20 Nov Who are Film Production Accountants
Film production accountants prepare a testimony or statement of account indicating all expenditure and income for the producer or production organization and the financiers. Production accountants prepare production expenditure claims for the producers who will be contacted to make their claims. Production accountants deal with local, state, or federal laws about film or video production. Production accountants work closely with the company’s financial expert and ensure that all appropriate accounting obligations are met.
Roles of a Film production accountant!
Film production accountants are also involved in the process of collection of all monies. Production accountants research the rules and regulations that govern collection in different states or countries. Production Accountants deal with union agreements, guild agreements, or other minimum requirements regarding payrolls. Production Accountants also deal with residual payments and ensure prompt payment of all monies due to actors, writers, directors, etc.
The production accountant is often required to work on location so must be prepared to travel for extended periods. Although it is not necessarily a major role for this profession, many senior production accountants are also responsible for tasks such as maintaining budgets and schedules, dealing with crew issues (such as overtime payments), dealing with last-minute expenditures, etc.
Film production accountants are a need of any filmmaking firm.
Many production accountants work freelance, due to the nature of the industry, and often work on a per-product basis. In this case, they are hired by producers or production companies from larger accounting firms or their firms. Production accountants may work in a location office for a particular film company or may be called upon to travel to remote locations worldwide.
Production accountants generally must have a four-year degree in accounting and some kind of specialization. It is also common for production accountants to have at least one year of experience in the tax department of a major corporation. Most likely, the job involves long hours and extensive travel. However, with the exceptions mentioned previously, this occupation allows for second careers in many industries in addition to film production.
Production accountants work in several different ways; they may function in two aspects of production finance, either simultaneously or one after the other. They may specialize in one aspect (such as payroll or tax) and complete all transactions related to that aspect. Or they can be one of many members of a team working on all aspects but doing so independently. Production accountants are usually hired by the producer or production company(s) to provide accounting services onset following the completion of principal photography.
So if you are a filmmaker in the UK and are searching for a film production accountant, to keep your search short, meet Thakur Chabert, it is a chartered certified accountant and auditor firm in London and we will help you with everything related to film production accounting.