Some platforms can be a hassle for non-accountants to use but QuickBooks is well-known for its intuitive and easy to learn. In fact, its creators designed it for use by people in all professions. Another key benefit is the platform's ability to integrate with most other programs on the market. That means that an entertainment company or sole proprietor can use QuickBooks year-round and simply export data to their preferred tax-prep software to lessen the hassle of annual or quarterly filing.
The Uniqueness of the Entertainment Industry
There are plenty of unique aspects to entertainment industry accounting. That's because agencies and individual performers have to keep track of multiple contracts, tailor-made payment arrangements and various entertainment industry bookkeeping methods that can be quite complex.
Some issues that arise regularly in entertainment industry bookkeeping include intellectual property income for things like royalties, copyrights and other non-tangible assets. Additionally, there are often international sources of income, which present their own special challenges. It doesn't take an entertainment industry CPA to realize that this area of endeavor is not run-of-the-mill accounting.
Advantages of QuickBooks For Entertainment Industry Professionals
Entertainment industry tax planning must consider worldwide markets because income often comes from international sources, investments are globally-based, and you might have to prepare tax returns for several different countries each year. Few other industries include such a vast, diverse field of practice. What are some of the key advantages of QuickBooks?
- Categorizing expenses based on clients, jobs, projects or international sources is part and parcel of the QB program.
- Production cost invoicing.
- When it comes to ease of use, QB is unmatched. Its creators designed it so that virtually all its essential functions easily navigated
- Money management and budgeting on individual projects helps you keep track of every dollar spent and allows you to stay within budget constraints on a film, live production or studio project.
- For CPAs especially, It's easy to export data to any tax-prep software for efficient entertainment industry tax planning and reporting.
- building customized charts, invoices, business plans and spreadsheets for every project, no matter how unique it is, where it's based or what its budget is.
How To Get Started
It's never easy to find a great entertainment industry CPA or entertainment industry CFO advisory service. But the team at Fusion CPA has the experience and specialized skills to offer a full array of entertainment industry CFO advisory services and perform as your entertainment industry financial advisers.
That means when you need help with any accounting, bookkeeping, tax planning or financial situation — we've got your back. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
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.