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The Importance Of Record Keeping In A Band

CalculatorIf you're a fortunate enough musician that you're actually seeing some revenue from your music, chances are you'll have to pay taxes, and deal with a good number of other financial issues involved with running the small business that is your band.

 

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In this recent post from MusicThinkTank, Robert Lanterman explains why it's so important for bands be organized about their bookkeeping.

"There may come a point where financial advice or the help of an accountant may be necessary. Now, it’s important in this case to differentiate between an accountant and a bookkeeper. Where bookkeeping is purely record-keeping, Ohio University’s website explained that accountants are “qualified to provide their employers with these same services, but they also influence companies by offering more in-depth, actionable advice regarding their finances.”"

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