This experience supplies them with professional connections—a source of potential clients—and powerful insight into the financial concerns of their artist clients. Many of them generate income from multiple sources, including radio, film, TV, theatre, and digital, and there are always new revenue streams emerging. The crossover that exists here between music and the other creative industries in which we specialise, puts us in a unique position to help artists and businesses explore and capitalise on these opportunities as the industry evolves. Earnings in the music industry can fluctuate over time and we are always thinking ahead to protect our clients’ financial interests. Accountants generally work during standard business hours, although odd hours and travel may be involved if a client lives and unearned revenue works in a different time zone, or if meetings must be planned around a difficult performance schedule.
Return Preparation & Audit Services
Our professionals work with production companies and lenders to track entertainment incentives, including analyzing weekly and monthly production expense reports to ensure projected incentives are tracking as expected and identify shortfalls as early as possible. We also assist with certification applications and post-wrap reporting, including preparing tax returns and supporting documentation to claim tax credits. Recent disruptions in entertainment content distribution have many networks and studios seeking ways to cut production accounting and finance costs. Outsourcing part of these responsibilities to an outside team can help reduce costs without sacrificing quality. Our experienced team of entertainment industry accountants can help with any outsourced accounting and finance needs.
- With our help, you can say goodbye to financial headaches and hello to peace of mind.
- As a Music Accountant, I’m psyched to work with some of the most creative minds, and I try to appeal to their creativity in explaining financial concepts,” Louis says.
- During the beginning stages, Growth Group focused on PG County Maryland income tax preparation for individuals.
- Fortunately for arts and entertainment accountants, the best networking might come from attending a concert, play, or movie release.
Tour Accounting
- Reach out to schedule a free consultation, and let’s start making your financial journey smoother and more successful than ever before.
- Our professionals work closely with recording artists, musicians and songwriters and publishing companies to help them achieve their financial goals while minimizing risk.
- Music Business Accountants are paid per project, based on the complexity and time involved.
- Our business management services are top rated by The Hollywood Reporter, Billboard, and Variety.
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. We serve an extensive range of media clients, including radio and television stations, cable interconnects, out-of-home advertising companies, and media industry associations – providing nationally recognized analyses of market share, company revenue growth, and market revenue growth. Working with film tax credit lenders in private equity and banking, we analyze film and television budgets to forecast and compare resulting entertainment production incentives in multiple jurisdictions. 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. We speak on a variety of music industry topics including inventory management, retail store management, succession planning, and more.
Business & Corporate Tax
- SRLV LLP and SRLV Audit Limited are each registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.
- Music Business Accountants advise and work with musicians and music industry companies on financial matters.
- The Music CPA provides entertainers an independent outlet to help manage or review finances.
- Where our royalties team provides a full registration service for singers, songwriters and producers.
- If you’re looking for a strategic entertainment accounting firm to help with your financial and consulting needs, we can help.
- Whether you have a particular financial issue to discuss, would like more information about our services or are interested in joining our team, please do get in touch.
Don’t let money worries hold you back from pursuing your creative passions. Invest in your success today by partnering with us for all your Music Accounting needs. Reach out to schedule a free consultation, and let’s start making your financial journey smoother and more successful than ever before. Growth Group believes in social responsibility and stays involved in the local communities by volunteering to help music industry accounting low-income individuals and families receive every tax benefit, deduction, credit, and write-off available to them. The world of eSports is growing exponentially, with millions of viewers across the globe tuning in on a daily basis to watch their favorite tournaments, teams and athletes compete. With cross-border competitions and investors or sponsors continuing to increase worldwide, there are many tax complexities and concerns to consider.
Will You Pass The Music Retail Financial IQ Test?
The Music CPA offers full service accounting, tax preparation, tax compliance and consulting services to recording artists, musicians and bands, recording labels and other music industry businesses. We are accountants, who are also musicians, helping entertainers with entertainment industry tax and accounting issues nationwide. From analyzing production incentives to coordinating with state film offices, our national Entertainment practice provides a unique set of strategic services geared toward maximizing opportunities while minimizing risks. Our specialties include film and television production, recording artists, songwriters and eSports. We also have particular expertise in advising UK clients who are moving across the Atlantic, as well as US-based clients relocating to the UK. Working in the music industry brings unique https://www.bookstime.com/articles/bookkeeping-for-hair-stylist financial challenges and opportunities.
Musicians may be artists at heart, but they still have to address business and financial issues. Good, effective tax planning starts at the beginning of the tax year. If you have never sat down with a tax professional to discuss your financial details, you may not know what opportunities you have been missing. On-the-job training and experience are necessary to land a position as a Music Business Accountant.