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In the face of unpredictable challenges, the importance of agile partners cannot be overstated. Our company recognized this truth, and during the pandemic, we witnessed firsthand how our team of professionals rose to the occasion, delivering exceptional results for our clients.
One such success story involved a client grappling with unforeseen circumstances that threatened to jeopardize the livelihoods of their publishing artists. Due to the COVID-19 pandemic, a backlog of two-plus years' worth of royalties had accumulated, leaving authors uncompensated for their hard work and creativity. Time was of the essence, and it was crucial to act swiftly to ensure that these artists received their long-overdue dues.
Our team of dedicated professionals, armed with their expert knowledge of accounting systems and processes and drawing upon their vast combined experience, stepped up to the challenge. The first task was to immerse themselves in the historical data and understand the existing tools and processes. They quickly grasped the intricacies of the situation and identified all the key stakeholders involved.
Upon closer examination, we discovered that the quarantine measures implemented in 2020 had disrupted royalty processing, leading to an impending lawsuit by authors. Deciphering through received payments became a puzzle that needed solving. We meticulously combed through financial records to determine which titles and authors were entitled to payment.
However, the challenges didn't end there. Finding the publishers and obtaining the elusive royalty statements proved to be another hurdle. Clear and constant communication with agents was essential to ensure that the correct titles and commissions were accurately stated in the system for processing.
Once the royalties owed to the authors were ascertained, we set out to verify and update banking details and mailing addresses to facilitate smooth payment processing. The meticulous gathering of all backup details in the correct order was crucial for the accounts payable finance team to process payments and commissions accurately, benefitting both the authors and agents.
Thanks to the collaborative efforts of our agile team and the determination to overcome obstacles, the cloud of uncertainty surrounding the authors' royalties lifted. The deserving authors received their long-awaited compensation, reaffirming their trust in their partners' commitment to their success.
In a landscape where the unexpected is the norm, our success story stands as a testament to the power of agile partners. By leveraging our expertise, ingenuity, and dedication, we not only helped our client weather the storm but also ensured that the creativity and hard work of publishing artists were rightfully acknowledged and rewarded. As we continue to navigate the ever-changing business terrain, our commitment to delivering exceptional results remains steadfast, supporting our clients through thick and thin.
Ask your Starkmont Financial Representative to see how we can assist you: https://www.starkmontfinancial.com/contact
