![]() When a project is funded by a movie studio or private equity firm they want to make sure that their funds are in compliance with the IRS and see where the money is going. “It’s what lets the Producers know if they are going to run over budget or not, whether they need to raise more capital or modify the shoot schedule to come in on the correct dollar amount.” However, as expenditures get tracked, an important budgeting category is created called ‘estimate to complete.” Usually, when a project starts they spend a little bit of money and are under budget but then things fluctuate. “It’s important to measure expected expenses versus the remaining budget. Richard Sotiros, a twenty-year veteran of production accounting says, “It’s a job where people are managing money, paying payroll, reporting to unions, and using software to provide projections for the Line Producer. ![]() For indie films, it is often a one-person team while on a large production there’s an entire department with multiple people devoted just to payroll. The duties of a Production Accountant are contingent on the size of the production.
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