Should I Hire a Production Accountant for my Film?
As a filmmaker, you’ve got to wear a lot of different hats to produce a successful film that engages your audience and draws revenue. But before any of this happens, there are a lot of expenses involved. As well as tons of payments to be made to cast, crew, and contractors. You probably don’t have the time to learn a new trade. Which means you’re not going to be able to just snap your fingers and become a production accountant overnight. Therefore, you might be wondering, should I hire a production accountant for my film?
Filmmakers often consider production accounting as a must when producing a film.
This is because there are so many expenses, and liabilities, associated with accounting for a film production. The average individual with minimal accounting experience is sure to get instantly overwhelmed. But is hiring a production accountant really the best decision?
What is a Film Production Accountant?
A film production accountant is an accounting professional that specializes in entertainment industry accounting specifically relative to film production.
A production accountant will understand the finances involved in filmmaking. Along with the expenses that are commonly associated with this type of industry.
If you’re not sure whether hiring a production accountant is the right choice for you, consider the following:
- A production accountant can help you to build a budget and secure financing for your film.
- The production accountant will work alongside the line producer.
- They can manage payroll and other expenditures for the film.
- The production accountant will coordinate with the manager and ensure payments are made in a timely manner.
Overall
Hiring a production accountant will likely save you time and money in the long run. It can equally save you a lot of headaches too. If you’re not a CPA and don’t have strong accounting skills, this could be the best decision that you’ll make for your production.
Do I Need a Production Accountant for my Film?
Now that you know what the production accountant is capable of, you’re probably trying to decide if you need to hire a production accountant or not.
In short, every major film should have a production accountant on staff. However, this isn’t always financially feasible for some very low budget films.
Save in the Long Run
Should I hire a production accountant for my film? If you’re still thinking this, consider all that this professional could save you. In their salary in expenses, taxes, and overhead in the long-run.
Additionally, hiring a production accountant guarantees a simplified financial process for your film, which is also ideal for investors. If these things don’t make you say “YES” to hiring a professional? You might need to do some more research.
