The tour bus is on the road, but are the financials in place?
It may be just a few solo gigs at local arts centres or a full-on global tour, but getting the financials and accounts processes right before you start is critical.
From first timers to touring veterans, the basics of tour accounting remain the same: initial planning and day-to-day monitoring while you're on the road, through to recovering every last penny or cent once you're back home with your feet up.
Tour accounting - it's a big ask
Whatever the size of the tour, the questions are often the same:
- Our tour budget is agreed, but how do we ensure our finances are on track?
- How can we accurately report our actual profit or loss against budget?
- What is the best way to manage cashflow during and after a tour?
- Who will handle income and expenditure including ancilliary and commission costs?
- How can we reclaim or reduce withholding taxes from overseas touring?
- What insurance cover do we need?
NWN has an experienced, specialist music tour accounting team to answer the big questions and even some you may not have thought of.