A generalist accountant isn’t set up for the reporting deadlines, cost monitoring and industry timelines unique to film and TV production. Production accountants are financial specialists who understand production cycles, keep cast and crew paid on time, prepare regular cost reports against budget, and set up reporting from day one to align with Producer Offset requirements, so nothing needs redoing later.
We’ve worked across productions from pre-production right through to the final wrap in post, often years apart, so this is the kind of hands-on support we know inside out. Here’s what it actually looks like once you bring a production accountant in, and why it tends to pay for itself.
Also, a production accountant knows the industry standard chart of accounts well and knows what gets posted where.
Spend more time making films
Producers new to film can be tempted to handle the production accounting themselves to save costs. However, it’s not uncommon for these producers to then bring on a full-time production accountant for their subsequent productions.
Simply put: the time spent on managing accounts could be better utilised in producing their film. Producers who spend their time reconciling accounts could use that time to ensure they’re crafting the best possible film.
And, of course, production accountants know the systems, tools, dates and reports needed for filmmakers, whereas producers often need to learn these from scratch.
We do it all
Above The Line Accounting goes a step further by offering more than just standard production accounting services. We also provide higher-level accounting advice right from the outset.
We’re a one-stop shop: we can do production accounting and company taxes including all tax returns and BAS returns. Above The Line Accounting’s Senior Media Accountants Matthew and Ian have also worked as producers so they understand the creative journey. For a case study illustrating this in action, see how we did this for the documentary Brabham.
Producer Offset application benefits
We set up our reporting systems to align with industry best practices from day one. This proves particularly beneficial when applying for tax incentives like the Producer Offset, as our reporting is already set to the standard needed, so the application process isn’t a headache.
Conclusion
A production accountant is an invaluable asset to any film production. They not only manage your financial affairs but also contribute to the smooth running of the production process.
Here at Above The Line Accounting, we’re also filmmakers, so we don’t just understand the numbers but the needs of Aussie production companies.
Let us look after the numbers so you can focus on the creative process and get your stories told. Get in touch with us today.
A note on this article
Information provided by Above the Line Accounting on this website is general in nature and does not take into consideration your personal financial situation. It is for educational purposes only and does not constitute formal financial advice.