New: Cost accounting for music labels
On April 6, 2020 version 126.96.36.199. of the Music Enterprise Software MES will be available. The update features a completely new functionality: Cost Accounting for music labels at no additional costs for existing MES users!
Cost accounting enables music labels to:
- allot revenues and expenditures to a cost center
- split revenues and expenses between contractual partners
- gain full transparency of all costs and earnings
- provide your partners and artists with detailed PDF statements
- gain valuable insights, making it easier to evaluate and adapt marketing activities.
Open cost accounting in MES
As soon as the new release is online, MES will automatically update when you start the software. There are no additional costs for you!
Start MES and check that you have version 188.8.131.52. installed. In the top menu open “Label Accouting”, in the tab “Start” click on “Cost Accounting”.
Accounts, bookings and configurations
There are three important terms in the new cost accouting for music labels:
- Accounts = Create accounts for revenues from different sources (such as digital, physical, merch, tickets, …) and expenditures (like production, marketing, tour, …)
- Bookings = Single bookings of revenues and expenditures
- Configuration = Define percentage split of revenues and expenditures for each contractual partner