Challenges of Film and Video Accounting:
The film and video industry has its own set of accounting challenges, such as proper revenue recognition, the development of an amortization policy for film assets and catalogs, and tax compliance. To keep up with these challenges, film and video businesses require the expertise of an experienced accounting professional.
How Pillarcraft can help:
Pillarcraft Accounting provides full outsourced accounting support to businesses in the film and video sector, including bookkeeping and accounting, payroll, monthly tax compliance, and financial statement preparation. Our experienced professionals will help you navigate the unique challenges of this industry and provide tailored solutions that meet your needs.
Features of our Service:
- Daily bookkeeping of expenses
- Development of proper amortization policy for film assets and catalogs
- Proper tax policy for revenue recognition for film production companies
- Monthly financial statement preparation
- Outsourced payroll
- Outsourced monthly tax compliance, including VAT accounting for film and video businesses
- Outsourced CFO service to review KPIs in line with the industry
Benefits of Using Pillarcraft Accounting:
By outsourcing your accounting needs to Pillarcraft Accounting, you can benefit from our specialized knowledge and experience in this sector. We will help you keep up with the fast-paced and dynamic nature of your business while providing timely and accurate financial information, freeing up time and resources to focus on what you do best: producing great films and videos. Our outsourced accounting services will help you stay compliant with all financial regulations and provide you with valuable insights and recommendations to help you make informed business decisions.
Conclusion:
Film and video businesses require specialized accounting support to keep up with the unique challenges of this industry. By outsourcing your accounting needs to Pillarcraft Accounting, you can benefit from our tailored outsourced accounting services and expertise in this sector. Our experienced professionals will help you navigate the complexities of film and video accounting, so you can focus on what you do best.
Case study
Netflix’s Production of “A Naija Christmas”
Introduction:
In 2021, Netflix decided to produce “A Naija Christmas,” a Christmas movie directed by the award-winning Kunle Afolayan. The film was set in Nigeria, and as such, Netflix needed a reliable accounting firm that understands the complexities of film production accounting. Netflix reached out to Pillarcraft Accounting and provided an outsourced accounting service for all the production stages of “A Naija Christmas.”
Background:
Pillarcraft Accounting is an outsourced accounting firm that provides SMEs in Nigeria with complete outsourced accounting services, including bookkeeping, payroll, tax compliance, and CFO services. The firm has built a reputation for being a specialist in various sectors, such as film production, agriculture, and real estate.
Services Provided:
Pillarcraft Accounting provided Netflix with a comprehensive range of accounting services for “A Naija Christmas” production. The services included bookkeeping, payroll, tax compliance, and CFO services. The firm was responsible for ensuring that all financial transactions related to the film production were properly recorded and reported.
Benefits:
Netflix was able to focus on the production aspects of the film, while Pillarcraft Accounting took care of the financial and accounting aspects of the film production. This allowed Netflix to produce the film on time and within budget. Additionally, Pillarcraft Accounting’s expertise in film production accounting helped Netflix to navigate the complex financial landscape of film production in Nigeria.
Unique Value Proposition:
Pillarcraft Accounting’s CEO, Bayode Agbi FCA, made an acting debut in the film by starring as the Cable Boss. This added a unique value proposition to the partnership as it allowed Netflix to tap into the CEO’s acting talent while providing the firm with a platform to showcase its expertise in film production accounting.
Conclusion:
The partnership between Netflix and Pillarcraft Accounting was successful, as the film was produced on time and within budget. The partnership was a great example of how an outsourced accounting firm can provide valuable services to a film production company, allowing it to focus on production.
