What is a Production Accountant?
Production Accountants are responsible for managing the finances and maintaining financial records during a film or TV production, including preparing schedules and budgets for shooting, and managing the day to day accounting and financial reporting.
What is the job?
A Production Accountant looks after all of the finances for a production. Their duties include calculating outgoings, costing productions, liaising with financiers, and managing cash flow. It is also their responsibility to ensure that all financial legal requirements are met. They will finalise all financial records relating to the production and may have to arrange an independent audit. On top of this, they are responsible for helping Producers and Production Managers to prepare budgets, and will also set up and manage accounting systems, and supervise Assistant Accountants and Accounts Trainees.
Sometimes, at larger production houses and studios, Production Accountants will work in collaboration with Senior Accountants, known as Financial Controllers, who are often permanently employed by the company, or in collaboration with Studio Finance Executives.
Did you know that as a ProductionBase member you can get discounts on a growing range of industry services? From kit hire to mortgages, and car hire to accountancy. In their latest guest post, the guys at Crunch tell us more about their accountancy services, specially tailored for freelancers. All ProductionBase members are entitled to 10% of their first year’s fees.
Well, this is a little embarrassing. We’ve been writing for ProductionBase for months now, and we still haven’t properly introduced ourselves!
In the spirit of things being better late than never – hello! Erase everything you think you know about Crunch, and let’s get to know one another properly, shall we?
Knowing what you can claim as a business expense can be tricky. Should you be retaining those lunch receipts and train tickets? And what about your glasses, could they have been claimed as an expense, too?
No-one really enjoys filing their Self Assessment. It’s that unwanted chore that you put off until the last minute, before flying into a mad January panic when you realise time’s almost up. Our friends at Crunch, the online accounting specialists, take us through a few hints to help freelancers get through it.
It might not surprise you to know that, historically, Self Assessment deadline day (31st January each year) is an extremely busy day at the offices of HMRC. It also might not come as a surprise that they rake in millions from late-filing penalties every year.
Getting your documents together and filing early are the safest ways to avoid a Self Assessment headache. With that in mind, here are three ways you can get yourself ready for the Self Assessment deadline.
With less than a month to go before changes to National Insurance (NI) come into force, it seems that many people working in the entertainment industry have been asking the same two questions: am I affected and, if so, is there anything that I can or should do?
Before we address these questions, let’s get an overview of the legislation.
Under the current system, those working in film, TV, theatre, radio and commercial production are treated as employed for NI purposes and self-employed for income tax purposes. This enables low-income earners to qualify for state benefits such as Jobseeker’s Allowance (JSA), which can offer vital income when between roles.
ProductionBase is extremely pleased to recommend Crunch – a company that has transformed the previously grey and stuffy world of expensive accounting into a quick and cost-effective process.
How it works:
- Unlike a traditional accountancy firm, Crunch is geared to your needs, not the accountant.
- They remove every single task so you’ll be able to focus on what you’re good at – making programmes.
- You’ll get your very own account manager – that is with you every step of the way.
- From the quick setup process or simple transfer from your old accountant, to looking after all that boring paperwork from HMRC and Companies House.
- You’ll have an expert accountant to talk to, precisely when you need them – especially when you know you are not being charged by the minute.
- They are there to answer all your accountancy and tax questions as well as checking everything you do is correct before it’s submitted.
- Designed for the non-accounting mind, its one of the easiest accounting systems available.
- You’ll be sending invoices in minutes, dropping in expenses and seeing the health of your business instantly.
To find out more, visit Crunch – Online Accounting.