Bookkeeping and Accounting for Music Producers

As a music producer, you usually have multiple income streams, which can include record sales, royalties, performance fees, merchandise sales, and more. It can be complicated and time-consuming to keep track of all these different income streams yourself.

Accounting services can simplify this task by recording, tracking, and managing all your incomes. They can provide clear and organized reports on your finances, so you can see where your money is coming from and how much you're making from each source. This not only ensures that you're always aware of your financial situation, but also aids in tax preparation and making strategic business decisions.

Bench Accounting offers comprehensive bookkeeping services tailored to the needs of music producers. Our expert bookkeepers use modern, efficient tools to handle your accounting, giving you more time to focus on making great music.

There are several specific tax deductions and benefits available in the music production industry, including:

• Home Studio: If your home is used as a recording studio, you can deduct part of your housing expenses including mortgage, rent, utilities, and insurance.
• Professional Development and Education: Educational expenses related to maintaining or improving your skills in the music industry are generally tax-deductible.
• Equipment and Supplies: Instruments, music books, recording equipment, and other gear used in your music practice are usually deductible.
• Travel Expenses: Costs incurred for travelling to gigs, concerts, or recording sessions may be deductible.
• Marketing and Promotion: Expenses for promoting your music, such as website development, social media advertising, and album production, can likely be deducted.

It's important to note that tax laws can change, and specific deductions can vary based on your individual situation. It's always best to consult with a tax professional or bookkeeper who's familiar with the music industry.

Bookkeeping services can play a vital role in managing budgets for music production projects. They help record all the transactions, track the expenses, and ensure that the project remains within the budget. With a professional bookkeeper, you'll have a clear view of your financial picture and be able to make informed decisions. They can highlight any areas where expenses are exceeding their limits, enabling proactive adjustments. Moreover, they can help in identifying cost-saving opportunities and monitor cash flow to avoid potential financial setbacks. This allows music producers to focus more on the creative aspects of their project, knowing their finances are in good hands.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.