Musicians may be artists at heart, but they still have to address business and financial issues. 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. Designed specifically for professionals like you in the music and entertainment industry, we take the stress out of managing your https://www.bookstime.com/ finances. We’ll work closely with you to understand your unique needs and tailor our services to suit your business perfectly. Alexis M. Kimbrough, a true musicians accountant, founded AMKtax in 2008 during her senior year at Howard University, in Washington, DC. During the beginning stages, Growth Group focused on PG County Maryland income tax preparation for individuals.

Accountant – Payroll

However, I found it quite isolating – I missed working with other people and office life so thought I would look to see what was out there. By https://www.facebook.com/BooksTimeInc/ chance, I was approached by ITLA and I thought the role was a perfect fit as it tied in nicely with my previous TV experience working with a variety of Actors and Musicians. Being able to understand how music festivals work from a financial perspective and taking part in their financial planning. I have played drums in different bands throughout my life, and I currently play in a local rock band. I love anything related to music, from writing music myself to attending festivals or concerts.

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Many universities offer degree programs in music business or accounting, and there are also online courses and certificate programs available, such as the NYU x Billboard | Music Industry Essentials program. It is also important to gain practical experience by interning or working for a music accounting firm. Hiring an accountant or at the very least, knowing how to handle your money, are absolutely essential to day to day band operations. Our list of music accountants and finance resources can help your band balance tour, recording and other budgets properly. I originally worked with one of the top DJ booking agencies and learned about all aspects of the music industry. I decided to go solo with my own company to focus specifically on the music industry when I had gathered enough experience across artists and event accounting so that I can add value to my clients.

Bad Deals Are Baked Into the Way the Music Industry Operates

You can accomplish so much if you know where your money is, what it is being used for, how and when you may access it, etc. 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. 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. We’re here to balance your passion with pragmatism, making sure your accounts are correct, your tax is sorted and you’re getting all the income you deserve. After qualifying as an Accountant, I set up my own limited company and ran that for 6 years.

• I work during the typical work week and put in the necessary hours to produce value for the people who have entrusted me with their finances.
• Technology has revolutionized the way music is produced, distributed, and consumed, and it has also revolutionized the way music accountants do their job.
• “Having a CPA may require additional education and experience, but it’s also highly regarded and provides accountants with many career opportunities,” Barentzen says.
• Some accounting firms may close for a week around July 4 to give employees time off during a less-busy season, Smith says.

As an accountant, you can take many different paths and change direction along the way. Accountants can work for large or small accounting firms, in the private sector at companies across industries, at nonprofits, or within government agencies. You can even start your own private practice or use your skills to start a non-accounting business as an entrepreneur. For instance, KPMG, one of the “Big Four” accounting firms, launched the CPA Kickstart program, which offers new employees a full-time salary with benefits for two months to study for parts of the exam. Ernst & Young’s EY Career Path Accelerator Program provides courses to help people entering the field reach the 150 credit hours needed for the CPA exam. To entice people to join the industry, many accounting firms are raising salaries and offering benefits, like student loan repayments and paid parental leave, Barentzen says.

Some are also providing resources to help new hires study and pass the CPA exam. But that’s only part of the picture, a 2022 Deloitte poll revealed that 82% of hiring managers for accounting and financial roles at public companies and 69% at private companies were struggling with talent retention. The American Institute of Certified Public Accountants (AICPA) reports that fewer people are graduating with accounting degrees, and the number of people taking and passing the CPA exam is declining. We’ve worked with lots of artists, songwriters, composers, music accountant record companies, agencies and suppliers in the last 30 years, and we still get a kick from seeing them doing well and, most of all, living well. It’s easy to live in the present when you’re devoted to your music, but, take our advice on your business and personal finances and you can enjoy a future where anything still seems possible. As chartered musician accountants, we know just how important it is for you to be financially successful, so we provide services designed to meet the requirements of your ever-changing and demanding market.