February 20, 2017 Leave a comment
Here’s what SelectUSA.gov.com has to say about the U.S. media and entertainment (M&E) industry:
“The U.S. media and entertainment (M&E) industry is comprised of businesses that produce and distribute motion pictures, television programs and commercials along with streaming content, music and audio recordings, broadcast, radio, book publishing, and video games. The U.S. M&E market … is expected to reach $771 billion by 2019, up from $632 billion in 2015, according to the 2014 – 2019 Entertainment & Media Outlook by PriceWaterhouseCoopers (PwC).”
WHAT WOULD THAT MEAN FOR YOU?
That should be good news for anyone working on the periphery of the film and TV industry, but it should also be a wake-up call for CPA’s looking to expand their practice. Regardless if you’re interested in Film Production Accounting, or in working as a Line Producer, you’re probably wondering how you would fit into the M&E Industry. If I were you here are some of the immediate questions I would ask:
- What does the Film Accountant do that supports and is parallel with what a Producer needs to know?
- What qualifications does a person need to start working in film accounting? (Answer: surprisingly little)
- What are the industry specific accounting practices, reports and terminology that the film accountant prepares and the Producer must be able to supervise?
- How can an understanding of film accounting help me generate new business from Film Tax Incentives, and help the Producer access funding?
- How would an understanding of film and television production open the door to new business for my CPA practice?
- What level of billing or wages are usual for the film industry?
- What accounting, budgeting and scheduling software is used during a film or television production, how can I get familiar with it?
- How do I find contacts in the film industry?
Do some research. I think you’ll find that there is very little, if any, information available online – and most of what you’ll find is authored by me.
LEARN THROUGH WEEKEND WORKSHOPS – 14 HRS of CPE
Your questions will be answered in a weekend workshop, Film Accounting 101. I have another one coming up on May 6th and 7th in Chicago, IL. Learn by actually doing in a controlled environment. I keep the workshops less than 20 people so that we can have lots of one-on-one time.
For more info see http://www.filmaccounting.com
Cheers / John