The concert tour manager (CTM) prepares legible and accurate accounting reports. These documents detail the tour’s revenue and costs. Post-tour accounts are especially important if the artist applied for tour support from their record label.
The record company pays tour support in tranches before and after the tour. The artist receives their final payment once the accounts are satisfactory. Discrepancies and incomplete reports will delay payment to the artist, which will then delay payments to suppliers, session musicians, and crew.
I work with your financial team to get invoices generated for remaining tour support and full payment for the crew, session musicians, dancers, and all suppliers.
Final reconciliation (click to expand)
A problem I always have is an accurate reconciliation of tour expenses to the budgeted amounts.
Because payments occur through different channels, a simple ‘budget vs actual’ comparison is difficult. Card payments on the road, bank transfers via the accountant, deposits paid before the tour – the actual amounts paid via card and online systems are not available to me.
I am not the account holder, so I can’t enter reconciled figures into my end-of-tour accounting reports.
However, a fresh wave of live music FinTech will hopefully solve this problem soon – platforms such as Chorus TM, Quantizr, and Centrip are ones to watch in this space.