MIAMI, November 10, 2022 (Newswire.com) - Monica Uscategui, managing partner at Greenlight Financial, launches a new branch at the accounting firm: Music Business Accounting. The department manages everything from monthly financial reconciliations to tax planning and preparation.
Music royalties accounting is a niche sector in the local industry, but there is a considerable market for it in big cities like Los Angeles, New York, Nashville, Atlanta, and Miami. In fact, Greenlight Financial is currently one of the only firms in Miami offering this service to independent artists and record labels. These services include:
- Royalty statement analysis
- Royalty reconciliations
- Royalty audits
- Contract Reviews
Monica Uscategui attended the University of Miami with the intention of landing a career in the music industry. She graduated with a Bachelor's Degree in Music Business and Entertainment Industries. Now, Monica focuses most of her time on helping music executives with their corporate structure and individual tax planning. She explains, "It's imperative that musicians and executives in the industry are aware of certain tax pitfalls, some of which can easily be avoided with the right planning."
As the leader of the tax department, she also spearheaded a new sector within Greenlight focused specifically on tax planning and corporate structure. Now, tax planning has become an essential aspect of Greenlight's portfolio, helping many high-earning individuals manage their wealth. Monica continues, "I've seen far too many artists paying substantially more than they should in taxes because their structure is not optimized for tax planning."
The practical applications of royalty accounting can benefit both up-and-coming talent as well as established industry titans. Many breakout artists earn large amounts of money very quickly without hiring professional financial services. "This lack of guidance often leads to splurging and long-term fiscal instability," Monica explains. "It's essential for growing artists and record labels to hire an accountant with industry experience, as it will ultimately ensure their lasting financial success."
About Greenlight Financial:
Greenlight Financial is an accounting firm in Miami, FL, that has been in business for over 16 years specializing in custom accounting solutions for business owners and high-earning individuals. The team at Greenlight comes with a collective 30 years of experience in tax preparation, planning, account reconciliation and more.
The Greenlight Financial tax team is able to approach tax planning, preparation and recurring transactions with a customized strategy. Today, Greenlight specializes in the following financial services and more:
- Music Royalties
- Crypto Transacting
- Real Estate and Construction
- International Business
- Health and Wellness
- Content Creators
- Athletic Professionals
Source: Greenlight Financial