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While the field of accounting typically is not considered to be among the most glamorous of professions out there, it can be one for those who decide to become a production accountant.
Instead of spending countless hours behind a computer screen crunching numbers, production accountants are given unique opportunities to experience the exciting entertainment industry. Also known as showbiz accountants or entertainment CPAs, production accountants specialize in providing their accounting services to entertainment firms, movie studios, television/film production companies, and more. If you are interested in using your accounting knowledge with a broad range of clients from musicians and actors to directors and writers, the following is a full job description of a production accountant and guide on how you can become qualified.
Daily Duties of Production Accountants
As a vital trained professional who is given the responsibility of handling the personal finances of individuals or companies in the entertainment industry, production accountants are normally involved in everything from paying bills to providing financial advice and completing taxes. For entertainment clients who are working abroad, production accountants may also be involved in helping them manage the complex income taxes linked with their work. Some also assume the leadership role of a business manager and are responsible for advising clients on contracts within the entertainment industry.
Whether production accountants are working with clients on a feature film, reality television series, or live event, they are usually responsible for all the money spent during the preparation, shooting, and post-production phases. Specific tasks for entertainment CPAs include account setup, asset administration, bookkeeping, budgeting, cash flow scheduling, compliance reporting, insurance policy claims, payroll processing, purchasing, residual setup, tax preparation, and union reporting. As the first ones on and the last ones off a project, production accountants may work independently or with a team depending on budget constraints.
Skills Needed to Become a Production Accountant
For those who are interested in taking their career to Hollywood to become a production accountant, it is recommended that you start by obtaining a solid foundation of basic accounting skills by pursuing a bachelor’s degree in accounting. Here you will gather valuable skills related to auditing standards, financial risk management, professional ethics, federal regulations, financial reporting, strategic planning, and tax preparation. Once you have developed this basic skill set, you will need to acquire knowledge specific to the entertainment industry. Some production accountants decide to earn a master’s degree in accounting while participating in internship experiences to receive real-world knowledge on movie and TV productions. Since production accountants must work in high-pressure situations and deal with all sizes of egos, individuals must possess strong interpersonal, communication, organizational, decision-making, and problem-solving skills for success.
Although working in the entertainment industry can be stressful and a bit overwhelming for some, the majority of production accountants report that it is a very fun fast-paced environment filled with excitement that cannot be found elsewhere. Along with being in high demand and offering several career opportunities for advancement, the role of production accountant provides individuals with experiences that many people can only dream of. If you decide to pursue the in-demand role of production accountant, you too can enjoy traveling to film locations, attending screenings, walking the red carpet at movie premieres, being on set with famous actors or musicians, cashing in on steep discounts for product placements, and working in a creative environment surrounded by talent.
