The often unseen side of a record company is the business affairs department. As in any large organization, this department takes care of bookkeeping, payroll and personnel, finance and various other day-to-day functions.
The administrative side of a record company may have little involvement with the artists on a daily basis. If you’re in a band with your own management, you might not even deal with this department directly. If you are a band’s manager, it will benefit you greatly to know how the different departments work.
Jobs in Accounting and Administration:
The business affairs department is one with many job opportunities for non-musicians who want to work in the music industry. The outlook for growth among employees in the accounting field is excellent and expected to grow faster than average. The need for qualified workers in this industry is high since tax and accounting laws and guidelines change so rapidly.
Here is a look at the skills and requirements that may be expected to work in this department.
Education: An Accounting Administration Associate Degree is often a requirement to work in a corporate accounting department. This kind of degree actually allows you to work in just about any industry that requires accounting and bookkeeping services. Studying for an Accounting Administration Associate Degree requires taking courses such as: Basic Accounting, Business Administration, Macroeconomics, Business Computer Applications, Project Management, Spreadsheet Management, Business Statistics, Tax Accounting, Business Law and Auditing.
Skills: To work as an accontant in the business affairs department you should have the following skills: Accounting Skills, Computer Skills, Auditing Skills, Business Administration Skills, Spreadsheet Application Skills, Math Skills, Critical Thinking Skills, Finance Skills, Business Statistic Skills, Business Law Skills and Tax Law Skills.
Salary: The salary for accountants will vary depending on location, size of the company and level of responsibility. According to the U.S. Department of Labor, accountants can expect to earn a yearly salary between $32,320 and $88,610.