Bookkeeping and Accounting for Recording Studios

A trained bookkeeper can handle royalty accounting specific to a recording studio by tracking and managing the often-complex income and expenses that come from the royalty arrangements. This includes managing contracts, tracking sales and streams, preparing and issuing royalty statements, and ensuring correct and timely payments. Our bookkeepers at Bench Accounting have expertise in royalty accounting and are well-equipped to handle the unique challenges presented by the recording industry. We aim to streamline your royalty accounting process to ensure efficiency and accuracy.

A skilled bookkeeper can help you uncover a multitude of tax deductions for your recording studio business. Some common ones might include deductions for office supplies and equipment, utilities, travel expenses related to client meetings or gigs, professional development costs, and the depreciation of recording gear and other property. Additionally, if a portion of your home is used exclusively for your business, you may be able to claim a home office deduction. Remember, every business is unique and tax laws change regularly, so having a bookkeeper ensures you'll never miss an opportunity to lower your tax liability.

Proper bookkeeping ensures you have accurate and up-to-date records of all your financial transactions. This can be particularly valuable in a recording studio environment where there are many potential expenses, such as session costs and equipment maintenance. By keeping track of these expenses, you'll be able to pinpoint where your money is going and identify opportunities for cost reductions.

For instance, with session costs, bookkeeping can show you how much you're spending on artists, time slots, and other related expenses. When it comes to equipment, bookkeeping can keep track of how much you're investing in new equipment, how much you're spending on repairs and upkeep, and when it might be time to replace or upgrade.

Overall, bookkeeping gives you a comprehensive financial overview of your recording studio, helping to improve your budgeting, planning, and decision-making processes. Without it, you would be making these crucial decisions based on guesswork.

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.