In the new edition of Music Week, we deliver a very special report on one of the most important, yet often overlooked, parts of the music business: accountancy.
Inside, leading names in the sector reveal all about their essential work, and how the coronavirus pandemic has made artists everywhere take a long hard look at their finances.
Here, top advisors from CC Young & Co Sverige AB, Dales Evans & Co Limited, Harris & Trotter and Gelfand, Rennert & Feldman give you some free financial advice. And it isn’t just “get an accountant!”…
“I hate to be boring but planning and organising is everything. The best way to take control is to plan and to be one step ahead. Ad hoc solutions tend to be expensive. Planning and being well organised is also crucial for a tax-efficient setup. Financial success goes hand in hand with professional achievements. It’s important to set goals and thereafter define what would be required to achieve these goals. Success requires a lot of hard work and it is my experience that artists and managers with a clear vision tend to be the most productive. Lastly, a warning for ‘super-smart solutions’. Although there are great opportunities to reduce tax, I would recommend some scepticism. When it sounds too good to be true then that is often what it is.”
Åsa Sandberg (director, CC Young & Co Sverige AB)
“I would say to surround yourself with good advisers, including accountants, who have experience and understanding of the industry and who have your best interests at heart. So not necessarily the cheapest! And ask questions so that you come to an understanding yourself. Artists and managers should be making their own business decisions, but should be guided by top quality advice.”
Paul Makin (director, Dales Evans & Co Limited)
“Never just focus on the fee that’s coming in as that’s not what you have at the end – make sure you know what the net amount to you is – that’s the figure after all the costs from the commissions and taxes and everything in-between. There is a massive difference between these amounts and if you think you are earning the gross figure you are going to get into a real mess.”
Charlotte Harris (partner, Harris & Trotter)
“It’s important that artists and managers look ahead and have a grasp on cash flow. If we are to do our job well in running their business, we need to be in the loop on what their plans are, both business and personal, to help them achieve their goals. Communication is key. Also, get a decent tour manager.”
Jo Ewers (director, business management, Gelfand, Rennert & Feldman)
Subscribers can read the full special report on accoutancy here.
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