In scenarios where there is no dedicated tour accountant, managing daily tour accounting can be approached in several ways. Here are a few strategies:
Delegation to Team Members: Responsibilities can be delegated to a designated team member or manager who has some experience in handling finances. This person would be responsible for maintaining budgets, tracking expenses, and managing cash flow, much like a traditional tour accountant would do. They would coordinate with the artist's management and record company for overall financial reporting.
Using Accounting Software: Employ accounting software designed for tour management to track expenses, manage budgets, and provide financial reports. Tools such as pivot tables in spreadsheets can be extremely helpful for managing and analyzing financial data source.
Hiring Professional Tour Accounting Services: Some firms offer tour accounting services where professionals manage every detail of the tour finances. This can include budgeting, road reports, settlements, tax documentation, auditing invoices, and payroll source.
Consultation with Business Advisors: Consulting with business advisors or accountants before the tour starts can set up effective tracking systems and procedures that can be managed by less experienced team members during the tour.
Online Resources and Templates: Utilize online resources, such as free templates and guides, for creating budgets and managing tour expenses efficiently.
Incorporating these practices can help ensure that tour finances are efficiently managed even in the absence of a dedicated tour accountant.