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Bookkeeping for Entertainment and Media
Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person
Monthly Bookkeeping, Payroll, Financial Statements or Tax returns for Business Owners
Monthly Bookkeeping, Payroll, Financial Statements or Tax returns for Business Owners
Hire Remote Team
Business Tax return filing by Certified
CPA / Enrolled Agent
(Starts at $350)
QuickBooks And Xero Certified Experts
50% Reduction In Costs
Financial Management in the Entertainment and Media Industry
The Entertainment and Media Industry is a dynamic and ever-evolving sector that encompasses a wide range of businesses focused on providing entertainment, information, and creative content to the public. This industry includes film, television, music, publishing, digital media, video games, and live performances. It plays a crucial role in shaping culture, influencing public opinion, and driving technological innovation. The expansion and transformation of the entertainment and media sector has been unparalleled due to the emergence of digital platforms, streaming services, and social media.
But handling money in this business is not an easy task. Businesses in the Entertainment and Media Industry confront difficult financial issues due to a variety of revenue streams, including advertising, subscriptions, content production, and distribution rights. Success in the entertainment and media sectors depends on efficient bookkeeping and financial management, which enables businesses to handle the complexities of royalties, intellectual property rights, and shifting consumer preferences.
The Entertainment and Media Industry need to take creative approaches to content production, distribution, and monetization if they want to succeed in this cutthroat market. This means that in order to support growth, maximise resources, and make wise business decisions, a solid foundation in financial management is needed. Meru Accounting is aware of the particular difficulties faced by the entertainment and media industry. Our specialised services are designed to provide accurate financial insights, support strategic decision-making, and ensure compliance with industry regulations.
Core Aspects of Bookkeeping and Accounting in Entertainment and Media Industry
Accounting plays a pivotal role in the smooth operation of the Entertainment and Media Industry. The following core aspects form the foundation of effective financial management:
1. Integration of Media & Entertainment Software
- Accounting software is integrated with industry-specific software to enable efficient data management in Entertainment and Media Industry.
2. Business intelligence and data analytics
- Identify trends, optimise workflows, and make informed decisions via data analytics.
3. International expansion
- Handling the monetary aspects of doing business internationally, including foreign exchange and tax compliance.
4. Amortisation and Depreciation
- Including depreciation on intellectual property assets in amortisation and depreciation.
5. Entertainment Industry Tax Credits
- The goal of the entertainment industry tax credit program is to maximise tax benefits via the use of tax credits and deductions.
6. Deferred revenue recognition
- Correctly documenting revenue from ticket sales, prepaid subscriptions, and other deferred revenue streams.
7. Digital Media Revenue
- Tracking revenue from downloads, streaming, and advertising on websites that host digital media.
8.Return on Investment (ROI) Analysis
- Examining the profitability of media projects, such as TV series and films, by analysing their ROI.
9. Analysing cost per acquisition (CPA)
- To assess the effectiveness of advertising and marketing campaigns in the Entertainment and Media Industry.
10. Intellectual property infringement
- Handling the monetary and legal consequences of trademark and copyright infringement.
Benefits of Accounting for the Entertainment and Media Industry
Effective accounting offers numerous benefits to the Entertainment and Media Industry:
Financial Oversight
- Making educated decisions is made possible by Financial Oversight Accounting for the Entertainment and Media Industry, which offers a transparent picture of the company’s financial situation. It provides information on sources of income, costs, and total profitability.
Decision Support
- Timely and accurate financial data enables companies to make well-informed choices regarding marketing, investments, resource allocation, and content production.
Risk management
- Accounting aids in the identification of possible financial risks and the development of mitigation plans for them, such as changes in cash flow or economic downturns.
Tax Efficiency
- By careful planning and compliance, efficient accounting procedures can reduce tax obligations in the Entertainment and Media Industry.
Relations with Investors
- Enticing investors and preserving their trust depend on accurate financial reporting and analysis.
Needs of Accounting for the Entertainment and Media Industry
The Entertainment and Media Industry has specific accounting needs due to its unique characteristics:
- Revenue recognition: It is the careful observation of different revenue streams, including the sale of tickets, advertising, merchandise, and licences.
- Cost management: For Keeping an eye on overhead, talent fees, marketing expenses, and production costs in the Entertainment and Media Industry.
- Talent and royalty management: To Track payments given to performers, artists, and other talent, including residuals and royalties.
- Intellectual property management: Accounting for the value and depreciation of intellectual property, such as patents, trademarks, and copyrights in the Entertainment and Media Industry.
- Managing production costs: To supervise the budgets of motion pictures, television programs, and other media businesses.
Why Choose Meru Accounting?
1. Scalability
- Applying flexible solutions to conform to their company's growth, enabling seamless transitions as businesses expand their operations. We provide systems that can scale effortlessly, maintaining accuracy and efficiency while accommodating increased complexity and data. Our tailored approach ensures the financial framework evolves in tandem with the growth trajectory of the company.
