08 Nov Why do we need film and media accountants
With the ongoing change in how the film and media industry does business, film, and media accountants are more important than ever. The accountants who work in the film and media industry have a wide range of skills from understanding what to do with box office receipts, to how to help negotiate recent funding deals. With these new changes, it would be good for anyone in the industry to talk to an accountant about their situation and how it affects them. Having a film and media accountant is indeed necessary for a filmmaker in UK.
In addition, as the industry becomes more competitive and breaks down barriers, there will be a lot more opportunities for accountants because studios want them on their side. The relationship between a film and media accountant and a studio is so important that top companies have entire divisions dedicated just for this purpose.
Role of a film and media accountant
The impact of the Internet has made advertising and promotion much easier and cheaper. This has resulted in a drastic decrease in the amount of money that is generated from ticket sales. As a result, studios have found other ways to increase profitability and create revenue. For example, studios sell DVDs and other products, as well as sign long-term deals to broadcast their content on television channels such as HBO and NBCUniversal. Also, Amazon now pays for streaming rights instead of cable companies like it used to.
One of the main responsibilities for a film and media accountant working in the film and media industry or working for an individual filmmaker in UK is to make sure that any checks issued by the studio are deposited within 48 hours after they are received. After the studio has deposited the check, it is now the accountant’s job to make sure that all of the expenses are tracked. The last thing they want is for someone to not find out that they were paid by mistake or that money went missing.
This brings up another issue, which is how much money should be put into an individual’s checking account. Some people may think it is a good idea to keep their accounts separate from their business accounts. If done properly, this could help reduce costs and maybe even increase profits. However, this can also cause problems since the two accounts are not connected, meaning if one bank experiences a problem, both accounts will be affected at once. This is why the studio accountants have to be so careful since they are handling a lot of money that was generated by others.
With so much money being generated by studios, it is only natural that there are now companies specializing in tax planning. These companies work with studio accountants to help them save as much money as possible. These tax specialists may develop creative ways to help protect funds from being absorbed by authorities. This could include setting up trusts or even forming offshore accounts.
So if you are a filmmaker in the UK and are searching for a film and media accountant, in order 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 and media accounting.