Leading live promoters including Kilimanjaro and AEG say they have been able to cut out ‘arduous paperwork’ by adopting specialist software from Voly Entertainment.
Voly Entertainment is the new name for Voly Music, a financial management platform that offers a suite of tools to partners including a high-limit, pre-paid Mastercard, an integrated payment platform, and additional Treasury management services.
Having consulted with leading live music companies, UK-headquartered Voly earlier this year launched and integrated an upgraded system for event promoters, which aligns both cash and card transactions from reps in one software package.
The updated platform generates bespoke reports that feed into both proprietary or third-party accounting systems – including Xero and Quickbooks.
Stuart Galbraith, founder and CEO of Kilimanjaro – which works with artists including Ed Sheeran and Bring Me The Horizon – said of his team’s experience with the Voly Entertainment platform: “Voly Entertainment’s real-time expenditure system has revolutionized the way we manage our finances for major tours and events at Kilimanjaro.
“With the system’s transparency of all costs, we can track all of our expenses in real-time, which has given us greater control and visibility over our budget. The system has also helped us minimize the need for cash, making our financial processes more efficient and secure. And with the automated reporting feature, we can generate accurate financial reports with just a few clicks, saving us valuable time and resources.
“We highly recommend Voly to any promoter or business looking for a reliable and efficient on-the-road financial solution.”
“Voly Entertainment’s real-time expenditure system has revolutionized the way we manage our finances for major tours and events at Kilimanjaro.”
Stuart Galbraith, Kilimanjaro
Voly Entertainment’s updated platform enables a live promoter’s reps to request approval for authorized funds in real-time. Once funds have been loaded, the promoter’s team can then tag costs to certain types of expenditure or specific shows, both within Voly’s mobile-app or its web platform.
AEG Presents in the UK began trialing Voly’s financial management platform on March 22, intending to use the software to oversee cash management and nightly reconciliations for hundreds of tours in various territories.
Prior to working with Voly, AEG UK reps used a mixture of a cash float and a pre-paid card for individual transactions. Logs of these transactions, whether via card or cash, were then entered manually into systems so that they could be reconciled by the firm’s finance team.
Steve Van Dyk, Finance Director at AEG Presents UK, added: “The Voly team listened, understood and were able to tailor their system to meet AEG’s specific requirements in respect of managing the expenses across hundreds and events managed by multiple staff. The resulting system is easy to use reducing training time and potential errors and enables AEG to have both real-time overview and analysis of expenditure.
“We have sped up processing into our Finance systems and reduced user error; any highlighted issues can be resolved quickly. Overall the [Voly Entertainment] solution can provide real value to our various internal and external stakeholders as opposed to an arduous paperwork exercise.”
“We have sped up processing into our Finance systems and reduced user error; any highlighted issues can be resolved quickly.”
Steve Van Dyk, AEG Presents UK
Others who have adopted Voly Entertainment’s software include tour accountant Adrian Bullock, founder of London-headquartered business management firm Bullocks.
Bullock said of his team’s experience with the platform: “Voly’s response times, attention to the clients’ specific needs and commitment to ongoing development is second to none.
“I thoroughly enjoy working with the team at Voly because they are very very nice people to deal with, so that’s a strong recommendation from me.”
“Witnessing the transformative impact on live music management and financial processes has been a testament to the power of innovation and collaboration within the industry.”
Mary Viscomi, Voly Entertainment
Those looking to try out Voly’s financial management platform can sign up to its product, which provides users with the ability to manage all expenditure and track costs against budget in real time.
Voly’s payment platform allows users to make payments in 27 different currencies and convert currency without the need to rely on traditional banks.
Voly’s Head of Entertainment, Mary Viscomi, said the firm’s Voly Entertainment platform has been “built bespoke for the industry and their needs”. Due to the platform’s customizable permissions and approval workflows, she said, it “ensures all artist parties are reviewing one source of the truth”.
Added Viscomi: “In collaboration with promoters and industry stakeholders, our journey with Voly Entertainment in creating this game-changing financial management platform has been nothing short of brilliant. Witnessing the transformative impact on live music management and financial processes has been a testament to the power of innovation and collaboration within the industry.
“It’s a privilege to work alongside such dedicated professionals to revolutionize the way we handle finances in live entertainment.”Music Business Worldwide