MUSIC BUSINESS: Record Keeping Basics for Musicians

http://www.creativeguitarstudio.com/

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This Video: April 12, 2011 | Search Videos by Title/Date.
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Andrew Wasson of Creative Guitar Studio answers a viewers question...

Q: In the month of May I will be wrapping up my University Music Program, then after graduation in June, my goal is to play locally as a guitarist, work for my cousin in his music studio - when he needs me, as well as, teach guitar privately both out of my apartment, as well as online using Skype doing web-cam lessons. After graduation, I'd like to really get going with all of this, however we had nothing explained to us at University about Music Business, Record Keeping or Taxes. Andrew, after watching your videos for awhile now, I think that if there's anyone out there who could explain all of this stuff in an easy to understand manner, it's you. I hope you will make the time to read and perhaps even make a video about this topic. Thank you so much for what you do on YouTube, it's helped me many times through University!
- Ethan, Ottawa - Canada

A: Often, this area is never really discussed in University music programs. And, unfortunately, many university grad's finish their classes and have no real knowledge about; how to make money, or do their record keeping and how to keep their business in order for completing their year-end at tax time. I'm not sure who said it, but there's a saying that goes, "the sharps and flats of the music business often get overshadowed by dollars & cents" And, this saying is very true about this industry. Now, up-front I want to implore musicians to first off, (before beginning any money making endeavor's), go find yourself a good accountant. Your accountant is your key to staying organized, and if you start making money before you've established a records management system, you might find yourself with a fair sized headache because of it! So, watch the video and I'll breakdown what Ethan wants to do with his music business career & how having a basic Records Management System can help you all to stay on-track with your music business!

The complete lesson article for this video will be available on the Creative Guitar Studio website shortly. Follow me on Twitter for lesson posting announcements:
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Category:

Education

Tags:

• record
• keeping
• basics
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• business
• quickbooks
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[ezequieltcd]

I can't belive this. I've been looking for a video about this topic all day long and finally you came with it. You have read my mind Andrew! haha. Thank you very much for this lessons. Greeting from Argentina!.

Ezequiel Teruel

[creativeguitarstudio]

@ezequieltcd,

Glad this helped you!

Thanks for watching,

Andrew Wasson

[anshumanchaube95]

If I don't have any money, how do I pay the accountant???

[creativeguitarstudio]

@anshumanchaube95,

The initial meeting wouldn't likely cost you anything. You can also request that any payments you would make for his fees be paid by way of post-dated checks in the first few years, until you establish yourself. Most accountants are very good with helping folks get established. At the start, your accountant's fees will be quite low anyway. As your life becomes more complex, (purchase of property, getting married, having employees), your account's fees will likely go up some.

[KacanuHa]

Another great lesson, you are amazing! How do you do that - with every video I learn something new, even from videos on topics, I thought I was familiar with! You are a not only a great musician, but a great man!

[StefanFrizzel]

This is fantastic, down to earth and just what a self employed musician needs to learn when starting out

[PhuckHue2]

The music business is so screwed up. The accountants and lawyers are the worst. They will steal all your money

[ALTO916]

Awesome lesson as usual, but may I ask, why is hypnosis one of the tags in this video?

[kharlos84]

@anshumanchaube95 save dude

[gooney0]

The most important thing is to record the information when you get, spend or move money. Once all of this is recorded a tax preparation guy can take it from there.

Be warned that accountants and tax prep are two different things. In the case of small business taxes are the real reason for doing any accounting at all.

[janhohner10]

awesome! hey andrew i'm kinda struggling and need help on how to come up with melodic sredding techniques. it's just that most of the time when i shred, i sound very monotonous and repetitive. could you possibly make a lesson regarding this type of matter. thanks