From the course: Music Law: Managing a Band's Business

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Finances and taxes

Finances and taxes

From the course: Music Law: Managing a Band's Business

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Finances and taxes

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- Hopefully, you already have a simple accounting system. Some method of keeping track of income and expenses. If not, it's time to start. You can use paper, spreadsheets, or bookkeeping software applications to categorize and record income and expenses. Begin by breaking out income and expenses into discreet categories, for example, distinguish performance income, merchandise income, iTunes revenue, crowd funding payments, et cetera. Do the same for expenses, for example transportation, salary, studio rent, telephone, insurance, and hotels. The more specifically you can categorize and track these things, the better you'll be able to make business predictions. For example, how many women's t-shirts to order before the next tour. Any simple bookkeeping system will work as long as you can track cash flow, money coming in and going out. It is also essential that you separately track when a member makes a financial contribution. For example, pays for gas on tour, as these contributions…

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