Accounting 4 Films: Key skills for successfully managing a production's finances

Virtual Workshop:

Name: Accounting 4 Films: Key skills to successfully manage production finances

Date: 11 - 12 May

Time: 10am - 1pm daily

Introduction

The South African Feature Film industry has seen steady growth over the past few years with the introduction of more television and film productions for leading streaming services such as Netflix, Amazon Prime, Showmax and local networks.

Unfortunately the film and television industry has not kept up with developing and meeting the high demand for skilled production assistant accountants and production accountants. Producers too are not always skilled in the art of managing production budgets that meet international accounting standards required by Netflix and similar streaming services as well as the DTIC''s Production Incentive Scheme.

The aim of the Accounting for Film Productions Workshop is to equip filmmakers, accountants and anyone interested in film budgeting and accounting with the necessary knowledge and skills to become production assistant accountants and production accountants. This will assist meeting the shortage of production accountants in the film & television industry and give accountants as well as bookkeepers the opportunity of entering the film and television industry.

Key Objectives:

• An unique course in partnership with Moneypenny South Africa
• Equips participants with the fundamental skills required to manage a production budgets expenses and reporting formats that meet international reporting standards
• Gain the expertise to succeed and start a career as a production accountant

Role of accounting in film productions   Production Accountants calculate finances, work out the cost of a production, communicate with financiers (companies or individuals who provide the funding) and control the cash flow, or spending. This is a demanding role that requires a level head, self-confidence and strong communication skills.

In pre-production, Production Accountants help the Producers and Production Managers to prepare budgets and Estimated Final Cost Reports.

During production, they oversee all payments, manage payroll, petty cash and foreign currency and keep accurate financial records. They help monitor budgets, analyse spending and provide daily or weekly cost reports. They also produce cost forecasts to evaluate the impact of any production changes.

A critical task of accountants in film productions is auditing the final expenses of film productions which are a key deliverable for financiers, completion gaurantors and tax incentives.

Workshop Content:

• Production set up and implementation of systems
• Cash flow, Forecasting a
• Cost reporting
• Reconciliations
• Petty cash management
• Investor reports
• Payroll management
• Production Audits

Key outcomes from the workshop

• You will have a clearer understanding on the film industry andt the role of production accounting
• Understand the process of managing a production budget as a producer
• Have a clear understanding of the roles and responsibilities of a production accountant and assistant accountant
• Manage a production budget
• Do a production audit
• Manage a film production payroll
• Start a career as a production assistant accountant and then a production accountant once you have gained sufficient experience

   Who should attend

•        Anyone who wants to know how to manage a production budget or work as a film accountant

• Producers or aspiring producers
• Admin crew
• Accountants or book keepers

•         Experience or education. If you basic numeracy skills, a strong desire, and you have some basic skills in

Excel and Word software, you  qualify.

•          Producers, Line Producers or anyone who want to strengthen their abilities to manage costs of a larger film

production.

•          Accountants who want to include production accounting as part of their services

•          Accountants who need to audit the books and records of a film or television production have found this

very practical grass-roots training invaluable.

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