Spitfire Audio | Tipalti United Kingdom

It took us four to six weeks of solid work to do all the statements and payments, whereas now, it’s 30 minutes of solid work. We were spending a long time trying to get royalty payments done, and now we’re ahead.

Shahid Khalid

Head of Finance, Spitfire Audio

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Spitfire Audio Overview

Industry

Music royalties

Company Size

100 – 1000

Current ERP

Sage

Region

United Kingdom

Tipalti Products Used

Mass Payments

Challenge

Manual, Excel-based processes for managing royalty payouts were time-consuming, prone to errors, and hindered global growth

Solution

Spitfire Audio implemented Tipalti Mass Payments to streamline and automate royalty disbursements

Results

Spitfire Audio automated 1500+ global payouts, reduced royalty payment run time from six weeks to 30 minutes, and saved ten weeks of payments workload per year

The Challenge

Manual Payout Processes Hindered Efficiency

Spitfire Audio, renowned for creating virtual instrument sample libraries, faced challenges with their manual, Excel-based processes for managing royalty payouts. The finance team was burdened with time-consuming tasks, including scheduling payments and issuing statements, leading to inefficiencies and increased risk of errors. As the company grew, this approach became unsustainable, prompting the need for a more efficient solution.

If you’re a growing business, you always have to think about the long-term benefit. You either hire more people to deal with the growing amount of transactions in whatever you’re doing, or you invest in an automation tool.

Shahid Khalid

Head of Finance, Spitfire Audio

The Solution

Automated Royalty Payouts With Tipalti Mass Payments

Spitfire Audio partnered with Tipalti to automate its royalty disbursement process. The implementation of Tipalti’s advanced technology allowed the company to eliminate manual data entry, reduce payment errors, and improve financial reporting to key stakeholders. The self-service portal facilitated easy onboarding of musicians, further streamlining operations.

It was very manual processing, in terms of global payments and also with reporting. We wanted to get that time down so that we could stop doing manual work and spend more time on value-adding activities.

Shahid Khalid

Head of Finance, Spitfire Audio

The Result

Enhanced Efficiency and Focus on Strategic Activities

With the manual payouts workload eliminated, Spitfire Audio’s finance team could fully dedicate their efforts towards supporting the entire business. The time required for processing royalty payments was reduced from four to six weeks to just 30 minutes, allowing the team to focus on value-adding activities. The success of automating royalty payments also paved the way for the company to move accounts payable and procurement management over to Tipalti.

It took us four to six weeks of solid work to do all the statements and payments, whereas now, it’s 30 minutes of solid work. We were spending a long time trying to get royalty payments done, and now we’re ahead.

Shahid Khalid

Head of Finance, Spitfire Audio