New report urges production companies to re-evaluate financial practices

A fresh solution is being offered to the financial management problems experienced by many television production companies.
In response to the demands made by an increasingly competitive marketplace, a new report has been published this week outlining how companies can increase their profits and free up their cash flow simply by re-evaluating their financial practice.
The new report, published by Whitegate Computing Limited, is available free of charge to TV production companies.
With only 1 in 25 businesses surviving for more than 10 years, Managing Director of Whitegate, Tony Reissner, feels that it is time for the industry to take a more proactive approach to accounting. “Most TV production companies are first and foremost concerned with producing quality programmes. However, many production companies fold because they simply don’t manage their budget as efficiently as they could - sound accounting practice is at the heart of all successful businesses. This new report outlines tried and tested strategies for effective financial management,” he said.
The TV production industry in particular has significant cashflow issues - with several productions in process simultaneously, it can be hard to monitor separate budgets effectively and account for exactly what is being spent where. Reissner believes that it is essential that a company has certain information at its fingertips.
“Those in charge of the finances must be able to see daily weekly, monthly and annual costs at a glance. Without this information, the company will be out of control of its finances and this is a dangerous position for any company, no matter what their line of business.”
With extensive experience in working with the TV production sector - clients include Hatrick Productions responsible for successful shows such as “Have I Got News for You” and “Father Ted” - Whitegate have drawn upon previous knowledge to help compile the report.
A free copy can be obtained by telephoning +44 (0)20 7831 2777.
(GB)