalty payments made.
  • Address any identified issues immediately to maintain a strong relationship with partners and ensure accurate financial management.
• Documentation and Record Keeping:
  • Keep all relevant financial documents, such as invoices, contracts, payment receipts, and royalty tracking reports, stored in a secure and organized manner.
  • Ensure that all payment details are logged in an accessible system for future reference and audits.

Key Metrics to Track:

• Revenue generation: Total revenue from each partnership and associated advertising campaigns.
• Royalty payments: Amount of royalties paid to each partner and tracking of any outstanding payments.
• Timeliness: Ensure all royalty payments are made on time according to the partnership contract.
• Discrepancies: Identify and resolve any discrepancies in payments or royalty calculations promptly.
• Partner satisfaction: Gather feedback from partners on the transparency and accuracy of the royalty payment process.

Goal: Ensure the proper tracking and management of royalty payments for at least 3-5 new partnerships, guaranteeing timely and accurate payments to all partners while maintaining financial transparency and optimizing revenue streams.