Case Studies: Entertainment
Client Profile:
Based out of New York, an entertainment company known for its best-in-class content studio and production across Documentary, Live, Experiential, and Brand Partnerships was looking for a business management & financial consultancy firm to help with
its business operations and growth. Originally, brought in by a global private equity firm, the entertainment company focuses on creative projects & film that span sports, culture, and global affairs. This studio creates meaningful entertainment that sparks the imaginations of people around the world and was backed by a legendary media executive and led by a multi-Emmy winning Producer.
Challenges
- A newly formed legal entity, only an EIN established.
- No bank accounts set up.
- No payroll and benefit provider set up
- No accounting system in place
- No insurance coverage
- Multiple productions in progress with no local accounting system and production payroll
- A start-up requiring all financial and operational build up to run a business
Key Tactics & Solutions
- Created an infrastructure of processes to enable key finance activities such as accounts payable, accounts receivable, travel & expense, audit, taxes, payroll, HR, and financial reporting.
- Collaborated with multiple third-party providers to secure insurance coverage, payroll and benefits, travel & expense system and credit card management.
- Implemented NetSuite as the system of record for accounting and financial reporting.
- Established the foundation of production accounting including cost reporting, on-boarding/off boarding of crew members and production payroll.
Achievements
- Implemented NetSuite, an accounting system, within a week of engagement.
- Immediate creation of an Accounts Payable process including a Vendor Master File set up and a weekly invoice review cadence.
- Financial reporting in place
- Payroll system and benefits up and running by the first pay period including seamless on-boarding of new hires.
- Established a bank account within the 1st week of operations, managed cash, and set up a money market fund that yielded $100,000 of interest income in the 1st month.
- Production payroll and accounting set up within the 1st month of
operations including business insurance coverages.
