If it comes as no surprise that musicians need managers, then it only follows that they really need a good accountant.
Kylie Thompson has become a WA music industry icon, not as a musician or manager, but as a trusted and loved number-cruncher who delivers the bottom line with a great deal of warmth for her many musical clients. Her firm, Sorrento Strategic, celebrated its 20 th anniversary this month.
“It’s amazing that what started out by default has grown into such a thriving business with a clear vision,” she reflects. “I feel very proud to have built a business that allows me to do what I love which also helps all my clients do what they love.”
According to Thompson the best things about working with music industry folk are “seeing clients achieve goals. An EP launch, an album launch, first video, receiving music awards, seeing the audiences get bigger and bigger. The down side is not being able to make it to every launch or every gig to show your support.” As far as the most common mistakes that bands make when handling their finances, Thompson has certainly seen a pattern.
“Not setting up correctly at the start,” she says. “Thinking they aren’t making enough money when in fact they
sure are spending a lot."
“Use some of the resources available; I always offer WAM and APRA members a free half-hour consult which is ample to come in with your questions and get on track."
“Don’t be scared to start getting your team together. Everyone is good at something, if you’re a songwriter/great musician, make sure you don’t stress yourself out worrying about finances.”
Thompson loves the Perth music scene for how “supportive it is and how everyone is keen to share any information they can to help a fellow muso.” She feels the future looks bright.
“The new Contemporary Music Fund is a great start and we need to make sure that all the stakeholders work together to make sure we build a sustainable music community,” Thompson says. “Projects like Girls Rock! and the programs run by Rock Scholars are essential in order to entice future musicians and songwriters.”
Photo: John Butler and Danielle Cuarana (Mama Kin) with Kylie Thompson
Pic: Linda Dunjey