Receive and record royalty payments on behalf of clients.
What does a Royalty Accountant do?
As a Royalty Accountant, you ensure that your clients receive all funds due to them for their work. A royalty is defined by Merriam-Webster as “a payment to an Author or Composer for each copy of a work sold.” You’re the one tracking those payments into and out of accounts.
You may work for a single entertainer, such as a Musician or an Actor, or for a large organization, such as a production company. Either way, your daily duties revolve around the recording of various copyright transactions. You may either receive or give payments, but in any case, you have to keep a close eye on the numbers. You’ll most likely be the only Royalty Accountant working with a particular Entertainer, unless that Entertainer is a superstar, in which case there’s probably an entire staff doing this work.
If you represent the Entertainer who’s receiving a royalty, you’re in charge of the account that money is placed into. Other Royalty Accountants from production companies and similar organizations contact you for permission to use your client’s product. They then pay the appropriate amount by sending the money to the account you’re in charge of.
You make sure the money does come in, keep careful records of all the transactions, and write and send reports to your client. You may also be in charge of transferring money from that account to any other account your client may have.
If you’re the one giving payments, you initiate contact with other Royalty Accountants, pay the usage fee, and send off the money. You still keep careful records, but your reports go to a production company rather than an Entertainer.