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Accountants
Business
Managers
Tbe aiews and opinions ensuring monies are spent wisely. Once thr
expressed this atticle are not tour is finished the businessmanaeer woulc
in
meant t0 substitatefor legal adaice
r y p i c a l l y h e l p a s s e m b l ea l l t h J b a c k u 1
,.jj;iiir whirh should be sought in eacbparticular information (i.e. receipts for expenses
,sl.:i ;'l:''
ili ii'ir i " v o"'' incoming reports) and provide a fina
;i','"_ill: .'4,
-lft4-tP:t'Ll# accounting for touring so that you can bt
,,, ,, Introduction reimbursed for exoenditures.
rti;ij-xiiii e*"untants and./orbusinessmanagersplay \44rile on the road, the businessmanager
iEr-.,r..iin.i.#
iii-l# #r,:a crucial role in any successful recording may be in daily contact with road managerr
,..h-: - artist'scareer. This articlereviews someof who are collectingyour moneywith respecr
, '1r'.' i' ,1''.;r ducies and some
',li*t,.1',';$I
ti.ri :i:;! t!::i rypical fee to live performances aswell asmerchandis<
usedwhen retaining these income. The businessmanager may play ar
-:.' ;''
lti?igements
rir.{'..;r rncltt'lcluals. active role in helping you develop systemsi
...a: l#iiltll;]il
.t'L'r:liJllii'{L checklists to monitor your supply o
e;{;:- Role merchandise and avoid costly overnighr
i#{fu Most business managers accountants shipping costs.
are
and/or
'li ir4_i-l.liii:1i-ij trained in accounting practices.
'" *;.*,, buslnessmanagers tor chents who are acilve
,.'-[; They provide overall tax planning (i.e. Royalty/Income
..ii,! .t.,.r:t:1s+'.
Statements
Business managers who are experts in the in the United States. I generally
itfi;iij,r:-..'iiseningasideamounts);coordinate/oversee
!ffi ilraa-bookkeeper who works at more cost music field can review royalty statements and recommend Canadian businessmanagers
for my clients that live in Canada beciuse
'.j':'tfi effective rates; tracks payments owing; keep a close eye on third party record Canadian tax lav/; estate law; insurance law
-r.-X;1."r,,,,J*
1,ti,,1,.+,reviewsroyarryrt"tem.^nti;andpaysbifls
companies; music publishers; or, any other
(as discussedin this article) play a large role
",.,=.,if:non an artist'sbehalf.Someof theseduties third party that owe you money. Similarly
..ii,:..',,'arediscussed moredetail
in below. they can monitor yorrr palrnent obligations in their lives. Many of these Canadian
a.-i1.j.1".{r,r. to third parties (i.e. to record producers, business manasers have US and
*.rl.i'":" mixers, etc.) to ensure that you are making international relitionshios that thev can
Death and Taxes
timely and accurate payrnents to people you draw upon wh"n "rp".t rdrrice is needed for
It is true. one of the most important roles
+}#+ii,:.i$ Darticular ex-Canada circumstances. I also
is with respect to tax compliance and tax owe money to.
Business managers don't typically iecommend, if the expertiseis available,that
withholding issues. As self-employed
perform in-depth/official audits of third my client choose businessmanagement that
individuals, recording artists are responsible
paryy royalty statements. Often, this work resides in their home city - frequent face-
for paying their own income tax. There are
is left to exoertsin the field with the business to-face contact is important in a relationship
dozensofstories ofrecordins artists who fail
manager ind artist manager working in that is so critical. Ask your musician friends
to set asideproper amounts for tax purposes
tandem to ensure proper royalties are paid. who tieyuse; checkwitlyour manager and
or fail to file taxes all together (i.e. Willie
lawyer; and, meet with a few before making
Nelson, James Brown, Chuck Berry, etc.).
a decision.
Don't stick your head in the sand - the Remuneration /Enga.
gement
taxrnanis not going away. Generally, business managers bill on an
Any artist who tours and/or earnsmoney hourly or percentage of income basis. GeneraUConclusion
in territories outside ofCanada understands Hourlv rates can ranse between $125 and We have oudined a number of the duties of
that there are various tax comolications
Y
$500 in mv exoerience. US business the typical business manager in this article
depe.nding on which country you- are managers mbre rypically blll 5% of gross but there are others. Your business
earmns rncome in andlor from. It is orofessional income. Often business manager can be involved in reviewingyour
import-ant to have a representative who is managers will employ or recommend insurance status alons with insurance
well versed in the nuances of the various tax bookkeepers to perform some of the more advisors to ensure ydu have adequate
schemesaround the world - or at least have rudimentary accounting duties for a lower coverage. They may also review contracts
a network of contacts that helo them fee ($25-$50). Normally fees are paid on a along with your attorney to make comments
stickhandle throush various teriitories. monthlv basis and anv disbursements andl and/or suggestions from their perspective.
Some of the r-ulesthat apply are specific to or filing fees are charged in addition to the A business manager will not provide
the music business so you should have fees paid (similar to attorneys). Musicians investment advice but will recommend
someonewho is a specialistin this field. should be very carefirl about the percentage- expert third parties to help you make your
Your business manaeerwill alsoassist with basedarransement and how it is defined and choices.Finally, they often participate in
any audits or invesdgitions related to tax compare that with potential hourly rates. discussionsinvolving your estateplanning -
authorities. Thev have an in-deoth Thankfully, most of these agreements do you're not going to live forever right?
understanding ofyour financial affairs and not bind musicians for any longer than 12 It is often not essential for a beeinner
are equipped to communicate your position months - and sometimes 30 daysmaximum. artist to retain a business manaier to
clearly in a language that auditors can You should make sure your aftorney reviews oerform the role outlined in this artiile but
understand. the engagement letter on your behalf once a.areer picks up momentum, and cash
before signing. flow permits, it is essentialto consider hiring
someone to look after the matters discussed
Tour Budgets
above.
Business managers with preparing
assist tour Where To Find Them
budgets. Ifthe tour requires tour support, ofveryskilled
Thereareahandful business/ Chris Taylor is a lawyerwith the law fitm of
this budgetwouldbepresented the record
to in
manaser accountants tlanada. You can Sanderson Taflor and workswith Auril Lnaigne,
label andthe business manager(alongwith find tlrem in the annual Canadian Contact Nelly Furtado,Billy Talent, Sam 41, Three
or
the artist'smanager roadmanager) work D irectory 0 -800-2 | 5 -48 14 under " Service avsr e
D Gac""ot
with the record label on cutting the fat and Provideis ") . I routinelv work with US -based ffi ::,u,#: ,fl!,#.
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c a n a d i am u s i c i a n
