In need of a bookkeeper and accountant for your music composition business? We handle your books, giving you more time to create beautiful melodies. Give us a try for free.
We are offering free 1 Month Basic Bookkeeping to all new customers so you can experience Accracy's seemless and professional services.
In need of a bookkeeper and accountant for your music composition business? We handle your books, giving you more time to create beautiful melodies. Give us a try for free.
Our team invests their effort to thoroughly comprehend your work as a music composer, answer your queries, assist you in connecting your accounts, and demonstrate how Accracy can streamline your bookkeeping.
Each month, your dedicated bookkeeper organizes your composition transactions and prepares financial reports for your music business. If they require any more details from you, they’ll promptly reach out.
Each month, your dedicated bookkeeper organizes your composition transactions and prepares financial reports for your music business. If they require any more details from you, they’ll promptly reach out.
At Accracy, we regularly keep music composers updated with their bookkeeping details. Have crucial questions that can't be postponed? Rest assured, our response will hit the right note, getting back to you within one business day or less.
Our platform lets you effortlessly automate data inputs from significant providers, helping to prevent frequent missteps. We collaborate with merchants like Gusto, Stripe, Shopify, and Square — ensuring your financial records as a music composer are always precise and up-to-date.
Wave farewell to heaps of musical manuscript paperwork and exhaustive manual tracking — we automate inputs straight from connected accounts. Experience clarity from one unified dashboard, enabling you to easily comprehend the financial status of your composing career and make smart, strategic decisions.
When it comes to the music industry, and more specifically music composers, Accracy Accounting understands the unique financial landscape you operate within. We know that your revenue stream could consist of varied income from royalties, licensing fees, live performances, and music sales. Paired with the complexity of copyright laws and fluctuating royalty rates, managing the finances in the music industry can be daunting. By combining the power of our intuitive software and the expertise of our dedicated bookkeepers, we help manage and maneuver through these industry-specific financial intricacies.
At Accracy, we not only take care of the day-to-day bookkeeping tasks, but we also navigate through the specific tax obligations of music composers, identifying relevant tax deductions such as home studio costs, marketing, and travel expenses. Further, in an industry where international revenue is common, our expert team is well-versed in international tax laws, ensuring that global income is correctly accounted for. With Accracy Accounting, small business owners in the music composition industry can focus on creating great music, knowing that their financial obligations are in the hands of capable professionals.
Join over 1000 business owners who have streamlined their finances and have grown their businesses with Accracy.
Everything in Basic plan +
As a music composer, you can deduct several specific expenses on your tax returns. These expenses generally relate to the production and promotion of your musical compositions, as well as the maintenance of your professional expertise. They include:
Please consult with a tax professional familiar with the music industry to ensure the applicability and validity of these deductions to your specific situation.
Royalty payments represent a type of income received for allowing another party to use your intellectual property, such as patents, copyrighted works, franchises, or natural resources. This income is taxable and must be reported on your tax returns.
From an accounting perspective, royalty payments should be accounted for as income in the period they are received. In terms of your income statement, they will be classified under the 'Other Income' category. It's important to keep accurate and detailed records of your received royalties to ensure proper accounting and tax compliance.
Handling royalty income can be complex due to the tax considerations and potential deductions involved. It's highly recommended that individuals or companies receiving significant royalty payments seek the assistance of a bookkeeper or accountant. This professional can ensure royalties are properly recorded and accounted for, and can assist with relevant tax planning and reporting requirements.
Managing your accounting for music composing projects and contracts can be particularly complex due to variables like royalties, contract payments, and additional expenses. Thankfully, Accracy Accounting has a multifaceted solution for you.
Our bookkeepers are skilled in tracking income and expenses for creative professionals including music composers. We can keep track of your various contracts, royalty payments, project-related costs and more, so you can focus on your composing.
We’ll provide you with financial reports tailored to your needs, to help you understand your cash flow and make more informed decisions. Plus, we can even handle tax filing for you, ensuring everything is up-to-date and in order.
To get started, simply reach out to our team and we’ll guide you through the next steps. We look forward to being part of your financial journey and helping you manage your bookkeeping needs so you can continue your great work in the music world.
