Today, I learned a few basic commands in ProTools, like creating a new session, saving sessions, creating and recording tracks. He has Pro Tools HD 7.2, while I will probably be getting the project studio version 10. With HD, he is able to use special Pro Tools boards that can do all the processing power for bigger sessions.
His preferred settings for music recordings is 24-bit and 441. kHz, with audio files in WAV format for compartibility with both Macs and Window machines.
My mentor has a bunch of tribute bands under contract with him. I was able to glance at a spreadsheet where he keeps track of all the revenue from different download services like Amazon, separated by track or album and by month. Each song download and return is put in manually, which are compiled for monthly or quarterly payout to the band.
He has separate checking accounts for each of them and pays them out from each account. Ideally, there would be one bank account, and maybe separate subaccounts for auditing purposes. That way, shared expenses can come out of one account, and then it can be divided up periodically.