Providing an array of financial services to Hollywood studios, production companies and an entire universe of artists and technicians is just one of the specialties provided by this leading Los Angeles accountant.
Lights! Camera! Accounting!
What does a Los Angeles accountant do for the entertainment industry?
Some entertainment accountants and boutique firms offer themselves as business managers, handling every aspect of the clients’ financial lives, from paying bills, child support and alimony, to advising on the financial aspect of contracts and overseeing auctions of an art collection or various non-profit auctions for the philanthropist’s out there like Angelina Jolie and other various artists that do community outreaches.
Discretion is the heart of any entertainment accounting practice. Paying clients’ bills, you know everything that’s going on. Because integrity and confidentiality are key to client relationships, most new business is brought in through word of mouth from trusted friends in the same industry. With services ranging from bookkeeping, accounting, financial planning, contract analysis, taxes and more.
But handling clients who are stars is not the only type of client a Los Angeles accountant handles.
For everyday workers in the entertainment industry, accounting is more about paying taxes and the mortgage than it is about royalties and buying luxury cars. Doing bookkeeping and taxes for producers, actors, and others, as a Los Angeles accountant the challenge in preparing tax returns for these types of clients is being aggressive regarding deductions while still following the tax laws.
Most clients do not always have agents, they’re working hard and networking like crazy, so that means they’re deducting meetings, meals, travel, research, and training. With these types of expenditures, it’s often challenging to draw a line between the professional and personal. Some Los Angeles accountants prefer providing these types of services versus being a business manager to the Hollywood stars.
Corporate Bean Counters in Entertainment
Many Los Angeles accountants work for production and studio companies versus individuals. Some are on staff; others work for firms that cater to the entertainment industry.
Accountants working for film production companies and recording studios perform a variety of functions, including royalty distribution, budgeting for tours and calculating production costs and the day-to-day financials. At AccountingX we provide all of the services mentioned above with the discreetness and integrity required to work in this industry. For more information on how you can become a client click here for your free consultation.
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