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Maximising your profit through entertainment accounting

Bruce Markey
 


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For anyone who works in the arts and entertainment industry, you know the importance of maintaining your profit, and getting what you deserve from your earnings. That is why there are project managers who will help you seek the fruit of your labour. They are experienced in their field, and they will be able to help you with all your entertainment accounting needs.

Getting recognized

Whether you are an athlete, performer, director or producer, there are tax professionals who can help you with your tax, entertainment accounting, audit and business management needs. Some of their clients include:

• Actors

• Athletes

• Film Studios

• Interactive / Digital Companies

• Live Theatre

• Media

• Musicians

• Producers

• Directors

• Production Companies

• Showrunners, and

• Writers

Moreover, some business management services include tax and entertainment accounting services, which is vital to your success. You will receive services in business taxes, personal taxes, bookkeeping, and home office services just to name a few. The next important area is financial planning, which includes monthly payroll, expenses and insurance protection to automotive contracts, investment opportunities, and real estate purchases.

Furthermore, your personal life will seem more organized with the lifestyle planning services. You will be able to create the life that you always dreamed of, and you will feel more fulfilled. Another area you should consider is investment administration. Your business manager will take a look at your goals, and the enactment of the investment portfolio for your entertainment accounting needs. Additionally, if you own a family business, the family office services will be able to preserve your wealth through various solutions to manage your finances and investments.

Get what you worked hard for

There are also licensing and royalty audits in order to help you find underpayments that you are entitled to. It is important to license your assets such as trademarked processes, copyrights as well as intellectual property. Your entertainment accounting professional is knowledgeable in several industries such as:

• Apparel

• Automotive

• Consumer Products

• Film and Television

• Live Theatre

• Music

• Sports, and

• Technology

They can work with artists to verify what your profit participation percentages will be, help musicians with auditing their music companies for unpaid royalties, as well as work with interactive game developers looking for license fees that are owed from publishers. In addition, they will provide a nationally recognized advertising report and audit service to television broadcasters, radio, newspapers and other advertising companies. You will receive assistance in areas such as media revenue reporting, agreed-upon procedures, salary surveys and tax. Your entertainment accounting professional will be able to help you with issues such as true broadcast flow and accounting for digital revenue streams. They regularly conduct audit and consulting services that will give you value during your due diligence acquisitions, mergers and financial reporting.

Above all…

They will be able to offer you business advice that will help you get prepared for a changing industry. With the help of a tax professional, you will be able to locate new revenue paths, find new opportunities, and also improve your creative and financial interests. These are just some of the ways you can benefit from entertainment accounting, and receive optimal rewards. This will help you realize your potential, and set your career on the right path.

Miller Kaplan Arase LLP offers comprehensive and customizable entertainment accounting services ( millerkaplan/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.

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