What is Entertainment Accounting, and how does it vary from other types of accounting? What is the difference between the two?
Even while some people believe that accountants spend their entire day restricted inside an office going over data, others are aware that there is a more engaging business known as entertainment accounting that they may get involved with. Celebrity accounting is a sort of accounting that allows you to collaborate with all of your favourite celebrities on a variety of projects. Working with them on financial matters, working for a large film studio, assisting them with music business bookkeeping, or even working in the television industry, are all possibilities. It is possible that you are interested in learning more about career opportunities in the entertainment business before learning more about how much accountants make on average before continuing your research.
How Much Do Accountants in the Entertainment Industry Make?
According to the Bureau of Labor Statistics, the average yearly wage for all accountants and auditors is approximately $66,000. Financial professionals typically earn more money than accountants, who earn less on average. First and foremost, you must pass the Certified Public Accountant examination before you can begin working as an accountant. Applicants for this professional exam must have a bachelor’s degree in accounting as well as a certain number of graduate-level accounting programmes under their belt. Consult with your local government or the state where you wish to take the exam to learn how many hours of post-graduate coursework you must complete before taking the exam.
Working as a Financial Consultant is a fulfilling profession.
Among accountants working in the entertainment industry, being a financial consultant is a common choice for future advancement. A financial advisor works directly with celebrities, studio executives, and anyone else involved in the entertainment industry who requires aid in a financial capacity. In general, you will advise your clients on the most efficient way to manage their financial resources. They may find your advice on how to invest in the stock market, construct portfolios, and save for the future to be of assistance to them. It is not uncommon for you to have to wait a considerable amount of time before being able to obtain one of these positions. It is the case that the vast majority of financial advisors make the majority of their income from a small number of clients.
Corporate Accounting
Although you may have a strong desire to work with the rich and famous, you may have a better chance of finding a position in corporate finance. Production companies, which are commonly transformed into corporations, are responsible for the regular distribution of albums, television series, and films. As a corporate accountant, you work with your clients to develop budgets that account for all of their spending and commitments, as well as any tax implications. It is possible that you and a record company will work together to estimate the cost of a record release party followed by a concert tour, for example. The vast majority of corporate accountants also assist their clients with tax preparation and the determination of deductions for expenses incurred in the previous year.
Producer and Accountant.
With experience, your reputation in the entertainment accounting industry will increase, and you may be able to rise to the position of producer in the future. Working as a producer/accountant allows you to have complete control over the budget of a production. In your capacity as a finance producer for a television programme, it is your responsibility to ensure that the show has the finances to cover the costs of its sets (including craft services and sets), as well as to pay the salaries of the show’s performers. It is the responsibility of financial producers to communicate with other producers when expenses grow, in addition to ensuring that the production is completed on time and within budget.
Working as a bookkeeper for a large corporation, as a tax specialist, or in the nonprofit sector are all options for someone with an accounting degree. You can also use your skills in the entertainment industry to your advantage as a corporate accountant, producer, or financial counsellor to the wealthy and well-to-do in society.
