Lights. Camera. Ac-tion-counting. The media and entertainment industry is known for all its glitz and glamor. However, behind the calls for a ‘once more’ encore, cult classics, and Oscar-worthy nuanced character portrayals, there are dollars that dance behind the sparkle and cents that slip seamlessly amidst the stars. Companies need a director in the media and entertainment business to navigate the financial scenes. That’s where the accounting firms step in and keep the show going behind the scenes.
You walk into a movie theater and watch the silver screen light up. But, you don’t see the meticulous financial narrative accounting firms orchestrate to ensure smooth screening. Just as it is essential for all pieces of the puzzle to fit right, your media and entertainment firm must find the perfect outsourced accounting firm to step in and take charge of your financial performance.
Who is a media and entertainment accountant?
A media and entertainment accountant is an expert dedicated to providing media and entertainment firms with specialized accounting services tailored to suit their requirements.
From actors to musicians, directors, and producers, these guys are well-acquainted with the whos-who of the industry and bring a wealth of information and experience in navigating the tricky, sparkling financial landscape of the show business. The media and entertainment industry, in particular, produces a lot of monetary wealth. This wealth needs to be managed by financial and accounting experts. The services of an accounting firm in this industry go beyond regular bookkeeping and tax compliance. The services offered by these firms encompass comprehensive and strategic plans that help take a media firm on the path toward long-term success.
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Here are five ways to find the right accounting firm that aligns perfectly with your company’s vision and financial goals.
The Casting Call: Find a firm that has previously worked with media and entertainment companies.
Running a media firm is quite different from running any other firm. You may have various projects running simultaneously, causing an influx and outflow of cash at sporadic intervals. Your income sources may vary as well. This uncertainty and ever-fluctuating state of finances can make figuring out your taxes and keeping up with the rules and regulations an absolute headache. Here’s where you should take a step back, evaluate your needs, and look for an outsourced media and entertainment accounting firm specializing in the showbiz industry.
Finding someone with experience in your industry can help you trust the accounting firm and your advisors more. Another critical factor is that companies with prior experience dealing with organizations from the same environment know how to tailor accounting strategies to suit your needs. Make sure you audition a couple of different firms before selecting the best one to ensure you cast your outsourced project just right.
The Box Office Hit: Has the firm elevated its processes by integrating with the latest technology?
Quite like the power-packed tech that was used to create the blockbuster film Avatar: The Way of Water, it is imperative for accounting firms to make strategic investments in cutting-edge technologies to make sure they provide top-notch results. When you’re still chatting with firms and deciding which potential provider fits the bill for your media and entertainment company, enquiring about all the tech tools they use as a part of their accounting kit is crucial. Some important things to know are the software solutions used to manage projects and ensure task efficiency. Another pivotal character in the script would be security and all the measures they have to guarantee that the integrity of sensitive financial data is maintained. Ensure you get any queries out of the way, for your company deserves just that accounting firm that can deliver blockbuster results.
The Genre Dilemma: You need someone who is the jack of all trades but also the MASTER of them all
You know how sometimes you’re in the mood to watch a romantic movie, whereas sometimes you’re in the mood for a thriller and occasionally just a Broadway live musical? Quite like that, your media and entertainment company’s requirements can change based on their need of the hour.
It is essential for the accounting firm and business accounting advisor to know all the nitty-gritty of the overarching activities required to keep the firm prosperous and also help provide you with expert advice in each area. For instance, a firm with expert advisors who are great at accounting and bookkeeping should also be on the top of their game regarding rules and regulations; basically, make sure the firm you select steers your ship in whatever direction you need.
Your chosen accounting firm should be able to understand and execute your company’s financial vision flawlessly.
The Performance: Can your outsourced accounting firm carry out transparent, accurate reporting to ensure your firm has the reliable finance data it needs?
In the end, it’s all about delivering an Oscar-worthy performance. The accounting firm you hire must be instrumental in streamlining all back-end processes to reduce time wasted and costs significantly. Not just that, but this must be accompanied by the fact that reporting standards are par excellence and that financial data is recorded and processed accurately and timely. These reports should offer clarity and embedded expert guidance, ensuring informed decision-making and facilitating proven success during crucial business transactions.
The Curtain Call:
Entertainment industry accountants aren’t your typical number crunchers – they’re the secret weapons in your arsenal that help you conquer the financial box office. From navigating crazy budgets to outsmarting tax woes, these accountants are the guardians of your financial galaxy. An entertainment industry accountant is your ultimate ally in your quest for economic prosperity. With your dream outsourced accounting team by your side, your financial success is not just a dream; it’s a blockbuster waiting to happen.
Want to know more? In addition to HR, benefits, recruiting, and payroll through its PeopleOps, Escalon’s Essential Business Services include FinOps (CFO services, taxes, bookkeeping, and accounting) and Risk (business insurance). Talk to an expert today.
