Netsuite: Entertainment Industry Accounting

Owning an entertainment business is a 24/7 job. The thousands of transactions you need to manage daily results in scrupulous accounting issues that require your constant vigilance and knowledge. Fortunately, you don’t have to do this alone. NetSuite can help you address these issues by providing you with top-quality features tailored for entertainment businesses like yours.

Entertainment Industry Accounting

There are different types of businesses in the entertainment industry. For example, a TV studio or movie film production company is considered corporate entertainment. This involves payroll for employees, contracts for outside vendors such as makeup artists, camera crews, a production company, grips, lighting and electricians, art designers, props and others. Billing outside vendors may be on a long or short term contractual basis or they may be paid on a Per-Diem basis, depending on the length of services required. It is easy to see that bookkeeping can be quite complex for those in the entertainment business whether it is a large corporate structure or a small business. In addition, there is the matter of accounting data security to consider. Luckily, these issues can be streamlined when you leverage NetSuite’s accounting functionalities.

As one of today’s most state-of-the-art accounting software, NetSuite offers dozens of features that streamline complex entertainment industry accounting. With cloud-based ERP, NetSuite offers integrated management of entertainment business bookkeeping of daily business transactions. In addition, this software offers technology that can be mediated as well as real-time for ease of management strategies.

The NetSuite Accounting Functions

The health of your entertainment business relies on you having accurate financial data at all times. With NetSuite’s cloud accounting software, you always have the most current financial data in real-time. The platform offers accounting functions that provide entertainment business with a complete picture of the business’s financial status. These functions include:

  • General Ledger

  • Accounts Payable

  • Accounts Receivable

  • Cash Management

  • Payment Management

  • Tax Management

  • Fixed Assets Management

Day-to-day and organized data on cash flows, payments, tax filings, and an up-to-date chart of accounts are now easy to generate thanks to NetSuite accounting.

Better Accuracy With Automated Ledgers

Manually entering your business transactions in multiple systems can consume large amounts of time due to the repetitive nature of the activity and the higher risk of data entry errors. Fortunately, NetSuite eliminates this inefficiency by having an interconnected system that requires you to input transactions only once. After doing so, your transaction will then be synchronized across your general and subsidiary ledgers simultaneously. Accounts payable and accounts receivable records are most susceptible to errors. To prevent this from happening, NetSuite matches records with their respective invoices to determine inconsistencies. It also flags forgotten, overpaid, and fraudulent bills in real-time.

Bringing Power Through Financial Insight

NetSuite’s analytical dashboards provide you with insights regarding practice-wide performance whenever you need them. You can easily customize your dashboard to provide you with data that you believe are important to your decision-making. With just a click of a button, you can see your entertainment business’s profit margins, resource utilization, project costs, and more.

We can help you gain a better understanding of your company’s financial standing. Our team of entertainment business financial advisers is trained to interpret various accounting reports such as financial statements, cash flow statements, trial balances, and more. Once we have the financial metrics we need we can then assist you with business growth strategies to help you scale your organization. To learn more about how we can assist your entertainment business accounting with Netsuite, click the button below to schedule a complimentary discovery call today!

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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.