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Wednesday
May162012

BANDLOOT.COM - from musicians to musicians an app for band accounting

What started as a talk between co-workers at the company ”Earmaster” is now a free tool made by musicians, for musicians: bandloot.com

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. 

So, from being a personal project, it developed into common ground. A wish to make something free, that many bands could benefit from.
As it developed, it grew in scale and Earmaster got 100% involved.  
Now, one year later, bandloot.com is ready.

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: 

when money is involved, you’d better set things straight right from the start and make sure cash flows are handled transparently between all members.

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. 

If you spend money on behalf of the band – printing of flyers, studio-sessions, car-rental, etc. bandloot will remember and you’ll be reminded to be refunded from “the Loot” or the other bandmembers. It is also possible to track income on behalf of the band, internal debts, monthly payments (rehearsal room, etc.) and much more. 
All of these transactions are logged in an organized, searchable interface, giving a simple picture of how the band’s money has been spent. No money is actually transferred via bandloot.com, but it’s a useful tool in helping bands record and remember their spending habits as well as their profits.

Features:
Find out instantly who owes what to whom
Split bills and revenues between band members
Manage a band kitty (a shared pool of money for band use)
Receive and send email notifications when transactions are added
Access your account from anywhere, as it’s in the cloud
Never argue about band money ever again!  
Let bandloot do some work for you and your band and try it out. It´s 100% free. 

 

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