Small Business Accounting
Getting the right support and information, when you need it most, is vital for any business. Delays mean missed opportunities and bad decisions. It is especially important for new and growing small businesses to have professional assistance available immediately it is required.
Musicians have very specific accounting needs
Composing, recording, retail sales, touring, travel expenses and much more are all topics that Musicians often ask questions about.
Typical question from a musician
Musican X is a writer.
He writes songs on his computer (word) and composes sound recordings (instrumentals) on a synthesizer at home. Some of his songs and instrumentals he sells and licenses. Some he records for his own music. He also makes his own cd’s which he sells at shows and sometimes to retailers. In addition, he’s also a performance artist (does gigs/shows). He also sells his music online (cdbaby, itunes, etc). Considering this (and anything else you can think of related to a self-published musician/writer/performer) what kind of Income, Asset, Liability and Expense Accounts would he need for his record keeping system?
Advise is needed! You need to be able to concentrate on managing and developing your business, doing what you are best at. It is therefore important to have someone you can rely on to help with tax, RRSP’s, GST and bookkeeping matters.
The proprietors of many small businesses choose to operate as a limited company, for practical, legal and tax planning reasons. We have many such clients.
All companies must have a Company Secretary who will deal with legal and reporting issues arising from the Companies Acts, which govern how a company is run. Most business people will appoint themselves as Company Secretary but do not have the time or technical knowledge to fulfill the legal requirements.
