The Importance Of A Production Accountant - And Why You Need One
If you’re undertaking any form of production, from a big-budget film to a single commercial shoot, then you should almost certainly consider hiring a production accountant.
In simple terms, a production accountant is an accounting professional that manages the finances behind a project. They work across productions of all sizes, handling everything from budgeting to payroll and financial compliance to ensure that everything runs smoothly.
Disorganised or unstructured finances can lead to major roadblocks for a production team, which is why a production accountant plays such a key part in the process.
But what roles does a production accountant actually fulfil? And what are the main factors to consider when you’re thinking about hiring one?
Let’s examine the value that a production accountant brings to the table, and explain how you can hire the right expert to support your next project.
What does a production accountant do?
A production accountant can work across a wide range of different projects, from films to television series and advertisements. Their primary job is to manage every aspect of production finance and accounting, helping to ensure that a project is a success.
However, a production accountant can focus on many different areas depending on the size, scope, and challenges of a specific project. These areas include:
● Budgeting and forecasting
● Managing cash flow
● Managing payroll
● Tracking costs/overheads against budget
● Ensuring financial/legal compliance
● Implementing accounting systems
● Facilitating audits
● Reporting on costs
● Setting up vendors
● AP/AR
Different productions may also require different levels of experience/expertise depending on their scale. For example, a production team may require a production accountant, a production assistant accountant, or a senior production controller as well as based on their specific needs and how large the team might be.
Regardless of the size of a project, all production finance and accounting matters will ultimately sit within the remit of production accountants!
What do you need to consider when hiring a production accountant?
Every production is very different in terms of complexity, budget, and logistics - as a result, there isn’t a one-size-fits-all approach to hiring a production accountant. If you want to hire a financial expert that ticks all of the right boxes, you’ll need to ask yourself a few important questions about your project requirements.
For example - are you looking for someone on a fixed-term contract (FTC) or a permanent/in-house hire?
The flexibility of an FTC accountant may be appealing to many production teams, as they can save long-term costs by hiring professionals on a short-term basis. However, there’s no guarantee that you’ll be able to find the right talent when you need it - the production world moves quickly, with many projects overlapping, so finding an accountant during a busy period can prove to be very difficult.
On the other end of the spectrum, a permanent production accountant can offer a level of reliability and security that reduces the stress of managing project finances at all stages of a production.
A permanent accountant can integrate themselves into a business’s culture, develop an in-depth understanding of company structure, and provide comprehensive support between overlapping projects. They can also deliver great value as a long-term hire, as production teams won’t need to continuously pay higher prices for short-term contracts, and this hire could provide extra support within the finance department during slower seasons.
You’ll also need to think about the scope of your project. How big is the production, and how much financial management will you need to keep things running smoothly?
To help you acquire sufficient support (with the right level of experience) you should consider:
● The amount of staff you’ll need to payroll
● The location(s) of the project (i.e. tax requirements, multi-currency accounting, regulations, etc)
● Any necessary union involvement or co-ordination with screen/writers guilds
● The size of your budget + the support needed to manage project finances
Hiring the right number of financial experts with the necessary skills for your project is key to success, so think carefully about your unique requirements before you begin searching. To figure out how many production accountants you may need, as well as understand what unique skills are important to look for in upcoming hires, consult a specialist recruitment agency like Harmonic.
The importance of a cultural fit for a production accountant
Technical skills and industry experience are both hugely important in a production accountant, but you’ll also need to pay close attention to the cultural fit of a new hire.
While a production account will play a fundamental role in managing finances, they’ll also act as a key liaison between production, admin, and studio teams. This means they’ll need to offer interpersonal skills and leadership qualities that help them communicate effectively between different areas of the business.
As a result, when you’re looking to bring a production accountant on board, you’ll need to think about how they’ll perform in terms of:
● Leadership - they’ll need to be able to lead a team to drive results and manage others to keep them motivated/efficient
● Communication - a production accountant will need to clearly and proactively communicate financial updates, as well as open up difficult conversations with department heads
● Organisation - your hire will need to be time-efficient, calm under pressure, and able to juggle multiple urgent tasks and deadlines
● Detail-oriented - a production accountant will need to be rigorous, attentive, and thorough to avoid costly mistakes
While technical skills and qualifications are easy to identify during the interview process, a cultural fit can be trickier to recognise. This is where using a specialist search agency like Harmonic can be incredibly useful - our recruitment experts will check references, ask pertinent questions, and spend an extended time with candidates to understand if they’re a strong fit personally & professionally for your team.
Expert insights from real production accountants
To help you gain some insider knowledge, we’ve reached out to several production accountants for real-life insights on the role, including common challenges these finance experts face.
Below are some of the main headlines that you should note down to ensure you’re making the most of your new hire:
● Production accountants can often be overlooked between different departments, so try to acknowledge your financial professionals just as much as your creative teams!
● Fostering a genuine team culture will help production accountants to feel valued and recognised, which is crucial for motivation and continuing open communication.
● Building a positive relationship with your production accountant(s) is key, which is why a strong cultural fit is so important. Whenever you’re searching for a new hire, make sure that you’re assessing both technical and personal skills to ensure that this person fits in well with the values of your business.
● Working closely alongside your production accountant will help you to stay on top of budgets, update accurate forecasts, and avoid issues from emerging later down the line. Make sure to be receptive to their suggestions and foster that line of open communication.
Production accountants are just like any other member of a production team - the more comfortable and valued they feel, the more incentivised they’ll be to produce great work.
If you’re looking to hire a skilled production accountant for your next project, we can help. At Harmonic, our TV & Film finance experts can connect you with qualified accountants working in both FTC and permanent capacities. We’ve built up a strong network of specialist production accountants that would serve as major assets to your team and any upcoming projects.
To discuss your hiring needs, explore recruitment options, and discover the best talent on the market, don’t hesitate to reach out to Halle ([email protected]) for more information.
