Production Costs

• Production accountants work closely with film and television producers to prepare detailed budgets for all aspects of a project. Costs include fees for the cast and production crew, studio and equipment hire, travel, accommodation, catering costs for cast and crew, and insurance. As production progresses, they monitor costs against the budgets and ensure that the production company makes all payments on time.
  
  

Financing

• Financing for film and television projects comes from sources including funds from independent film financiers, grants from organizations that support the arts, bank loans and funds from investors. Production accountants liaise with the funding organizations, providing them with records of expenditure against their individual budgets and contributions. Production accountants must also use the available funds carefully to ensure cash flow is in line with expenditure at different stages of production.
  
  

Reporting

• Accurate, timely reporting is essential in an industry where production changes are common. Production accountants provide regular reports on costs at different stages of preproduction, production and post production. The reports also include estimates of the financial impact of any changes in production, such as requirements for additional actors or location changes. At the end of the project, production accountants prepare a final set of accounts and arrange for an independent audit.
  
  

Team

• Production accountants work as part of a team responsible for funding and financial management. They work closely with the producer and members of the production department. Although many production accountants work on a freelance basis, they may have responsibility for hiring and managing other team members including assistant accountants and specialists such as payroll accountants. In larger film or television production companies, the production accountant may also liaise with other accountants and financial controllers who are responsible for the general financial management of the company.
  
  

Qualifications

• Production accountants combine professional qualifications or a bachelor’s degree in accounting with experience in the film or television industry. They have a detailed understanding of the production process and its related costs and aim to build a track record of successful financial management across a wide variety of projects.