Music Week recently spoke to some of the accountancy world's leading lights for a feature exploring the sector's crucial role in the music business. And, as many people in the industry turn their attention to tax returns and the end of the financial year, top accountants have been stressing the need to take the sector seriously.
“I’ve always had an appreciation for the fact that without music there is no business,” said Ross Bennet Smith’s Dan Ross, who worked in A&R, management and promoting prior to training in corporate finance. “But equally, without applying the principles of business, monetising creativity becomes a near impossible task."
He added: “The biggest challenges are often driven by the irregularity of income, which means that we have to be really fastidious when it comes to managing cash flow. Equally, dealing with the fast generation of wealth can also pose its own challenges.
“Whilst having no desire to turn any of our clients into accountants, it’s nonetheless crucial to us that they have a really good understanding of the key financial concepts and naturally their own affairs. It’s a bit of a cliché to say that knowledge is power, but it really is and if you can give a client timely knowledge as to their financial affairs it will empower them to make better decisions.”
Charlotte Harris, of Harris & Trotter, added: “The accountant is often the only pessimist who tells the artist the reality of the finances. My biggest challenge can be getting clients to spend within a sensible sum each month and not get carried away from the glamour of the industry.”
To celebrate the key role accountants play in the biz, Music Week is launching a brand new category for the 2019 Music Week Awards, with the introduction of the Accountancy Firm Of The Year honour.
Table bookings are now open for the event, which takes place at Battersea Evolution on May 9. Click here for full details of table and ticket packages for the biggest night in the biz.
The Accountancy Firm Of The Year Award will open and close for entries on a different timeline to our other categories, taking into account that December and January are the busiest times of the year for accountancy firms. More details about the award criteria will be revealed in January.
The deadline for all other categories is midnight on Wednesday January 16. Click here to start your application process to enter. See the full list of 23 categories, plus the iconic Strat Award, below:
Artist Marketing Campaign
Catalogue Marketing Campaign
Music & Brand Partnership
Independent Record Company
Independent Music Retailer
Music Consumer Innovation
Publisher Of The Year
Label/Artist Services Company
Law Firm Of The Year
Accountancy Firm Of The Year
Live Music Agent (Individual)
Live Music Promoter (Company)
Grassroots Venue: Spirit Of The Scene
Manager Of The Year
Festival Of The Year