This Klopotek Newsletter 2 / 2015 article tells how the HarperCollins Christian Publishing finance department improved their productivity.
“20 full work days saved”: HCCP notes regarding enhancement for statement printing by due date terms
Thomas Nelson Publishers (now a part of HarperCollins Christian Publishing – HCCP) has been using Klopotek for royalties since 2008. It is fairly typical in the publishing industry for a company’s contracts to have standard reporting and payment terms for all authors. However, our contracts have always had a wide range of terms – covering monthly, quarterly, semi-annual, and annual periods and, from there, terms of 30, 45, 50, 60, 90, etc. days to report.
As we made further changes and integrated with HarperCollins’ systems, it became apparent that we needed a way to not only be able to issue payments according to specific terms (inherent in Klopotek’s system), but also to manage printing of statements the same way.
We approached Klopotek with this request and, after discussion to understand our need and its benefits, they set to work to allow the statement printing to include an option to print to terms. To ensure full closure of a royalty period, we release all statements at the same time. Now, instead of having to print them all together, we can release the statements and then only select to print the ones that are coming due.
This means that, instead of directly printing tens of thousands of pages (only to have to sort them manually by due date) we can select just the statements with the terms we want to focus on. Over the last year, we have saved over 20 full work days by eliminating the manual sorts. We are able to efficiently match statements to checks, and we can manage the physical paper and envelopes one “terms” group at a time. We are more organized for review and mailings and we ensure that we utilize the system’s information to determine the correct statement due date.
Article written by Christine Jones Sr. Director of Finance HarperCollins Christian Publishing