Video production is considered one of the most awesome industries going. Given free rein to create exciting, eye-catching, even mind-blowing content for the world to enjoy. Who wouldn’t want to be involved in that?
However, when it comes to accounting for video production, we appreciate that it isn’t quite so flashy. Swapping the camera and clapperboard for an abacus and algebraic calculator isn’t a trade-off that many in the film industry would deem appealing.
That is why we are here to happily offer our services as a specialist video production accounting agency!
Want to ensure that you’ve got steadfast accounting practices in place so that no hidden fees slip through the net? Find out how we work using Xero to help you take control of your company’s finances.
Providing Valuable Experience in Accounting for Video Production Companies
Here at Raedan we exclusively work with those operating within the creative industry. This helps us understand exactly what it is that you will be looking for from an accountant.
When it comes to accounting for video production – whether it be a live action agency or an animation agency – we’ve got a shedload of experience to help guide you on your way.
Confused about exactly what you are and aren’t able to expense? Puzzled by the intricacies of revenue vs gross profit? No problem. We’re here to take all the accounting jargon off your hands and let you focus on creating killer footage.
Accounting stress relieved. Creative freedom unleashed once again.
Using Xero – hands down the best accounting software for video production if you ask us – allows us to help with your production company’s finances without taking the reins from you. You get a better insight into how your finances operate but can rest assured that nothing is falling between the cracks.
Plus, the benefits of having your finances sorted by someone in the know has benefits beyond what you might normally consider. Take the work that we did for our pals at Friend Productions in our case study.
Simple Video Production Accounting Tips
Know What You Can and Can’t Expense
When running a video production agency, keeping your tax bill down can play a big part in adding to the viability of your business. Therefore, knowing what you can and can’t expense is of great value to the running of your business.
For example, one of the most common questions we get asked by our clients in video production is whether cameras can be written off as a business expense. The short answer is yes, if it is “wholly and exclusively” for the business. Making sure that you play by the rules helps prevent any unwelcome surprises further down the line.
Managing Cash Flow Is Key
Working on a project to project basis, it can often seem a little daunting that the next big video production effort isn’t necessarily carved in stone. Therefore, keeping track of your incomings and outgoings, as well as using them to create an accurate forecast is not only highly advisable – it’s essential. We can work with you to implement cash flow forecasts to take the stress and worry out of planning ahead.
Using goal-focused forecasts is a brilliant means of outlining what the future holds for your enterprise-to-be. Rather than treating it like staring into Mystic Meg’s crystal ball, consider it a logical approach to foolproofing the road ahead.
Stay on Top of Your Finances
This tip is a strong all-rounder. Keeping track of your finances on a regular basis helps ensure that nothing nasty slips through the net. Using platforms like Xero helps you keep a beady eye on financial proceedings without it distracting you from creating the awesome visual content that got you here in the first place.
Real-time interactions mean that you never miss an invoice, receipt or wage payment again. Providing an easy-to-read, self-explanatory – even gamified – means of making sure that your business’ money is in healthy shape.