After a period of arguing with his band over financial confusion, an employee at Earmaster had an idea. An idea that his band – and everyone elses – could benefit from a tool to help keep the bandeconomy easy to handle. So after a talk during lunchbreak, a few co-workers started to develop an online app to keep tracks of the typical band finances. Who owes who, who payed for what, how much is left, etc.
A survey was made through Earmaster to find out if other people had the same need. It was answered by over 2000 bands, and 60% of the respondents admitted having experienced money-related conflicts in their band, 5% of which adding that their band actually ended up parting ways because of that.
BandLoot is the first social accounting web app that will help bands track their cash flows easily together, as a band, in total transparency. The core features of traditional accounting and IOU applications have been streamlined and customized to match the needs of bands of any size, and made available to musicians worldwide for free.
The main idea behind BandLoot is very simple:
Once a user has created an individual account, they can set up an account for their band. Other individuals can be added to that band’s account. This feature allows for individuals to have separate accounts for separate bands. Inside you´ll find ”the Loot”. This is the term for the bands collective money.