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Accountants may be self-employed, work for an accounting firm, or be employed by a music company or film or television studio. Working in the music industry is rarely a nine-to-five, seven-day-a-week job. Fortunately, our music accountant tax planning service for musicians is designed to smooth the transitions between months and years by utilizing tax advantages for creatives to spread out your tax bill. Music artists thrive when they maintain strong interactions with essential people in the music industry and their fans.
- Greenlight Financial can help artists calculate how much royalties are due to them.
- Our specialised experts frequently discover tax strategies that had previously gone unreported, resulting in significant savings.
- Your financial expert will take care of music publishing royalty audits and ensure you are fully informed about your finances.
- Want to know what Greenlight Financial can do for you or your business?
Music industry specialized Accountants may also be employed either permanently or on a contract basis by companies such as radio stations, or commercial TV. Ask any music accountant whether you should hire them, and the answer is likely to be the same—yes! In fact, accountants will constantly flex muscles and talk about the invaluable nature of their services, whether you are just getting started as a musician or you’re already thriving. The truth is that there are both pros and cons to hiring such a specialist.
Important Skills to Look For In the Best Music Accountant
I have been constantly amazed by just how many professions there are in the New Music Business other than merely recording artist and performing musician. This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information.
Such experts can lend a hand with your accounting, especially before your records become overwhelming. Even though music CPAs are qualified and accredited, some of the duties they handle can be managed by your in-house team. Hiring a music accountant who lacks a detail-oriented and meticulous eye is a waste of time and money. You need a specialist that can sift through piles of financial records and affirm that all details are current and accurate. Once you invest in branding for musicians and proper marketing, the last thing you want is to have a bookkeeper whose analyses don’t yield consistent results.
music industry accountant jobs
Royalties are the money a company pays an individual who has a creative asset. Music royalties can come in the form of intellectual property or copyrights. With so many music platforms available, music royalty accounting software can make it easier to keep track of your royalties. music industry accounting You still need general accounting software for all other purposes. Time and money must be put into “business.” Every month, music accountants help you save time and money. Contrary to popular belief, the music “business” is not so different from any other kind of business.
Musicians should track every facet of their entertainment career. If you are in a bracket where you pay 25 percent taxes, each expensed item you claim is the equivalent of purchasing that item at a 25 percent discount. 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. The often unseen side of a record company is the business affairs department.
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We have the capabilities to deal with record labels, songwriters, artist management companies, and so much more. A music specialized Accountant’s job may involve undertaking audits of record company agreements on behalf of USA and overseas based artists, or audits of record companies on behalf of copyright societies. They may be employed by the record company, or by the artist themselves.