How Entertainment Business Management Can Help You Stand Out From the Crowd

The entertainment industry is a business—but it doesn’t always seem like it is a business.  This is because the entertainment industry has a lot of different business characteristics from, let’s say, running a conglomeration of pet stores or pharmacies.  These differences make entertainment business management especially important. Not just any accountant can help cover all the bases an entertainer needs covered; if you are entering or already successfully navigating the entertainment industry, then you need a certified public accounting firm with professional expertise in entertainment business management.

The Entertainment Industry is High Profile

CEOs of large corporations and conglomerations can become famous to an extent, but in many cases, these instances of fame are clearly connected to that business’s sudden link to the entertainment industry.  For instance, a lot of people may be relatively clueless when it comes to identifying the face behind the trademark until that face makes an appearance on something like Undercover Bosses, a reality TV series that puts CEOs and upper management personnel to work under cover within their chains.  In most of these cases, even staff members have a hard time recognizing their CEO.  Steve Jobs even had to become a media sensation before he became a recognizable face of Apple.  Most companies, businesses, and corporations, when they make it big, are recognizable by their trademarks, not their CEOs.  This lends a certain level of anonymity to these CEOs that simply isn’t possible in the entertainment industry, where, for the most part, your face is your trademark.  The entertainment industry’s high profile nature is specifically why entertainment business management is so important.

Entertainment business management, when provided by a professional and experienced CPA firm, can provide an unequalled level of security and discretion.  When you are constantly bombarded by over-enthusiastic fans and overbearing paparazzi, the last thing you need is an indiscreet accountant or a security breech in account information.  Entertainment business management personnel establish trust by ensuring that absolute accuracy and confidentiality, regardless of their client’s profile, are among their top priorities.

Accurate Accounting Around the Globe

Another significant difference when it comes to the entertainment industry is that it is very rarely stationary.  Whether you are an actor, an athlete, a director, a producer, a media personality, a musician, an artist, or a writer, it is very likely that the nature of your business doesn’t take place within a single time zone.  Hiring an entertainment business management team can help you ensure your finances are in order wherever you happen to be, and they will have more expertise in the specific international details that need to be taken into consideration (like exchange rates, taxes, etc.) than an ordinary business management firm.

Entertainment business management focuses on ensuring the client’s income exceeds the cost of performance.  This includes the cost of the crew, the cost of equipment, the cost of transportation, accommodation booking, venue booking, etc.  This can all be challenging enough to accomplish without also having to keep in mind exchange rates, taxes, and the different costs and fees associated with international bookings.  Entertainment business management focuses on keeping track of all the necessary details to ensure the client is making the best business deals possible in his or her entertainment bookings.

Miller Kaplan Arase LLP is a certified public accounting firm specializing in accounting, business management, 401k reporting, financial tax planning, licensing and royalty audit services for individuals, tax-exempt organizations and businesses in healthcare, entertainment media, real estate, and food and beverage industries.