The production accountant plays a fundamental role in film and television productions. However, their presence on a film set extends far beyond merely reconciling accounts or maintaining the books. Instead, their role is an intricate part of the film-making process, starting from pre-production and continuing until the final wrap-up in post-production, often lasting years.
We manage the numbers
A production accountant assists the producer in managing the production finances.
They’re financial specialists who understand the unique nature of the film industry and production cycles. Their expertise ensures your crew get paid on time and ensures you meet the deadlines required for reporting.
A critical part of their role is overall financial management, assisting in ensuring your film production doesn’t overspend during the shoot. They monitor the project’s costs closely and prepare regular cost reports, enabling you to keep a close eye on the budget every step of the way.
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 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 have memorised 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. [link]
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.