Entertainment Accounting Firms Need Expertise Skills in Various Areas

Accounting is often considered very boring, except for when celebrities are involved. Then it is perceived as a more exciting endeavor, however, entertainment accounting is just as serious as any other area of accounting. There is a lot more involved with entertainment accounting than most people realize; including new accountants. There is more to a celebrity than making movies, excelling in sports, or touring the world selling records.

This is why accountants working at entertainment accounting firms have to exceed expectations in the industry to match their celebrity clientele. But even more than representing the front runners like actors, athletes and musicians, entertainment accounting firms also work with other individuals in the entertainment industry. People such as directors, writers, and entities such as production companies and film studios.

As you will see below, entertainment accounting firms have to be proficient in many areas, not just crunching numbers or suggesting sound investments.

Entertainment Accounting on a Global Level

The entertainment industry takes them around the world so the entertainment accounting firm they work with has to be able to give them support on an international level.

High Profile Clientele

Entertainment accounting firms deal with high profile clientele on a regular basis so they need to take special precautions to ensure their privacy. They have to always be diplomatic and sensitive to this fact; particularly when there is always people out to get them. Entertainment accounting firms serving the entertainment industry have to be extremely trustworthy because they help them with their business management, accounting tax, and audits on a grand scale.

The Work Involved in Entertainment Accounting

As well as being a professional resource for these accounting services, entertainment accountants also assist their clientele with a number of other areas.

Professional Business Advice

With advancements in technology, union strikes, and lower budgets in the acting industry, the entertainment business has changed dramatically. So entertainment accounting firms need to have the expertise to help their clients find additional revenue streams, safeguard their interests and maximize their opportunities.

Media Entertainment Accounting

Clients who have to deal with mass communications via various media outlets need additional services as part of their strategic business plan. So their accountants have to perform audit services and prepare advertising reports to assist with these planning initiatives.

Entertainment Accounting Includes Profit Participation Audits and Entertainment Royalty Audits

Accountants servicing the entertainment industry have to know how to perform royalty audits to ensure that entertainers get all the money owed to them.  Unfortunately it happens quite often that musicians are not paid all their royalties.

As you can see, entertainment accounting involves more than the usual services required by clients.

Individuals and companies in the entertainment industry have more going on than other business owners. They deal with various media outlets on a large scale, they are paid royalties, and receive other financial bonuses.

As well, they always have to be diligent when it comes to paying their taxes, which can make entertainment accounting a lot more complex when firms deal with these types of clients. So they have to be experts in the accounting industry.

Miller Kaplan Arase LLP offers comprehensive and customizable entertainment accounting services ( www.millerkaplan.com/industries/entertainment ) for clients who are specifically invested in the media industry, from entertainers and artists to high net worth individuals. For more on accounting in entertainment, visit Experience.com.