Music Industry Accountants, CPA

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• Are you looking for some tunes to add to your accounting playlist to help you get in the zone and power through tax season?
• In the past, the only royalties that musicians had to worry about came directly from sales or media plays.
• Alexis M. Kimbrough, a true musicians accountant, founded AMKtax in 2008 during her senior year at Howard University, in Washington, DC.
• In fact, you can use this program to register for up to 60 different music platforms directly.
• “Finish up your schooling and certifications, then look for internships and opportunities to work with Managers and artists.
• Many of these tools can link with your bank accounts and credit cards, automatically categorizing and tracking expenses, and providing a clear, real-time picture of your financial situation.

The fully integrated music royalty accounting, label management and promotional system

He has fond memories of taking an International Tax class with Dr. https://www.bookstime.com/blog/cares-act-step-by-step-guide-for-small-businesses Gary McGill, currently the Director of the Fisher School of Accounting, during his time on campus. Alexis Kimbrough is an accountant and handles bookkeeping and taxes, and when you get financial statements each month, you can be sure they were reviewed by her first. When she’s not talking with clients, blogging, stalking you on social media, or spreading the word about Growth Group, she’s probably repairing an iPhone, watching Shark Tank, walking her lab “DC”, or attending a concert. Because we value education, Growth Group supports musicianship because we believe participation in fine arts gives students an advantage in school.

Financial Planning & Analysis Template

Patrick Templeman graduated from the Fisher School of Accounting with a passion for accounting and the music industry. Today, he blends those two passions together as a Managing Director at PS Business Management, where the company provides “concierge level accounting services” to some of the biggest names in music. Without music, Alexis wouldn’t be where she is today as an accountant. Music took her to college in Washington, DC where the music scholarship helped pay for her accounting degree.

• Don’t let money worries hold you back from pursuing your creative passions.
• Embrace digital tools for receipt management and financial organization, and ensure regular financial reviews to stay on top of your financial health.
• They can also advise you on the best entity structure for your entertainment business and apply interstate accounting tax laws to ensure that you aren’t paying double taxation.
• 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.

Services

On-the-job training and experience are necessary to land a position as a Music Business Accountant. 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. Keep an Eye on Cash Flow with Clear Looking for a Cash Flow Insights Template? This template provides clear, real-time insights into your company’s cash flow, helping you manage liquidity and make informed financial decisions to ensure your business stays on a stable… From individual labels to large distributors ampsuite is used by a whole range of leading companies within the music industry to manage their businesses.

The Best Music Royalty Accounting Software

You unquestionably did not get into the music industry to deal with the business end and manage things like music royalties. Yet, this remains a very important part of what you do, and if you do not manage it correctly, you might run into challenges with the IRS. Thankfully, there is accounting software to help you manage the business and accounting side while you take care of putting out the best beats. Before settling on this field, many arts and entertainment accountants work in other capacities in their arts-related industry—often similar roles to those held by their eventual artist clients. This experience supplies them with professional connections—a source of potential clients—and powerful insight into the financial concerns of their artist clients. Learning never stops and Growth Group gets to know your music business, this way we can help you learn about business finances.

Sage Intacct is a cloud-based accounting software that provides financial management, inventory management, and order management features. Accountants may be self-employed, work for an accounting firm, or be employed by a music company or film or television studio. We serve the entertainment industry as a trusted and longtime resource for accounting, tax, audit, and business management services – supporting our clients’ interests anywhere in the world. While it’s essential to be actively involved in your financial management, working with a tax professional or accountant who understands the music industry can be invaluable. They can provide guidance, ensure compliance with tax laws, and help optimize your tax situation. If you are in the music business, the chances are good that you got into it to create music, express yourself artistically, and allow others to connect with the beautiful music you made.

Music Industry Accountants

Being in the music industry provides unique opportunities for deductions Online Accounting other industries don’t have. Understanding these unique deductions can lower your taxable income, ensuring more money stays in your pocket. Musicians can deduct a wide variety of expenses, like instruments, computers, websites, travel, expenses related to grooming, and more. Inaccurate accounting for royalties can also lead to penalties with the IRS.

Exceptional organizational skills, attention to detail, and the ability to manage time are vital. With our deep knowledge royalties, and the everyday processes that need to be managed, Curve is the perfect partner for music royalty companies or your royalty department. We work with the entertainers directly or with their agents, attorneys and personal managers. Our focus is on tax and accounting issues, recoupable expenses, tour budgeting, asset depreciation, contracts, program budgeting and much more. If you’ve purchased musical instruments, equipment, or software for your music business, they apply as business expenses. Keep all receipts and records of these purchases to make the deduction process smooth and straightforward.

It’s this, along with the opportunity to work closely with artists and arts-related organizations, that draws most to this field. AccountMate is desktop accounting software aimed at small to medium-sized businesses. It includes features such as payroll and inventory management, along with various other accounting features.