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A Bespoke Media Accounting Solution

The world of cloud based accounting is moving fast and the ability to store and access your data from anywhere has been grasped by all the big players in the accounting software world with no expense spared in creating new and ‘exciting’ products for us all to use.  We are encouraged to Jettison our old desktop shackled program, and embrace the brave new world of “the cloud”.

It all sounds fantastic, unless you happen to work in the media industry.  It’s fair to say that the media industry has been forced to make do with an accounts packages that are often manipulated and cajoled to fit the requirements of the business.  Running alongside this in an uneasy union is the good old Excel spreadsheet. 

There have been a few attempts to create a bespoke accounting solution for the media production industry, but only too often they have either been horrendously expensive or just failed to deliver.  This has forced accountants from practice and the media industry to continue to battle with creaking accounts packages and overly complicated spreadsheets that in some cases, are so big they often take 30 minutes to open!

At Ecovis, Media one of the main specialist sectors we work with and having had a decade of seeing the pain and frustration felt by Media company owners, accountants and staff we decided to do something about it.

In short, we have developed a cloud based accounting platform that we believe could offer solutions to the frustrations and irritations felt by the media industry.  As Rich Nicholas from our Media Team explains.

“When I was at Academy, I had a whole list of issues that I would have loved someone to solve, wrapping jobs, getting invoices into the system, reporting, purchase orders, budget and actuals, costs to complete……. not to mention tracking down producers and production managers to give them job reports!!!!!”. 

We believe we have developed a cloud based solution that tackles many of these issues.  We have done this by creating a ‘Media Environment’ that  for example takes the familiarity of an ITV budget, or an APA budget and use that structure to enable the reporting to follow those formats. 

We have tackled the invoice entry problem by using a program that reads and populates fields straight from the invoice, (all you need to do is email a PDF to a dedicated email).  We have worked closely with a software developer to create a reporting tool that allows you to upload your final production budget and lets you see real time budget and actual reports from anywhere in the world. We can produce bespoke reporting for you that is tailored to your needs (a dashboard as our clients like to call it).

Cloud based programs also enable the invoices to follow the producer or PM around so they can authorise anywhere they have an internet connection.  Hiding in the edit suite is no longer possible.  The cloud enables you, or your producers to access reports of their productions from anywhere.  The delays that occur when producers are out of the country disappear, queries can be resolved quicker, payments actioned and posted to the jobs faster.  Imagine your production accountant on location working and being able to see what has happened from your office at the end of every shoot day.  With our system, it is possible.

So, what is this system?  We call it Ecovis online, and we believe it offers a cost-effective solution for the media world that until now did not exist.

If you would like to know more or see Ecovis online in action, please contact Kate or Rich via our website: http://www.ecovis.co.uk/specialist-sectors/media/