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Entertainment Accounting Software:  5 Ways to Win the Competitive Edge

The media and entertainment industry is not all glitz and glamour. Behind the scenes, financial and accounting teams are on a mission to properly recognize revenue, consolidate results, report/analyze data, calculate and pay contributors, budget and forecast accurately, and integrate with industry-specific systems. Without a big finance team or massive IT investments, however, accomplishing all this may seem like mission impossible. Fortunately, there is entertainment accounting software available to help take control and build a competitive advantage—and do it without breaking the bank. A new eBook shares how media and entertainment companies can gain control of their finances to give their business a competitive edge:

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  1. Automate entertainment accounting business processes to increase productivity. With QuickBooks and legacy accounting packages, you often need spreadsheets to create consolidated reports, record allocations, and analyze revenue. Double entry into entertainment industry applications wastes time and leaves room for error. It’s time to look forward to greater efficiency and productivity. With Sage Intacct best-in-class financial management and Adaptive Insights’ corporate performance management (CPM) solution, you can eliminate the spreadsheets that manage budget and planning. Plus, you can easily consolidate reports as well as track royalties, allocations, project costs, fixed assets, and other details.
  2. Empower entertainment accounting teams with visibility into performance. To get ahead, your company needs to make decisions based on sound information, and not on gut feelings. Every aspect of managing the business requires financial data—delivered in real time and easy to understand—to enable better decision making. This is especially true as your company gets more complex through joint ventures, partnerships, or other business models. Sage Intacct’s multi-entity architecture supports flexible financial reporting and analysis to:
    • Deliver instant visibility into performance, using financial and business metrics to monitor your strategies and projects.
    • Track, slice, dice, and summarize KPIs.
    • Provide metrics that matter most to each person—like cash balances, project profitability, or budgets—through dashboards with live data.
  3. Connect data across best-in-class operations. Your organization relies on specialized applications to manage much of your business, from CRM to payroll to travel. You need to combine data from all these systems into one, manageable information source. With integration build on open web APIs, Sage Intacct connects with all the applications you depend on and provides the financial management platform to gather, organize, and deliver information to the people who need it. Automated communication between your business systems enables you to streamline processes, and a wide choice of unbreakable integrations lets you quickly connect systems.
  4. Reduce your dependence on technical help. If you rely on the expertise of others to create reports or write integrations, chances are you spend a long time waiting. With a cloud-based financial management system, your finance team can enjoy the most current business management capabilities and functionality without running to your technical team for assistance. Plus, you can ensure the security of your data and business continuity, and easily scale the system as your business grows.
  5. Work with a partner who knows your industry. Businesses in the entertainment and media industry have unique and complicated challenges. You need a technology partner who has experienced the complexities of the entertainment business, one who truly knows how to help your organization improve the processes and outcomes from your financial management systems.

Get ahead, make decisions based on sound information.

Turn the spotlight on success with RKL, your trusted technology partner
At RKL, we’ve spent years working with small and large media and entertainment businesses. We have the expertise to help you avoid the pitfalls and anticipate the future. As a true business partner, we can recommend methods for improving productivity now and building a foundation for future growth. Let us help you roll out the red carpet toward success—contact us today.

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