Business Management
PFM oversees your business and personal financial affairs, making recommendations and consulting with you in all financial areas including the required day-to-day recordkeeping and bill paying, income collection, investment management, budgeting and other areas outlined in more detail below.
We analyze your current insurance coverage in conjunction with your insurance brokers to determine if adequate protections are in place and make recommendations as to additional coverage that may be required.
We prepare monthly bank reconciliations and provide periodic cash flow reports summarizing your income received and payments made and establish payment plans to creditors that will accommodate your cash flow requirements. We assist with the necessary financing for the purchases of homes and automobiles and other major acquisitions and manage your business and household employee payroll requirements.
Our clients constantly seek to maximize value, and so do we. Our bill pay system and family office services allow personal and business bookkeeping to flow seamlessly into our tax planning and preparation work. Not only does this provide clean and organized records, it also affords us a more comprehensive understanding of your financial and tax situations for consulting and planning purposes.
These services are flexible and customized to fit your unique situations and specific needs. We understand the challenges and issues that wealthy families face on a daily basis with the dynamics of the different services that may be required for different family members. In addition to the regular business management services that may be needed for the various family members, we work to develop efficiencies within the family interaction. Issues such as philanthropy, education, estate planning and family governance can play a large role in how we interact and provide our services to our family office clients.
Tour And Live Performance Accounting
PFM is one of the premier business management firms providing tour services for the music industry. We work with you and your management team in planning and organizing tour requirements, and once preliminary dates are established we prepare an initial tour budget. Our pre-tour work also includes negotiating travel and production contracts on your behalf and working with your insurance brokers to determine the proper type of tour insurance required.
We review the financial arrangements provided by the promoters allowing us to better plan overall tour revenue expectations. We reconcile and audit venue settlement reports and collect and account for all show and other revenues. We are there for you each and every day of the tour to manage your expectations.
We manage the payment of tour expenses and prepare ongoing budget to actual reports as the tour progresses. We coordinate the tour payroll making sure you are in compliance with all regulatory requirements. Once the tour is completed we recap every aspect of the tour as this information will be used to improve future projects.
Our tour accounting services encompass all financial aspects of a tour and also include negotiating and administering Central Withholding Agreements with the Internal Revenue Service when required.
Tax Services
The PFM tax department provides advice on all of your significant transactions as well as providing ongoing planning strategies to help minimize your income taxes. Our tax preparation services are structured to provide accurate and timely filing of your Federal and state income taxes. Through a Power of Attorney, we may also represent you with any government agency inquiry into your tax filings. We also offer advice on international tax issues through our affiliation with accounting and tax firms around the world, as well as assist you in meeting any reporting and filing requirements in other tax jurisdictions.
We provide the skilled advice necessary to evaluate the various tax options available to you in order to comply with foreign tax laws and minimize any taxes due to other countries.
Our tax planning is an integral part of any music tour and will also include negotiating and administering Central Withholding Agreements with the Internal Revenue Service when required.
Publishing And Royalty Administration
PFM takes the time to actively seek out additional revenue streams for you, whether it is placement of your songs in film and television productions, collection of neighboring rights royalties or making sure you get paid accurately and on time from internet streaming and digital downloads. Some specific services in this area include participation accounting and distributions, tracking of royalty statements, desk audits of publishing and artist statements, calculation of record royalties and statement preparation and general record royalty consulting. Our fully experienced royalty team has a deep understanding of all types of royalty generating contracts and can provide contractual advice for you during contract negotiations and other important career related matters.