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Building a firm in a niche industry from humble beginnings to award winnings.
Kylie Thompson – The Rock and Roll Accountant
25 January 2024
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4 minute read
How did you start down this career path?
One of my original Accounting Practice Employers specialised in the Creative Arts industry. My boss became my mentor and introduced me to all sorts of experiences such as Opera, Orchestra, Theatre, Gallery Exhibitions, Musicals. I started dealing with my first musicians during this period. When I commenced my last external Senior Accountant’s Role, I was advised not to integrate my small clients into that Practice. So, 25 years ago last month I began seeing my small clients at home on weekends & Sorrento Strategic was born. It was during this period I was lucky enough to be referred to John Butler as he was starting out busking on the streets of Fremantle. It was over the next decade as his career progressed, I delved into the world of Licencing, Publishing and Touring both domestically and then internationally. Dealing with Export Grant Applications and process, royalty Calculations, Withholding Tax Obligations. My passion for the music industry grew and realised I had a knack of being able to break down all the technicalities and make it more understandable and less stressful for my creative clients.
What inspires you in your role/industry? Why?
Musicians and Creatives have always inspired me given the hard work, talent and perseverance that goes into making and distributing music, let alone touring and gigging and as a result, being able to assist them with my own skillset means I can leave them space to create art for everyone to enjoy.
What's your approach to customer service that separates you from the rest?
My team and I not only live and breathe the accounting work having researched in depth strategies and ofttimes really industry specific rulings to apply to our niche clientele, but we also physically buy tickets and go out and support the clients at their shows and events, demonstrating a true connection with our clients and their creative work. The feedback we get from our clients often is that we genuinely care and this means we truly stand out. Sorrento Strategic has also sponsored several music organisations in order to assist where extra funding is essential and also provides hours of pro bono advice to new and emerging artists and in Board roles for Not-for- Profits.
How do you innovate and stay ahead of industry trends?
Being part of the different accounting communities online and in person means I am often alerted to innovations in accounting technology as well as having my finger on the pulse across the country with my diverse client base which gives me direct feedback on issues impacting the music industry as it happens, for example the current ongoing issue of superannuation and whether they are classified as employees or contractors. I also regularly attend National Music festivals/conferences and Chair CPA Accountants in Suburbia Discussion Group, and sit on the WA CPA Divisional Council, to ensure that I am in touch with the latest intel.
What is the toughest challenge you've faced in your role? How did you overcome it?
I used to say starting a business on my own and raising a young family, working from home and building a team of specialist advisers in this niche area, however it was the announcement of the closures and restrictions to trade for venues on Friday the 22 March 2020 that had the largest impact. The shock to the music industry and the impact on performers who were mid tour and their livelihoods meant we as a firm had to pivot and do a systemic review of our clients and assist those that needed help to apply for their covid stimulus payments as quickly as possible. The re-education of clients and upskilling my staff practically overnight to provide desperately needed financial relief to the WA music industry and wider was a learning curve that only diligent planning and execution could have enabled.
What are some of your goals for the next 5 years?
Building on the current client base and continuing to offer personalised, quality service to the music and creative industry has always been my goal. So, to that end our next step is further expanding the team, adding to the wealth of knowledge we already hold in house, and taking it nationwide. We want to make sure our motto ‘Relax it’s Just Tax” is enjoyed by as many Australian musicians as possible.
To learn more, click here: https://www.sorrentostrategic.
At Sorrento Strategic we understand how time consuming and confusing taxes and accounting can be. That's why we're...
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