About Music Industry Accountants

par Fév 3, 2023Bookkeeping0 commentaires

music industry accounting

Atlanta-based Alexis Louis (fka Alexis Kimbrough) is the founder of Growth Group, a music-focused accounting firm that works with musicians, record labels, and recording studios. A musician herself, she has served as featured panelist at the International Music Conference, Driven Music Conference and as a panelist at the Xero Roadshow. Her academic background includes stints studying Accounting and Taxation at Howard and American Universities.

Incentives Forecasting & Comparisons

  • During the beginning stages, Growth Group focused on PG County Maryland income tax preparation for individuals.
  • 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.
  • 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 compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions).
  • Creating a work environment that genuinely promotes diversity, equity and inclusion not only improves employee engagement but also contributes to innovation, job satisfaction and, ultimately, a stronger bottom line.
  • Bennett Thrasher believes in serving our clients by building trust through insight and involvement.
  • 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.

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. 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.

  • This includes paying bills, managing cash flow, budgeting, bookkeeping, tax planning and preparation, administering payroll, wealth management and more.
  • Because we value education, Growth Group supports musicianship because we believe participation in fine arts gives students an advantage in school.
  • A vocalist and guitarist for his own band, « The Fource, » Catalano also used to write songs for blues artists and « The Conan O’Brien Show. » His involvement in the music industry made him notice problematic trends.
  • Although accounting firms have set business hours, that doesn’t mean a Music Business Accountant’s day ends at 5 pm.
  • We work with the entertainers directly or with their agents, attorneys and personal managers.

Is AI a Friend or Foe in Project Management?

music industry accounting

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. ACCA’s forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to create, protect, and report the sustainable value delivered by organisations and economies. The Management Studies Tripos, designed to teach the fundamentals of management, is open to a limited number of University of Cambridge undergraduates as a third or fourth year of their bachelors degree.

What Is Music Royalty Accounting Software?

Our experience runs the gamut from auditing “tent pole” productions for MPA members to representing independent film and television production companies. 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. This is why she loves musicians, artists, and entertainers – because that is who she is. « The most impactful income summary change for music composers has been the streaming services, » said Catalano. In our new series, « Riches in Niches, » we’ll explore how these colorful niches indicate that concerns about commoditization and a narrow future for the profession may well be unfounded.

  • Having the correct accounting software set up makes the tax filing process simpler, especially when set up correctly by a CPA who can ensure the royalty management software you use integrates properly within your Quickbooks setup.
  • The Music CPA provides entertainers an independent outlet to help manage or review finances.
  • « The state of Minnesota has a specific entertainer tax, while Wisconsin has on their own tax regulations for entertainers that are from out of state, » explained Johnson.
  • In fact, you can use this program to register for up to 60 different music platforms directly.
  • With each of these together, we’re able to provide accounting you can understand and use to make a profit in your artistic business.
  • 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.
  • « No matter how small they think the deal is, we tell our artists not to sign a contract unless a lawyer looks at it and, if you can’t afford it, we’ll find you one that provides services pro bono, » said Catalano.

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. « I know how to relate to these people and my experience as a musician helps me understand what it means to be involved in this industry, » said Catalano. music industry accounting Fusion CPAs have the expertise when it comes to managing multistate entertainment industry tax and accounting for royalties. Music Business Accountants advise and work with musicians and music industry companies on financial matters.

music industry accounting

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