Jun 23, 2020 Author: Accounts Junction
What are the Accounting requirements for the film industry?
The film industry is one of those industries which require highly qualified accounting services. These highly qualified and professional accountants are known as Production Accountants. There are high requirements of accounting in the film industry ranging from complex tax arrangements, uneven cash flows to hefty payrolls.
A Production Accountant looks after all the finances in the film production and managing the record of bookkeeping and accounting. Their overall work revolves around calculating outgoings, cost productions, liaising with financers, and managing the cash flow in the industry. Their skills fall into bookkeeping, auditing, reporting, good communication skills, and in-depth knowledge of filmmaking.
Key Aspects of Financial Requirement for Production Accountants:
Budget: This requires an estimation of cost items for each phase of the filmmaking. These stages of film making involve – development phase, pre-production, production, post-production, and distribution. It determines the budget set by a business for the number of production units produced during the filmmaking.
Financial Plan: A financial statement wherein the accountant has to specify the amount of money needed to make the project and how to obtain the required amount. It states the incoming and outgoing flow of cash during production.
Managing Expenses: They are required to make a financial statement of accounting stating all the expenditure and income for the production. Managing the cash flow includes the crew wages, payroll management, production design, live studio, studio cost.
Cash Reports: A firm hold of bookkeeping and accounting is essential. They may even be required to carry out their independent auditing or preparing an estimated cast report.
Forecasting: It is necessary to process current and previous cost data structures to predict an estimate of the costing. This is one of the major aspects involved in financial planning required in the initial stage of production.
How can Accounts Junction help in film production accounting?
Accounts Junction has renounced a history of providing outsourced finance and accounting solutions to their clients worldwide. With a wide range of expertise and experience in the sectors of accounting and bookkeeping, they can deliver tailored solutions best suited for your film industry.
They have experience with scalable accounting for film producers. They provide services such as payroll management, budgeting (petty cash and foreign currency), and keeping accurate financial records. Their services help you to monitor budgets, analyze expenditure, and provide weekly cost reports with utmost transparency and full proof planning.
Benefits of Hiring Accounts Junction:
Cost Management: They manage the expenses, analyze the cash flow, monitor budgets, calculate estimates of cost requirements, provide cash reports, and keep records of financial accounting. Accounts Junction expertise lies in its bookkeeping and accounting services.
Qualified Team: The team of experts are highly qualified CPAs who supervise the entire workflow of the production accounting. They hold meetings to monitor and provide their expertise.
Cost-Effective: They offer their clients a 50% reduction cost, charging only $15 per hour. The services and consultancy provided by Accounts Junction makes it highly cost-effective.
Provision of Tailored Solutions: With services such as cash flow management, payroll processing, business plan operations, auditing, financial analytics, and maintaining bookkeeping records, they can provide tailored solutions best suited for your film industry.
