Let’s be honest. You didn’t get into music to stare at spreadsheets, reconcile receipts or wonder where that one rogue invoice ran off to.
You did it for the thrill of performing, the magic of songwriting, and the undeniable joy of smashing out a tune on stage. We get it. Bookkeeping sounds about as exciting as tuning a kazoo.
But here’s the good news. It doesn’t have to be a total buzzkill. In fact, with a few tricks (and the right support), managing your money can become as smooth as your latest melody. Whether you’re a solo artist, a band, or a full-on studio wizard, we’ve got your back.
So grab a cuppa (or whatever rockstars drink these days) and let’s make bookkeeping something you can actually feel good about.
1. Think of Your Finances Like a Setlist
Every great gig has a solid setlist. Your finances need the same structure. Create categories for your income and expenses so everything has its place. Gigs, merch sales, streaming royalties – those are your top hits. Travel, equipment, studio time – those are your backing tracks.
Use simple cloud accounting software like Xero or QuickBooks to track it all. Trust us, paper receipts are the backstage passes of the admin world – easy to lose, hard to replace, and no one really wants them.
2. The Magic of Separate Bank Accounts
Here’s a golden rule – keep your personal and music money separate. Mixing them up is like playing jazz when the band’s doing punk. Confusing. Set up a dedicated bank account for your music business. It’ll make your bookkeeping cleaner, your tax return easier, and your future accountant less likely to scream into a cushion.
3. Don’t Be a Stranger to Your Expenses
You might be surprised at what you can claim. Guitar strings? Yes. Tour van petrol? Absolutely. That vintage tambourine you found on eBay? Potentially! Keeping track of your expenses helps you claim back what’s yours. Just remember to hold onto those receipts – digital or otherwise – and log them regularly.
You can even snap photos of them and upload directly into your accounting software. Voilà. Paperless peace of mind.
4. Timing is Everything – In Music and Money
You wouldn’t show up late to your own gig. So don’t ignore your bookkeeping until the tax deadline looms like a scary sound engineer. Set a regular time each week – just 15 to 30 minutes – to update your records. Put on your favourite playlist, light a candle, pretend you’re in a financial spa. You’ll thank yourself later.
5. Get Help from the People Who Actually Enjoy This Stuff
Weird but true – some people genuinely love numbers, tax returns and making sense of financial chaos. And the best ones understand your world. That’s where us as creative industry accountants come in.
They speak your language. They know the difference between PRS and PPL. They’ll help you navigate the ups and downs of freelance income, festival fees and those mystery payments from Germany that land in your account at 3am.
6. Future You Will Be Very Impressed
Want to apply for funding, a mortgage or just figure out where all your money is going? Good bookkeeping is like giving future-you a love letter. It helps you see your progress, plan your next tour, and stop wondering why your bank balance keeps playing hide and seek.
Plus, when you work with creative industry accountants (like us, not naming names), you’ll get advice tailored to you. Not to the local bakery. Not to your mate’s tech startup. Just you, the music, and your beautiful financial future.
7. You Don’t Have to Be Mozart With Maths
If you can master a loop pedal, you can manage your books. It’s about creating a rhythm, using the right tools, and asking for help when you need it. Don’t overthink it. Don’t let it pile up. And don’t beat yourself up if you make a mistake. There’s no financial equivalent of playing a bum note – just stuff to learn and do better next time.
Bookkeeping doesn’t need to be a tragic power ballad. With a little organisation and the support of the right experts, it can be the chill acoustic track on your album – steady, reliable, kind of lovely.
So go forth, musician. Make your music. Build your empire. And know that behind the scenes, your finances can be just as harmonious. Especially with a little help from Raedan who truly get the groove.
