How to Track Royalties and Payouts as an Independent Artist

Let’s be honest here… tracking royalties probably isn’t your favorite part of being an artist or running a label. (If it is, you are truly an enigma in the minority of artists everywhere.) BUT if you want to keep things running smoothly and make sure everyone gets paid exactly what they’re owed, having a clear system in place is absolutely essential. In this post, we’ll break down how to set up a royalty reporting system, some of the best tools to simplify the process, and best practices to keep in mind along the way. Here’s everything you need to know…

How to Track Royalties and Payouts as an Independent Artist

How to Find a System That Works for You

Before you start crunching numbers or sending out payments willy-nilly, take a step back and figure out what kind of system makes the most sense for your setup. Are you a solo artist keeping track of your own streams and earnings? Or are you managing a label with multiple collaborators and releases to account for? The scale of your operation should help shape the system you need.

If you’re just getting started, a well-organized spreadsheet can go a long way. You can log earnings, track splits, and schedule payouts manually. But as things grow, this method can get overwhelming fast. (Anyone who has dabbled in spreadsheets will tell you that much real quick.) This is where royalty tracking software and easy-to-use platforms come in. These tools are designed to take the hard parts off your plate, automating reports, handling complex splits, and making payouts easier and more transparent.

No matter what route you choose, the key is consistency! Practice makes perfect with this. Pick a method that works for you, and stick with it.

Finding the Right Tools

When it comes to tracking your royalties, the right tools can save you literal hours of work. Not only that, but they help prevent human mistakes that could cost you big time. Whether you’re handling things solo or managing multiple artists, using a platform designed for royalty accounting can make a huge difference.

• ⚡️ SymphonicMS: If you’re already distributing your music through Symphonic, you’ve got a powerful royalty tool built right into your dashboard. Our SymphonicMS makes it easy to upload earnings, assign splits, generate statements, and pay collaborators directly and all in one place. It’s designed to grow with you, whether you’re an independent artist or running a full label operation.

Whichever platform you use, make sure it can handle the basics. Things like uploading earnings data, assigning accurate splits, storing metadata like ISRCs, and automating reports are all essential. (Bonus points if it handles payouts, too, so you don’t have to chase down invoices every quarter.)

Which Details Should You Keep Track of?

Especially when it comes to royalties, the small details make a big impact. With things like splits, ISRCs, contracts, etc., keeping everything documented and organized is the secret to making sure your payouts are accurate and stress-free. We recommend you start with your splits. We’ve talked about this a million times on this blog, but before you release anything, make sure every collaborator agrees on who’s getting what. It doesn’t have to be some over-the-top fancy contract, but it should be written down somewhere, ideally signed or confirmed over email.

✨ PRO TIP:✨  Our SplitShare feature keeps all of your royalties, revenue splits, and payments in one centralized system for easy record keeping. Plus, it gives our clients the ability to automatically send other artists and track participants their share of royalties each month, directly in the SymphonicMS. No back and forth necessary.

We even did a whole masterclass on how to use it, which you can check out below…

Next, always keep track of your ISRCs. These codes act like digital fingerprints for your tracks, aka they’re how streaming services and royalty systems identify your songs. If you lose track of them, it gets a lot harder to properly match earnings to the right release.

Last but not least, don’t sleep on your contracts! Whether it’s a producer agreement, co-writer deal, or a more formal artist-label contract, storing everything in one central place helps you avoid confusion (or arguments with your collaborators) later on. If a question ever comes up about how earnings were calculated, you’ll have all the receipts.

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Sharpen your skills…

6 Types Of Record Label Contracts

How to Influence Algorithms & Leverage DSP Tools to Grow Your Audience

Smart Budgeting Basics for Indie Labels That Actually Work

What is a Lyric Sheet and When Do I Need One?

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When (and How Often) You Should Be Sending Payouts

Whether you send royalties monthly, quarterly, or biannually, the most important thing is being consistent (like most things in life). However, quarterly tends to be the sweet spot for most indie artists and labels. It gives DSPs (like Spotify and Apple Music) enough time to report the earnings, and it’s frequent enough that your collaborators won’t feel like they’re left in the dark.

That said, if you’re handling a high volume of releases or have frequent collaborators, you may want to opt for monthly reports to keep things flowing. Or on the flip side, biannual payouts may work better for smaller catalogs or newer labels that are still ramping up. Whatever you decide, just make sure everyone involved knows what to expect by including reporting timelines in your agreements or onboarding materials so there are no surprises down the line.

Not to brag… but if you’re using SymphonicMS, you can handle all of this directly from your dashboard. Once you’ve uploaded your earnings and assigned splits through SplitShare, you can generate detailed royalty statements and process payouts automatically. The system handles the calculations for you, sends funds to your collaborators, and even provides them with access to their own reports. 🤓

Utilizing Spreadsheets

Even if you’re using a royalty platform, having your own spreadsheet on hand is always a smart move. It gives you a high-level view of everything: what’s been paid, what’s still pending, and who’s owed what. A good spreadsheet is a classic for a reason, and it’s a simple way to get things done without diving into multiple platforms. Just make sure your spreadsheet includes AT LEAST these things:

• Track title and ISRC
• Collaborators and agreed-upon splits
• Total royalties earned
• Any expenses or deductions
• Payout dates and amounts
• Remaining balances (if any)

Color coding also helps here. We recommend making separate tabs for different time periods and/or artists. You can even add formulas to automate some of the math if you’re spreadsheet-savvy. (The smart folks over at Infinite Catalogue have a super useful DIY Royalty Statement Template + Guide to help you out with this.)

The key is to keep it updated and easy to follow. It doesn’t need to be perfect; it just needs to work for you and the people you’re paying.

To wrap things up…

As long as you’ve got a solid system going that works for you, royalty tracking can be a breeze. Whatever you can do to stay organized and consistent is what will keep everything running smoothly down the line. So instead of just jumping onto any old process, take the time to find something that works for your needs, communicate clearly with your collaborators, and don’t be scared to try new tools that can take some of the weight off your shoulders. When details like this are taken care of, you can focus on what really matters… making great music. 🎶

Good luck!