Music royalty accounting software for record labels and artists

Keeping track of payments can be challenging for musicians, with bills ranging from studio rentals to equipment purchases. ZarMoney’s Payables Calendar updates you about upcoming payments, ensuring you avoid late fees and maintain healthy relationships with vendors and service providers. And we know how challenging it is to find high-quality services, platforms, software, apps, and other tools that you can trust and rely on. That’s why we’re sharing only the resources and tools we’ve personally reviewed or vetted (i.e. things we actually use in our businesses).

We are the ultimate time-saving tool

• The all-new Accounting Software from FreshBooks empowers musicians like you to spend less time on bookkeeping and more time doing what you love.
• If you are in the music business, the chances are good that you got into it to create music, express yourself artistically, and allow others to connect with the beautiful music you made.
• One of the primary features that set music industry accounting software apart is its ability to track gig payments and send invoices efficiently.
• ZarMoney consistently performs better than QuickBooks and FreshBooks across all these features, making it a top choice for musicians seeking effective accounting software.
• With its range of features and user-friendly interface, it’s a great choice for musicians looking to streamline their accounting tasks and focus more on their art.

Typical features of this type of software are tools for tracking performance income, expenses, taxes, payroll, invoicing, and record-keeping. It is also often capable of generating reports that can be used to better understand your financial music industry accounting performance. Some cloud-based programs even offer real-time synchronization with multiple devices such as phones and tablets so that you can access your data wherever you are.

The Best Accounting Software for Artists

Like many of these top providers, you can expect features like invoicing, expense reports, and automated bank connections. Despite this, it offers more features with its entry-level plan, allowing for unlimited users. For growing music businesses, Xero represents an excellent savings opportunity.

• With this system, you can monitor the performance of your bills and automatically issue payment alerts.
• And we know how challenging it is to find high-quality services, platforms, software, apps, and other tools that you can trust and rely on.
• Errors or discrepancies in financial records can result in significant losses for musicians.
• All of the reports needed for tax enforcement are produced automatically by the software.
• Inaccurate accounting for royalties can also lead to penalties with the IRS.
• Manage your financial records, send invoices, monitor inventory, and even process payroll with this all-in-one package.

Why do we recommend Zoho Books?

It’s crucial to have an accounting software that can handle this type of income and help you track your retained earnings cash flow throughout the year. One option is to use a software that offers forecasting and budgeting tools to help predict and plan for your financial future. In the past, the only royalties that musicians had to worry about came directly from sales or media plays.

Why Is It Important to Keep Track of Artists and Musicians Accounting?

ART is a cloud-based accounting solution that features advanced tools for musicians and artists. By utilizing the software, the business owners will save a lot of money and time for their business operations. The two best options for artists looking for accounting software are QuickBooks and Xero. While Xero offers complete accounting tools and seamless connectivity, QuickBooks adds specialized capabilities for invoicing, expenditure monitoring, and financial reporting. To choose the ideal option for your music career, take into account variables like features, usability, and affordability. Yes, musicians and music industry professionals should consider using https://www.bookstime.com/blog/how-to-meet-your-bookkeeping-needs accounting software to manage their finances and keep better track of their income and expenses.

• So, ZarMoney enables you to stay on top of your financial management, whether in a recording studio or on a world tour.
• The diversity of platform integrations ensures musicians are getting every cent to which they are entitled.
• HM Revenue & Customs has a database where you can search for software that’s compatible with Making Tax Digital for VAT.
• Band Pencil makes it easy for your clients to check event information, sign contracts and pay invoices.
• Just start a timer and get down to business – when you’re done, you’ll have an accurate time log ready to pop onto an invoice.