We understand that when our clients turn their accounting and bookkeeping services over to us, trust is paramount. We have a team of certified professionals, use proven technologies, and hold ourselves accountable every day. Yes, you can trust us with your sensitive data and to deliver accurate, timely accounting services for your business.
Absolutely. Our team members are all certified in the leading accounting systems and can quickly get your files up to date.
Don’t worry, your financial data belongs to you. Our offboarding is pretty straightforward as we transfer account ownership to you. As a bonus, there’s no stopping you from replicating the workflows we’ve created for your in-house process – in fact, we encourage it.
Savings can vary considerably depending on your current solution, but our clients tell us that it is generally between 30% and 50%.
We do not provide year-end tax filing services as we are not a CPA firm. However, if you are looking for a year-end tax accountant, we would gladly refer you to one of our partners. Having a separate bookkeeper and year-end accountant ensures additional oversight on the accuracy of your books. Your year-end tax accountant can help you review your books during tax season.
No, we are not a CPA firm. Accracy is not a public accounting firm and does not provide services that would require a license to practice public accountancy.
No. We do not offer services which fall under the jurisdiction of these organizations. We have partner organizations who can provide those services if needed by clients. A good example of such services are tax advisory or statutory filings. We have a number of non-economic partnerships with CPA firms who can help our clients with these services if needed.
Every account is set up with a Client Success Lead who will be your day-to-day contact. They’ll liaise with the rest of the team members on your account which may include an accounting manager, bookkeeper, payroll specialist, and payables specialist.
Accracy can support a wide range of companies, from small businesses and startups to large public corporations. Our services are tailored to meet the unique accounting and bookkeeping needs of businesses across various industries.
At Accracy, we operate as a fully remote team, delivering our bookkeeping and accounting services online. We have the necessary tools and systems in place to work efficiently and securely from our remote locations. We will coordinate and collaborate with your onsite team to ensure smooth communication and workflow integration.
Stress-Free Bookkeeping and Back Office Accounting Solutions for Your Business.
Embark on a transformative journey towards financial clarity with our comprehensive organizational services. Beyond mere bookkeeping, we delve deep into the intricacies of your financial records. Every transaction is meticulously documented, categorized, and structured to provide not just accuracy but a foundation for strategic financial understanding.
BookkeepingOur payroll services offer comprehensive solutions for managing employee compensation in both Canada and the US. We handle everything from accurate payroll processing and tax calculations to compliance with local regulations and benefits administration. Our services ensure timely and precise payroll delivery, streamlined tax reporting, and up-to-date compliance with ever-changing laws.
Payroll ProcessingWe offer comprehensive sales tax services, including reporting, compliance, and filing, for both the United States and Canada. Our expertise ensures that your business adheres to all relevant tax regulations, streamlines your tax processes, and mitigates the risk of errors and penalties. Whether you operate in one region or across both countries, our team is equipped to manage your sales tax.
Sales Tax FilingBeyond mere numbers, our reporting services are a gateway to actionable insights. We go beyond presenting data; we interpret, analyze, and deliver reports that serve as strategic roadmaps for your business. Timely, clear, and comprehensive, our insights empower you to make informed decisions, identify opportunities, and navigate challenges with confidence.
Financial ReportingEfficiency is the cornerstone of our accounts management services. Whether handling payables or receivables, we streamline your financial transactions to optimize cash flow. Our focus is on creating a robust system that not only meets compliance standards but also ensures that your financial operations are a well-oiled machine, contributing to the overall health of your business.
Don’t let backlog hinder your progress. Our catch-up services are designed to bring your financial records up to speed. We meticulously address any gaps, ensuring that your records are not just current but also compliant. Stay on top of your financial game with timely updates that provide a comprehensive view of your financial landscape.
Catch-Up BookkeepingExperience the benefits of seasoned financial leadership without the full-time commitment. Our fractional controllership services bring in experts to guide your financial strategies. Beyond mere oversight, our professionals actively contribute to optimizing your business performance. Benefit from strategic insights, financial planning, and a level of guidance that propels your business towards sustainable success.
Fractional Controllership