Tour accounting requires an exceptional type of expertise: business, accounting, and recording industry savvy, combined with the ability to manage relationships with vendors and venues around the globe. For over 30 years, Prager and Fenton has provided this service for music-industry icons and promising new artists. What's more, the firm has maintained many of these relationships for decades.
When clients hit the road, Prager and Fenton goes, too --- providing expert tour accountants in the office and, when needed, on the bus. Customized services minimize costs, maximize profits, and create the ultimate confidence: freeing clients to stay focused on the stage, instead of behind the scenes.
Prager and Fenton's tour accounting services include:
- Budgeting ---
Prepare, monitor, and manage tour budget.
- Cash Management ---
Oversee accounts receivable and payable for tour and traveling entourage; facilitate banking relationships; reconcile bank accounts.
- Contracts and Negotiations ---
Negotiate and structure financial arrangements with booking agencies, promoters, subcontractors, and box offices; verify settlements; prepare financial riders.
- Insurance Evaluation ---
Research and recommend necessary insurance.
- Financial Controls ---
Ensure accurate reporting and safeguarding of assets; verify venue controls, revenue, direct charges, expenses, and merchandising sales.
- Financial Reporting ---
Provide complete financial statements and summaries of tour accounting.
- Revenue Procurement ---
Identify and secure ancillary revenue opportunities, including licensing, sponsorship, and merchandising ventures.
- Tax Planning ---
Plan and prepare federal, state, and local tax returns, as well as international compliance capabilities.
