Media and Newspaper Accounting Software

Media businesses and newspapers have distinctive revenue streams compared to conventional businesses. There's income from various channels such as subscriptions, sponsorships and advertising. It's a labyrinth of expenses to track and income to allocate correctly.

Accounting software specifically designed for newspapers and media businesses help make sense of the complexities of these organizations. It increases the accuracy of your financial statements and gives you better insight into your organization's financial position.

If you’re simply researching the different accounting software available or you’re a potential buyer looking for the right solution for your organization, this buyer’s guide will assist you. We’ve compiled the key functions you should look out for in any package as well as the pros and cons to consider. We also share some important questions to ask when evaluating the different software solutions on the market at the moment.

Important Features of Media and Newspaper Accounting Software

These are the main features you should consider before selecting a software solution:

• Project management: The complexities of a media business demands that your software solution caters for every core function. It should integrate the placements and ad sales. It must effectively manage your campaign data and trading partners as well as categorize data according to their specific benchmark.
• Performance evaluation: It’s important to stay relevant in the competitive environment of the media world. Your software solution should successfully incorporate Nielsen data and sales figures to compile competitive analysis. It should also distribute reports timeously to enable sound business decisions.
• Scheduling: Your solution must manage different programming schedules and pick up on any clashes or competing for programming. The talent bookings and media buys must also be a key function when scheduling.
• Managing ad sales: Advertising is one of the main revenue streams for any media business. To ensure smooth communication between you and stakeholders your software solution should record account information, spot trades & bill correctly.
• CRM: A solid customer relationship management (CRM) is a prerequisite. Your software solution should effectively collect customer information to support possible subscription renewals in the future. It should also support you when you’re looking for opportunities to expand into associated markets.
• Web-based ads management: Automated classified ads reduce the scope of errors when you manually process ads. It increases the efficiency of managing ads and routes payments to the accounting department. It also distributes ad copy to the appropriate department.

Pros and Cons of Media and Newspaper Accounting Software

Let’s evaluate the advantages and disadvantages attached to accounting software for media businesses & newspapers.

Pros

• Increased transparency in financial records
• It assists in making more informed decisions that impact your business positively
• The system generates user-friendly reports that are easy to understand
• The expressive dashboards simplify technical information
• It illuminates undiscovered avenues to augment your business strategies

Cons

• Some accounting software doesn't support key back-office functions
• Supplementary publication capabilities might not be included
• The scalability of some software solutions might not provide the range you need if your business expands

The Costs of Media and Newspaper Accounting Software

The true cost of media and newspaper accounting software is usually determined when you request a quote from your preferred service provider. Because there are so many factors that filter into determining the total cost in this way you get a tailor-made solution for your business.

Factors that affect the price of software include the number of users on the system. Other factors are the features you want as well as whether it’s a cloud-based solution or local hosting. There’s also the option to buy a perpetual license upfront which will exempt you from paying a monthly subscription.

The starting prices on some of the software solutions we’ve reviewed start from $9 per month per user and can increase to $100 monthly per user. It all depends on how advanced the system should be and how extensive the scope of users and customers.

Consider using the free trials offered by most service providers before you make your final selection. It will give you better insight into how the software solution will work in your business environment.

Important Question to Ask during the Evaluation Stage

The business model for media organizations and publishing companies has changed drastically since the emergence of new digital channels. Media organizations need to stay up to date with these changes and amend their outdated systems to complement the new way of doing business.

Failure to integrate your systems with the new business model will reduce your staff efficiency and increase your costs. Your finance department remains a cost center for your business and should be equipped with the relevant tools to report & manage data optimally.

Other considerations to reflect on before making your final decision are:

• How well will the software fit in your specific segment of business whether it be TV, magazine or perhaps content development?
• Identify your main source of income and ensure the software package can effectively track & monitor payments from that source.
• Are you looking for accounting functionality only or must the software solution include supporting features for your business?
• Do you need to integrate your accounting software with your business website?

Conclusion

The media and publishing industry is one of the most impacted industries affected by the changes in technology. The growth of digital channels and different platforms where content is consumed by users is growing exponentially.

For your media business to succeed in this competitive environment, it needs an accounting software solution that can keep track of your revenue and ensure timeous billing. You need the efficiency of an automated system that can facilitate your scheduling and CRM application.

Nothing less than a robust solution will be able to provide adequate support for your multi-layered organization that demands speed and convenience. Let us know what your recommendation for accounting software is for other media and newspaper organizations.