Music Industry Accountants, CPA

To maximize your possibilities of success, strive elevating finances from numerous reasserts of finance in place of simply one. Make certain that you recognize what the funders are searching out and what form of tasks they typically guide. Musicians can deduct a wide variety of expenses, like instruments, computers, websites, cell phones, travel, dry-cleaning, makeup, association dues, costumes, and more.

• Growth Group works with sole proprietors, partnerships, limited liability companies (LLC) and corporations.
• We are accountants, who are also musicians, helping entertainers with entertainment industry tax and accounting issues nationwide.
• As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.
• A musician herself, she has served as featured panelist at the International Music Conference, Driven Music Conference and as a panelist at the Xero Roadshow.
• Fortunately, there are many great options available specifically designed to help the music industry stay organized and financially secure.

Other examples include print music royalties, synchronization royalties, and producer royalties. An accountant who does music business accounting needs to be familiar with the pay structure of different types of royalties to ensure that the client is getting the money they deserve and that the client is accurately paying their taxes. Accountants generally work during standard business hours, although odd hours and travel may be involved if a client lives and works in a different time zone, or if meetings must be planned around a difficult performance schedule.

Gear & Software

At Alegna Financial Management, Inc. we specialize in the entertainment industry. Our services go way beyond accounting and tax planning to care for the complete financial picture of each client. QuickBooks is a comprehensive accounting software for small to medium-sized businesses. It includes features such as invoicing, expense tracking, and financial reporting. AccountMate is desktop accounting software aimed at small to medium-sized businesses.

• They can show you key metrics based on benchmarking and help you evaluate and monitor your revenue and cash flow.
• They work with artists who live in other time zones, as well as artists who are juggling a day job while making music at night.
• With each of these together, we’re able to provide accounting you can understand and use to make a profit in your artistic business.
• Music industry experience is great, but solid work history in the accounting field is more important.
• We work with our artists on a monthly basis to assist with managing the financial side of their artistic businesses.

Advancement in this role comes through working with well-known artists or getting hired by a prestigious firm, which means higher wages and more famous clients. For some Accountants, advancement could also mean obtaining enough paying clients to strike out on their own and establish their own accounting firm. Making the move into working with music creators meant scheduling how laurence marsach became overtime’s star personality around day jobs (for those who weren’t full-time yet) and tour dates. I work during the typical work week and put in the necessary hours to produce value for the people who have entrusted me with their finances. Because we value education, Growth Group supports musicianship because we believe participation in fine arts gives students an advantage in school.

Clients

Musicians can deduct a wide variety of expenses, like instruments, computers, websites, travel, expenses related to grooming, and more. Having the correct accounting software set up makes the tax filing process simpler, especially when set up correctly by a CPA who can ensure the royalty management software you use integrates properly within your Quickbooks setup. Eddy bills itself as the ideal software for indie labels and offers users a fifteen-day free trial period, giving you a perfect chance to determine if the software is right for you.

Entertainment Industry Accounting covers these accounting requirements, along with related presentation and disclosure topics, with the intent of clarifying how specific transactions are to be handled. This course covers the accounting for broadcasting, cable television, films, and music. Although accounting firms have set business hours, that doesn’t mean a Music Business Accountant’s day ends at 5 pm. They work with artists who live in other time zones, as well as artists who are juggling a day job while making music at night. Growth Group’s team includes outstanding music accounting specialists who collectively bring over 15 years experience in entertainment and music accounting, and entrepreneur tax and bookkeeping in the US.

Education is essential

However, since this field is so specialized, the aspiring Accountant doesn’t have to land a job with a professional music industry accounting firm right out of school to get the experience required. Music industry experience is great, but solid work history in the accounting field is more important. Iris also offers streaming royalty services, meaning that you can track the revenue you get from any number of places. In fact, you can use this program to register for up to 60 different music platforms directly. This is not a small thing, because as many musicians know, writing for streaming services can be one of the most challenging aspects of using them.

When his clients head overseas on tour, Templeman leans on his Fisher School experience to make sure their international taxes are handled correctly. He has fond memories of taking an International Tax class with Dr. Gary McGill, currently the Director of the Fisher School of Accounting, during his time on campus. Entertainment industry accountants can help you create profit and loss statements, cash flow analysis, and balance sheets. They can show you key metrics based on benchmarking and help you evaluate and monitor your revenue and cash flow. A good accountant is not going to help clients try to circumnavigate tax rules. Instead, they will show their client how to take advantage of current tax laws to deduct every dollar they can legally.

Should musicians and music industry professionals consider using accounting software?

It includes features such as payroll and inventory management, along with various other accounting features. When your business is music, you need an accountant who has in-depth knowledge of the music industry. You want to work with people who have been actively involved in the music business for years and have experience with a variety of music industry clients.