How to Become a Music Business Accountant

We work with artists and clients at all stages of their career, whether emerging or long-established heritage acts as well as companies, labels and publishers in the independent sector. 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.

Will You Pass The Music Retail Financial IQ Test?

• In addition to statutory, regulatory and administrative guidance, we consider factors such as currency exchange rates to arrive at our final comparative projection of benefits.
• Outsourcing part of these responsibilities to an outside team can help reduce costs without sacrificing quality.
• Imagine having complete clarity about your finances, knowing exactly where every dollar is coming from and where it’s going.
• Our focus is on tax and accounting issues, recoupable expenses, tour budgeting, asset depreciation, contracts, program budgeting and much more.
• Miller Kaplan Arase LLP is a member of the global association, LEA Global; the members of which are separate and independent legal entities.

From reviewing royalty statements to developing an efficient tax structure, you need an entertainment accounting firm that understands the industry and can create a custom plan for your long-term success. Our professionals work closely with recording artists, musicians and songwriters and publishing companies to help them achieve their financial goals while minimizing risk. We offer a highly personalised https://www.bookstime.com/blog/pandemic-relief-loans service which puts our creative artists and music businesses at the very centre, from tour accounting, business management and withholding taxes, to niche industry areas and specialist advice. If you are an entertainment attorney, agent or manager, and are seeking a CPA who can provide your clients with tax and accounting services, either through you or directly servicing your client, please email or call and ask for Jerry Catalano. We provide litigation support for the music industry, including expert witness services, reviews of recoupable expenses, penny letters, tour budgets, depreciation schedules, and tax planning.

Maximize Opportunities While Minimizing Risks

Our deep expertise is gross vs net unlike any other firm, and our entertainment industry accountants can help you take advantage of available incentives while navigating risks. 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. Since 1988, we’ve worked with a diverse and ever-expanding portfolio of artists, songwriters, producers, managers, recording studios, agencies, festivals and record labels. We can assist you with all of your tax planning, corporate tax planning, capital gains tax, and estate planning.

Contact an Entertainment Accounting & Consulting Expert

• 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 provide litigation support for the music industry, including expert witness services, reviews of recoupable expenses, penny letters, tour budgets, depreciation schedules, and tax planning.
• We are accountants, who are also musicians, helping entertainers with entertainment industry tax and accounting issues nationwide.
• When working in the capacity of a Tour Accountant, job duties include creating an initial budget for the tour, verifying expenses, and ensuring collection of all income while on the road.
• After inquires from our musician customers needing an accountant, Growth Group expanded the services to include both bookkeeping and accounting services for music entrepreneurs.

Accountants may be self-employed, work for an accounting firm, or be employed by a music company or film or television studio. There are few specialized training programs for arts and entertainment accountants; those who aspire to work with creative professionals or companies should look for internships and other opportunities, network with industry professionals, and focus on building a solid résumé. 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.

Industry Partners

We also keep up with current tax laws, registration and license requirements, and music and royalty accounting rules so you don’t have to! With each of these together, we’re able to provide accounting you can understand and use to make a profit in your artistic business. Artistic business financial services are essential regardless of the size of the business. Therefore, Growth Group can assist any musician, photographer, designer, contractor, MLM or IBO, consultant,, self-employed, or home based business owner to make a profit and reduce taxes at an affordable price. We are headquartered in the heart of the Hollywood production hub, which has made us a convenient and trusted resource for our entertainment and media clients – including individuals, record labels, production companies, and more.

• The best arts and entertainment accountants are creative-minded, personable, articulate, cool-headed, and communicate well with their artistic clients.
• We also keep up with current tax laws, registration and license requirements, and music and royalty accounting rules so you don’t have to!
• Our experience runs the gamut from auditing “tent pole” productions for MPA members to representing independent film and television production companies.
• Since 1988, we’ve worked with a diverse and ever-expanding portfolio of artists, songwriters, producers, managers, recording studios, agencies, festivals and record labels.
• This is why she loves musicians, artists, and entertainers – because that is who she is.

“Showtime” even gave her the opportunity to perform internationally, music industry accounting with thousands in the audience. This is why she loves musicians, artists, and entertainers – because that is who she is. A musician must be concerned with the business of his or her art.  Just like any other business, a musician must comply with accounting, tax or audit requirements. We provide tax return preparation and audits, as well other services, required to satisfy investors in your organization or the federal and state governments. Learning never stops and Growth Group gets to know your music business, this way we can help you learn about business finances.

Arts and Entertainment Accountant

We have performed entertainment incentive audits and agreed upon procedures in verification of qualified production expenditures for production companies across the United States, including Georgia, New York, New Mexico, Tennessee, Virginia, D.C. Our experience runs the gamut from auditing “tent pole” productions for MPA members to representing independent film and television production companies. The landscape of entertainment tax planning and production incentives in the U.S. is growing increasingly complex, with over 20 states offering some form of incentives. Each program has its own guidelines, caps and compliance requirements, and navigating this complex environment requires knowledgeable and trusted experts. 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.