Your Compliance Management Solution

Accu-Track comes across two core scenarios which lead clients to our contract management expertise:

1. Process Implementation: Client does not currently have a contract management process in place and requires a holistic implementation.
2. Process Refinement: Client has an existing process that requires refinement as they lack the resources to maintain current procedures or are having compliance issues.

Learn how our team is able to aid in both situations.

Process Implementation

THE PROBLEM

Lack of Contract Clarity: Clients were unaware of the extent of their contracts or how many agreements they held with individual licensees.
Compliance and Insurance Concerns: Uncertainty prevailed regarding whether licensees adhered to insurance requirements or complied with manufacturing and distribution standards.
Fragmented Communication: There was no seamless connection between legal, finance, and business departments, leading to inefficiencies.
Payment Ambiguity: Finance faced challenges in reconciling payments due to a lack of clarity.
Royalty Oversight: Business segments questioned the accuracy and accountability of royalty payments.

ACCU-TRACK STEPS IN

Comprehensive Contract Collection: We gathered all contracts from legal, royalty accounting, and business departments to create a centralized database.
Master Database Creation: Every contract was meticulously entered into our master database for easy access and management.
Active Contract Identification: We distinguished between active and expired contracts and initiated engagement with active licensees.
Client Support: Our services included:
- Welcome Packets: Ensuring licensees were onboarded smoothly.
- Royalty Reporting Accuracy: Guarantees of precise and timely royalty reporting.
- Ongoing Communication: Regular reminders and contact with licensees to ensure compliance and accountability.

THE RESULTS

Within four months, Accu-Track aided in achieving:

14%

of cash received was from new payers

of cash received was from repeat payers

of cash received was due to Accu-Track

in total cash received

Process Refinement

THE PROBLEM

Lack of Centralization: Clients had contracts and a software system, but lacked a centralized list, causing inefficiencies.
Payment Issues: Clients were unaware of non-paying parties, hindering financial clarity.
Staffing Challenges: Insufficient staffing hindered the implementation of an effective compliance process and software implementation.
Non-Compliant Licensees: Clients identified compliance issues with certain licensees, affecting obligations.

ACCU-TRACK STEPS IN

Staffing and Structure: We provided the necessary staff and structure for seamless software implementation and process execution.
Augmented Efforts: Working alongside existing staff, we bolstered and augmented their efforts.
Client Liaison: Serving as a liaison, we communicated with licensees on financial and non-financial compliance matters.
Departmental Alignment: Collaborating with various business segments and departments, we ensured alignment with obligations.

THE RESULTS

Streamlined Process

Clients now boast a properly staffed department, equipped to address non-compliance issues and monitor them effectively.

Single Point of Contact

Licensees benefit from a centralized contact point, enhancing communication and clarity.

Focus on Core Business

With compliance matters under control, clients can divert attention to core business functions and explore new opportunities.

Valued Licensee Status

Clients transitioned into valued licensees, strengthening their position in the market.

Partner with Accu-Track for a streamlined compliance process, enabling your business to thrive while maintaining regulatory adherence.