2. Proactive Financial Advice
- Offering strategic guidance that transcends the principles of accounting in the Entertainment and Media Industry, helping clients make informed decisions about budgeting and investments. Our proactive advice not only improves financial stability but also positions companies to capitalize on emerging industry trends. This forward-thinking support extends to optimizing cash flow and reducing unnecessary expenses.
3. Knowledge of the Entertainment Industry
- We are well-versed in the unique financial challenges that the media and entertainment industries encounter, such as fluctuating revenue streams and project-based accounting. Our expertise enables us to anticipate and mitigate these challenges, providing solutions tailored to contract-based income, royalty tracking, and more. We stay updated on industry-specific financial legislation to ensure compliance and optimal financial outcomes.
4. Tax Incentives
- Maximizing tax benefits for the entertainment industry, including movie credits, is one way to implement tax incentives. We also assist clients in identifying other opportunities for tax savings, such as deductions for production costs and state-specific incentives. Our services extend to strategic planning that minimizes tax liabilities while maximizing profitability, ensuring clients take full advantage of available credits.
5. Compliance and Auditing
- Ensuring adherence to financial regulations and preparing for audits is critical in the media industry, where contracts and income structures can be complex. We help navigate the intricacies of industry regulations, providing a strong foundation for audit readiness. From internal controls to transparent reporting, we ensure that all financial activities are compliant with the latest standards, safeguarding against potential risks.
Services Offered by Meru Accounting
Some of the crucial accounting and bookkeeping services offered by Meru Accounting to the Entertainment and Media Industry are as follows:
- Talent Contract Administration: At Meru Accounting, we offer comprehensive talent contract administration services, including contract negotiation, payment processing in the Entertainment and Media Industry, and royalty calculations. Our expertise ensures that talent contracts are managed accurately, reducing the likelihood of disputes and ensuring compliance with industry standards.
- Media Rights Valuation: Meru Accounting provides media rights valuation services to help clients assess the worth of their copyrights, trademarks, and other intellectual property. Our valuation experts use industry-specific techniques to provide reliable and accurate assessments for the Entertainment and Media Industry.
- Acquisitions & Mergers: Meru Accounting offers comprehensive financial support for company mergers and acquisitions in the entertainment industry. We provide due diligence, appraisal, financial analysis, and integration planning services.
- Integration of Media and Entertainment Software: To improve accuracy, streamline data flow, and produce insightful information, Meru Accounting can help Entertainment and Media Industry integrate several systems. By connecting their financial data with other business systems, they may gain a thorough picture of their business operations and make data-driven decisions.
- Business intelligence and data analytics: Meru Accounting employs state-of-the-art analytics methods to obtain valuable insights from their financial data. With our data-driven approach, they can maximise their business's operations and meet their financial goals.
- Insurance Analysis: Meru Accounting offers insurance analysis for the Entertainment and Media Industry services to help clients assess their insurance needs and identify any coverage gaps. We can help them understand complex insurance policies and ensure that their liabilities and assets are sufficiently covered.
- Tax Audits and Disputes: Meru Accounting provides support for the Entertainment and Media Industry in handling tax audits, organising necessary documentation, and representing clients before tax authorities. Our understanding of tax law and regulations contributes to protecting their company's financial stability and minimising the impact of tax audits.
- Investor Relations: To help Entertainment and Media Industry in their investor relations endeavours, Meru Accounting provides financial reporting, analysis, and communication services. We can help them create financial statements, investor presentations, and other papers that communicate the state and performance of their business's finances.
- Financial Modelling: Meru Accounting can develop intricate financial models for the Entertainment and Media Industry to assess the financial implications of various scenarios, such as the launch of new initiatives, acquisitions, and changes in the market.
- Royalty & License Administration: Meru Accounting offers specialised services for the Entertainment and Media Industry to keep an eye on royalties, balance royalty accounts, and ensure that licence agreements are being adhered to. By outsourcing this task, they might boost their intellectual property income, simplify their business processes, and reduce errors.
Conclusion
Maintaining success and fostering growth in the quickly evolving and fast-paced entertainment and media industry requires accurate financial management. Meru Accounting sets itself apart as a premier partner by offering comprehensive bookkeeping and accounting services tailored to the unique needs of this dynamic industry. By using innovative technology and a wealth of business expertise, Meru Accounting ensures accurate accounting, robust cash flow management, and compliance with complex tax regulations. Our customised approach simplifies the intricacies of contracts, royalties, and several revenue streams, allowing entertainment enterprises to optimise their financial resources. With Meru Accounting, media companies can safely focus on innovation and creativity because their financial foundation is expertly maintained.
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
Help you with switching from your traditional software to Xero and Quickbooks.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- 1. Cost-saving
- 2. Access to skilled and experienced professionals
- 3. Better management of books of accounts
- 4. Decreased chances of errors
- 5. Improve business efficiency
- 6. De-burdens in-office employee’s dependency
- 7. Better turnaround time
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
Our Young and Dedicated Team
