MIAMI, Nov. 10, 2022 (GLOBE NEWSWIRE) — Monica Uscategui, managing partner at Greenlight Financial, is launching a new branch within the accounting firm: Music Business Accounting. The service handles everything from monthly financial reconciliations to planning and preparing tax returns.
Music royalty accounting is a niche industry in the local industry, but there is a huge 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 companies in Miami to offer this service to independent artists and record labels. These services include:
- Analysis of royalty statements
- Royalty reconciliations
- Royalty audits
- Contract reviews
Monica Uscategui attended the University of Miami with the intention of pursuing a career in the music industry. She earned a bachelor’s degree in music business and entertainment industries. Now Monica spends most of her time helping music executives with their business structure and individual tax planning. She explains, “It’s imperative that musicians and industry executives be aware of certain tax pitfalls, some of which can easily be avoided with proper planning.”
As head of the tax department, she also led a new area within Greenlight focused specifically on tax planning and corporate structure. Today, tax planning has become a core aspect of Greenlight’s portfolio, helping many high-income earners manage their wealth. Monica continues, “I’ve seen way too many artists pay way more than they should in taxes because their structure isn’t optimized for tax planning.”
The practical applications of royalty accounting can benefit both up-and-coming talent and established titans of the industry. Many artists in small groups earn large sums of money very quickly without using professional financial services. “This lack of direction often leads to splurges and long-term budget instability,” says Monica. “It’s critical for growing artists and record labels to hire an accountant with industry experience, as this will ultimately ensure their lasting financial success.”
About Greenlight Financial:
Greenlight Financial is a Miami, Florida accounting firm in business for over 16 years specializing in custom accounting solutions for business owners and high earners. The Greenlight team has 30 years of collective experience in tax preparation, planning, account reconciliation and more.
Greenlight Financial’s tax team is able to approach tax planning, preparation and recurring transactions with a personalized strategy. Today, Greenlight specializes in the following financial services and more:
- Music royalties
- Crypto transactions
- Real estate and construction
- International trade
- health and wellbeing
- Content creators
- Sports professionals
Business Development Director
Picture 1: Monica Uscategui
Portrait of Monica Uscategui, Managing Partner at Greenlight Financial
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