Music royalty accounting software for record labels and artists

In the past, the only royalties that musicians had to worry about came directly from sales or media plays. Thanks to the proliferation of platforms like Spotify and others, it has become exceptionally complicated for artists to manually track royalties across the ever-growing list of music streaming platforms. If you’re a songwriter, producer, or artist – Growth Group can be your entertainment and music accountant.

If you’re a freelance solo artist doing weekend gigs or an ensemble doing concerts all over the country, invoicing and accounting tools will make your life a lot simpler. He has extensive experience in the areas of manufacturing/distribution, food service, real estate and construction. His practice includes audits and other attest engagements, tax services, business planning and advisory. Bob’s practical and consistent approach to client service provides the firm’s closely-held clients with the requisite knowledge necessary to meet their ongoing challenges and opportunities. Bob’s goal is to provide excellent client service by customizing each service model to meet the specific needs of the company.

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He is a dedicated husband to his high school sweetheart and loves spending time with his beautiful daughters, son-in-laws and grandchildren. The expectation is that by allowing these companies to recoup some of their R&D costs, they would continue to invest in R&D, benefiting not only their business but also their industry and the UK as a whole. HMRC normally considers your agent’s commission, as well as the cost of hiring a musician to join you on stage, to be permitted expenses. Another aspect of touring that is frequently ignored is hotel accommodations, as well as complimentary tickets to shows for publicity purposes. Regardless of your situation, we will take care of these issues so you can stay focused on the creative aspect of music. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

• This is a great accounting software that’s why we have added it in our list of the best accounting software for musicians.
• 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.
• This independence provides an additional trusted outlet to assess financial decisions.
• By following these tips, you can make sure that you’re properly accounting for your music-related income and expenses.
• Advances in technology and the increasing use of it, allow you more access to us as your  music accountant, anytime, in your own way.
• Every company must be rewarded, and Xero provides resources to help small companies and musicians get paid more quickly.

It comes with many features, including the ability to import your entire music catalog, track costs and manage the revenue from various programs. Every facet of your entertainment career should be tracked and applied to your income. If you pay taxes at a 25% rate, each expense item you can claim is the same as buying that item with a 25% discount. We will not work with clients who want to bend the rules, but we do want to teach clients to take full advantage of what they are legally entitled to deduct. We can also liaise with agents and promoters, handle invoice payments and your bank accounts for you, and by the end of the tour we’ll have created the accounts and registered any taxes you need to pay. Our business management services can provide additional monthly reports, manage your bank accounts and invoices for you, and assist you with business plans and related tax planning.

Music Royalty Accounting Software For Record Labels and Artists

Our specialists are experienced with income tax, corporation tax, capital gains, VAT inheritance tax, stamp duty and more. Because we value education, Growth Group supports musicianship because we believe participation in fine arts gives students an advantage music accountants in school. Growth Group believes in social responsibility and stays involved in the local communities by volunteering to help low-income individuals and families receive every tax benefit, deduction, credit, and write-off available to them.

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 that specialize in accounting for music industry professionals can help artists calculate royalties due to them. On the flip side, they can help smaller labels determine the number of royalties that go to their songwriters. 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.

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For heritage acts, our advanced services will help you organise your finances to support your future and your family. We can manage your tax returns or self-assessments, keep you compliant with HMRC, as well as providing you with advice and support day-to-day or during investigations. All the while, you’ll be covered by our insurance if any tax investigations are opened. Meaning your professional costs with us will be covered while HMRC is investigating. Music took her to college in Washington, DC where the music scholarship helped pay for her accounting degree. “Showtime” even gave her the opportunity to perform internationally, with thousands in the audience.

• There are now a variety of software tools available that can help music accountants manage their clients’ finances more efficiently.
• Our specialists are experienced with income tax, corporation tax, capital gains, VAT inheritance tax, stamp duty and more.
• If you’re running an independent record label by yourself or in a small team, the likelihood is you’re taking on several different roles – acting as manager, agent, promoter and more.
• If you work in production, you might also be eligible for research and development tax relief.
• As specialist accountants for musicians, Alchemy provides tax services and advice to individual musicians, whether they’re session singers, talented songwriters or instrumentalists for-hire.

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. TopNotepad offers a full-featured calculating, billing, and accounting package. Quotes, invoices, and payments will all be made electronically for the artists. All of the reports needed for tax enforcement are produced automatically by the software.