If you’re a musician, you know it’s essential to keep track of your finances. After all, you need to pay your bills just like everyone else! But when it comes to accounting for your music career, it can be tricky to know where to start. That’s where a music accountant comes in.
You may do a frantic online search for Tax Accountants for Musicians in Australia, but in the back of your mind, you might still have doubts about why you should hire a music accountant.
In this article, we’ll go through 5 reasons why you should consider hiring one:
Business Experts
Contrary to widespread assumption, the music “industry” is not fundamentally different from any other type of business. It’s possible that hiring a music accountant could help your company expand its operations. When it comes to accomplishing your professional goals, the assistance of an expert who is qualified, capable, and innovative can be of great assistance.
Mindfulness
When it comes to your career’s finances, working with a CPA might help ease your worries. Due to time savings, you will have more time to create music.
Even if your manager handles all your financial matters, your chartered accountant can still help discover any problems with your business structure, payroll, bookkeeping, business planning and more. This is critical, especially if you don’t have a great understanding of your requirements as a business owner.
Your revenue could be impacted by inadequacies in the law, financial blunders, or incorrect interpretations of the applicable tax law.
They are affordable
Hiring a music accountant is not a waste of money and resources. Working with a trained expert can actually help you cut costs.
In most cases, the money saved can be used to cover the expense of hiring a bookkeeper. Your current income might increase with the accountant’s help, which can help free up cash for extra purchases, or larger NPATs.
Obtaining the services of a professional accountant who specialises in arts and entertainment is an absolute necessity. While you focus on your music, the accountant will focus on your tax and related liabilities.
Time equals money, correct? “Business” calls for both time and money to be invested. Music accountants save you both time and money every month.
Make good choices for your music business
Professional accountants who are savvy in business are able to help you make crucial decisions for your organization more efficiently.
If you wish to tour, a chartered accountant can recommend registering a vehicle under your brand’s name rather than your identity. It may affect both individual and corporate financial plans.
The use of services can improve several company processes. It can be accomplished if you are aware of the whereabouts of your money, what it is being used for, how and when you can access it, and so on.
The expert will assist you in avoiding making simple mistakes that could end up causing severe problems.
Confidentiality
Hiring a professional accountant is the best way to maintain anonymity. The protection of their data is an absolute necessity for musicians.
Your accountant will conduct audits of the music publishing royalties you’ve earned and ensure you have a clear understanding of your financial situation. In addition, the expert will maintain the confidentiality of your information. The last thing you want, is a band member taking more of your royalties than they deserve (damn singers!).
The Bottom Line
So, if you are a musician and have not yet hired an accountant, do so today! And if you are an artist just starting – it is especially important to find an accountant who understands the music industry and can help protect your hard-earned money.
While we cannot guarantee that every artist will become wealthy and famous, by following these simple tips and working with a qualified music accountant, you will be on your way to protecting your finances and achieving long-term success in the music industry.
