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so that royalties are payable at regular intervals. If possible, negotiate royalties so that they can be paid monthly, quarterly or semi-annually. In any case, be sure that you and your licensor are on the same page on the contract and payments terms. Make sure the artist or contract holder is fully aware of when they will receive their payments. You will need this information to issue payment information for each licensor to the IRS. Royalty payments count as income for licensors and must be reported to the IRS and listed on a Form 1099-MISC sent to each licensor. The following are common ways that businesses account for royalties: If yours is a small business, such as an art gallery, make sure your accounting software and bookkeeping system include a section for royalties. It can be hard to find software that includes this option, so shop carefully. For example, Easy Royalties and Metacomet solutions can be some of the most affordable options, depending on your business model. If yours is a mid-sized business, hire a royalty accountant. Some accountants specialize in royalties, so they will be able to input a royalty-accounting system into your bookkeeping to ensure that all royalty payments are made on time. If you are in charge of a large business, set up a royalty department. This department may include accountants, information technology (IT) professionals, and lawyers. If you are constantly acquiring new products that involve royalty payments, or you are in a large-scale software, music, art or renewable-resource business, then this is the recommended path. You may also consider hiring an accounting firm as an outside royalty department.

Summary:
Negotiate contracts Collect tax information on each person who will be paid royalties. Decide how to account for royalties, based on the size of your business.