Verso Books

When Verso Books needed an integrated system to fully handle contract data and improve workflow between the Editorial, Rights and Royalty teams, it chose Virtusales’ BiblioLIVE publishing software, implementing the Bibliographic, Production, Contracts, Rights and Royalties modules. 

90%

less time spent looking for financial details

The Challenge

Verso Books was relying on an unsupported royalty processing system that could not handle eBook sales and had limitations surrounding currencies, which meant manual intervention was required in order to process the royalties.

 
The system was also not able to give visibility of contract information, which meant staff had to look up physical copies of contracts, access a separate subrights database and disparate financial records before being able to reply to queries. The company wanted to remove disparate, outdated systems and improve workflow between departments and locations.

The Solution

BiblioLIVE: Bibliographic, Production, Contracts, Rights and Royalties

Project Objectives

The key goals for the project were to increase the automation of processes in order to reduce errors and data duplication and enhance decision-making capabilities through the provision of accurate and up-to-date information.


To support growth, Verso Books required a unified publishing system that would incorporate the management of bibliographic, contracts, rights and royalties data. 

Why Virtusales

  • Fully managed SaaS solution

  • Browser based system accessible from any location

  • Tailored user access and permissions

  • Able to handle multiple currencies for sales and royalty processing

  • Proven record of supporting publishers globally

  • Updates at no additional cost

  • Caters for all of Verso's contract, rights and royalties requirements, while also providing benefits        from the other functionality available

Increased Visibility and Efficiency

Prior to implementing BiblioLIVE, Verso Books used multiple, disparate systems to manage its contracts, rights and royalties operations. Not all staff had access to all of the systems so querying details of a contract was a time consuming task.


With BiblioLIVE in place, contract, rights and royalties information is in a single online system that all staff can access as and when they need to. Duplicated data entry has been eradicated and the time spent searching for information and replying to queries has been drastically reduced.


Jake Stevens, Managing Director, is delighted that, “one of the positive effects is an 80-90% decrease in time spent looking for contractual and financial information for a title.”

One of the positive effects is an 80-90% decrease in time spent looking for contractual and financial information for a title.

Jake Stevens, Managing Director, Verso Books

Improved Data Accuracy

Jake also explains how, “head contract information is now entered and approved by specific users, resulting in more reliable information.” Previously, there was no verification or sign-off for crucial head contract information and subrights sales would have to be manually added to royalties. With BiblioLIVE, inbuilt validation and verification removes the opportunity for errors and ensures data is reliable.


Jake comments, “BiblioLIVE can process complex contracts, including multiple works and editions, with all possible combinations of discount breaks, grouped escalators and different rates by sales channel. All with detailed statements, which clearly show the basis for royalty amounts, advance and retention calculations, royalty deductions, and subrights income.”

With BiblioLIVE, inbuilt validation and verification removes the opportunity for errors and ensures data is reliable.

Jake Stevens, Managing Director, Verso Books

Improved Service for Authors

BiblioLIVE’s detailed royalty statements containing full subrights information provide fuller and more detailed information to agents and authors, and have reduced the number of queries. Jake summarises that, “In effect, it’s given us the power to answer questions before they’ve even been asked.”

You have no idea how impressed I am by the new system of reporting royalties - great work.

Mike Davis, Verso Books Author

Benefits of BiblioLIVE

​TIME SAVINGS

  • Huge time savings processing and preparing statements 

  • Reduction in author royalty queries due to greater detail in statements

OPERATIONAL IMPROVEMENTS

  • Increased accuracy of statements

  • Reduced bottlenecks in responding to author enquiries as more people have access to information

  • BiblioLIVE retains imported sales files that can be provided to agents

BUSINESS EFFICIENCIES

  • Access to shared data from any location, 24/7

  • Integration of systems has provided real-time, accurate data across the business

About Verso Books

Founded in 1970, Verso Books is a multinational independent publisher that focus on radical non-fiction and publish one hundred books a year.