From independent projects to blockbuster movies, the film industry involves some very high-stakes challenges. Because of the many risks and challenges faced in the film industry, every film production company in Georgia, no matter how big or small, needs to employ the services of a Certified Public Accountant (CPA). Your CPA firm is your business partner, allowing you to remain prosperous and regulatory compliant through conducting a detailed analysis of your company’s business strategies, tax reporting and financial matters.
To further understand, here’s a brief overview of the role that a CPA firm plays behind the scenes.
Prepare Your Tax Returns
Business taxes tend to be a bit complicated at times, causing many companies to end up missing substantial opportunities for tax savings. Outside of normal situations, production companies and studios must also deal with intricate tax arrangements, irregular cash flows and substantial payrolls. Your CPA will work closely with you, ensuring that you receive the maximum tax benefits, and helping you understand how the new tax laws have affected the film industry.
Frees Up Your Time and Resources
A CPA will help save money, avoid headaches, and most importantly, free up management time and resources. CPAs are diligent and have a sharp eye for detail. By taking the hassle out of dealing with the accounting side of your business, you will have more time to dedicate to making sure other aspects of your company are running smoothly and efficiently.
Provides Periodic Financial Checkups
Periodic financial checkups are as essential for a production company as they are for any business. Just as you see a doctor once in a while for physical checkups, a CPA is there to conduct periodic financial checkups. By analyzing the financial data, we’ll be able to help you determine if budgetary adjustments or changes to business plans are needed at a particular time or in the future to avert any financial challenges.
Helps You Navigate Uncertainties
Production companies and studios have their share of challenges, especially when it comes to the uncertainty of their future activities and projects. Although these challenges are expected, sometimes it’s good to have an objective person who’s able to view your finances from the outside. This allows you to effectively evaluate risks for the future and make appropriate decisions to mitigate those risks.
We’re Here to Help
The value of a Certified Public Accountant (CPA) cannot be underestimated when it comes to the success of a production company. If you operate a business in Georgia, don’t hesitate to seek the services of the professionals at Fricke & Associates, P.C.