Play on: Coldplay are among Dales Evans & Co Limited’s clients
manager not just an accountant,” she continues. “Our focus is not just meeting tax and accounting requirements, but dealing with every aspect of their personal and business affairs. This has become even more relevant now as artists have time off to think about these things.” The final company Music Week is taking a close look at is Gelfand, Rennert & Feldman (formerly Skeet Kaye Hopkins), another leading business and financial management firm which professes to provide “unparalleled service” to artists, DJs, songwriters, execs, producers, managers, labels and publishers. “We’re the only transatlantic full service firm that, in addition to the basic services, has experienced tour accountants and full service royalty divisions on both sides of the Atlantic,” claims Ewen MacNeil, director of business management at GR&F. “We truly provide a worldwide service for all our clients, however large or small.” With offices in London, LA, Nashville and New York, the company boasts over 500 professionals with decades of experience,
you should see once a year when you get the April 5 panic attacks… “Year-end tax returns does feel like just a small part of the job, and the rest of it is not necessarily all accounting or business management,” says Makin. “Often I find that my clients like to just run general financial questions past me, such as seeking a second opinion on whether to sell or rent out a property. Sometimes I find that I’m the first port of call to help them deal with something that they’re not sure where to turn to with, so I have developed relationships with many other professionals to support us with this, such as IFAs, mortgage brokers, brokerage firms and private banks. “My role is much more pro-active than perhaps a traditional accountant, and I am involved on a day-to-day basis with most of my clients, be this flagging up issues on royalty statements, highlighting cash-flow matters or commenting on tour costs,” he continues. “This level of involvement puts me in a position to add value to our services at a number of different levels. I pride myself on being easily contactable and highly responsive. The structure of Dales Evans, in which, typically, three or four staff members are assigned to each client, builds a relationship in which they find us easily approachable.” Another top firm looking to work tirelessly on behalf of their clients is Harris & Trotter LLP. And they’ve been doing it for a long time, too, the company recently celebrating its 80th anniversary in 2020. Based close to London’s Oxford Street, the firm offers all aspects of accountancy services covering tax and accounts as well as book-keeping, royalty work and tour accounting. And it represents star names in music, including Ellie Goulding, Rita Ora, Zayn Malik, Depeche Mode, Sade, Years & Years, Kygo, Anne-Marie and Lily Allen.
Charlotte Harris is not only a partner at Harris & Trotter, she’s a descendent of it. “The company was set up by my grandfather so I am the third generation of music accountants!” she smiles. “My hope for all clients from the outset is that they will save and spend sensibly and get on the property ladder and I will do whatever I can to help them achieve that,” Harris continues. “This usually means making sure the mortgage, survey and solicitor is in place but also often includes negotiations with the estate agent and interior designers as well as house hunting with them. It’s important to have someone asking the right questions. In the past year I’ve learned more about different species of bats living in a client’s barn than I ever thought I would!” Again, the word accountant only gives a glimpse into the remit of what the job involves in 2021. “We’re available to clients 24 hours a day, seven days a week and, like they do in the US, we take the role of being a business
70 | Music Week
along with a personally dedicated management team. “We are very different to the accounting firms that are seen on the High Street,” says MacNeil. “As we supply full business management services we are often trusted to deal with financial issues that are both personal and business, especially if they are in full touring, or recording, mode. Collecting a client’s car from an out-of-town pound after it had been towed away and having to smooth a relationship with a very disgruntled dog walker who hadn’t been paid by the client and was threatening to take the dog hostage are some of the more unusual experiences.”
“I was once asked to meet a client to assist them choose the colour scheme for a new car purchase!” adds Helen Spiers, director, business management at Gelfand, Rennert & Feldman.
There have been a lot bigger things to occupy accountants lately, however. “Needless to say, the music industry is a sector significantly affected by Covid-19,” explains CC Young AB’s Åsa Sandberg. “Due to publishing [holding] much of its ground and the value of music rights constantly increasing, some of our clients have not seen that much of a negative effect. For others, more dependent on touring, it has been a disaster. At the moment I would say that the biggest challenge is that we can’t predict when live will start again and under what forms.”
From a lack of revenue streams due to the pause of live music, to high-profile disputes over royalties/contractual terms, 2020 drew more attention to how important it is for artists to have a good understanding of their finances…
“It’s important that artists and managers have a grasp of their cash flow”
JO EWERS
GELFAND, RENNERT & FELDMAN
“With no touring in 2020 we really had much more focus on royalties which led to more attention on the importance of accounting and understanding your finances,” adds Sandberg. “The number of royalty audits in 2020 increased heavily and I believe that this has been an important eye-opener. In the future, royalty audits are likely to be performed on a more regular basis which is good for all parties within the industry. When applying for different types of Covid-19 related governmental support it has been very important to have the financials in order. We have been able to assist some of our clients in showing the negative effects and providing authorities with proper documentation.” “It’s very hard to manage cash flow right now,” says Harris & Trotter’s Charlotte Harris. “A few months ago I was fairly hopeful for summer touring but that’s all changed and I really don’t know when this year, if at all, touring will return properly. For artists that rely on these profits this is a real challenge. The government reliefs were great for some, but I have others that didn’t benefit at all due to their company structure and the
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