KnowTheMusicBiz.com » Entries tagged with "Sound Accounting"
Quickbooks Chart of Accounts for Indie Record Labels
Many Indie artist simply start their own record label instead of sitting around waiting for a recording contract to fall in their lap. Starting a label is an exciting endeavor but there are several pesky, non-creative details that need to be tended to like, accounting… Quickbooks has established itself as the the go to accounting solution for small businesses, including indie record labels. Quickbooks is pretty inexpensive, fairly simple to use and can be installed as … Read entire article »
Income Statements in the Music Business
This post on income statements is part of our Music Biz MBA blog series. An income statement, also commonly referred to as a profit & loss or P&L statement, reports how much money a band or artist makes (or loses) during a specific period of time. The period of time for income statement reporting can be a month, a quarter or even for the duration of a tour. Cash vs. Accrual Accounting The first step of creating an … Read entire article »
Filed under: Biz Blog, Featured, MusicBiz MBA
Sound Accounting – Tax Tips for the Touring Musician by Alyson Miller
Taxes are usually the last thing on the agenda of the touring musician but, as tax season approaches it’s a good time for you to get organized. There are a number of tax deductions that are unique to musicians and therefore handled incorrectly on the tax return or forgotten all together. Before we discuss what can potentially lower your taxes, let’s talk about income. It’s a common misconception that if you don’t receive a 1099-MISC for … Read entire article »
Filed under: Biz Blog
