Our latest Spotlight Board Event proved to be a big success, with attendees unlocking peer-to-peer insight on some of the most pressing issues facing the TV and film industry.
Keep reading to explore key topics of discussion from February’s event and insight from some of the industry’s biggest names.
The Restructuring of the Tax Credit System
The Department for Digital, Culture, Media, and Sport (DCMS) is looking to restructure and streamline the tax credit system for the creative industries. There isn’t yet any information on how much the threshold will be raised, but the change is expected to have a significant impact on those already struggling to qualify for tax credits at the £1 million threshold.
Following a discussion around this topic, our attendees concluded that they would share their findings – as a group – and discuss at the next session.
Attracting and Retaining the Best Talent
In the current job market, finding the right talent for roles such as Management Accountants, Production Accountants, and Finance Assistants is proving to be a challenge. This poses the question: is there a shortage of quality candidates, or do these businesses need to review their recruitment process?
Our discussion concluded that a great starting point for those struggling to find the right talent is to turn to their own networks to find potential candidates, with referrals often leading to improved hiring and retention rates along with a better cultural fit.
Working with specialist recruitment firms has also been found to yield great results, provided the consultant understands the business needs and culture. Likewise, social recruiting on platforms like LinkedIn is on the rise, allowing companies to keep the hiring process in-house for an enhanced screening process and better-quality candidates.
Along with assessing the current state of the job market, attendees reviewed whether or not their own recruitment processes could have a part to play in their struggle. The group suggested that to attract the best candidates in this competitive market, businesses must first ensure their company benefits are not only clearly communicated but are also reflective of what prospects want. By taking the time to understand who they want to attract along with their drivers and motivators, businesses can tailor their offerings and improve their reputation as a great employer in the space.
Companies looking to attract and retain the best talent in today’s candidate-led market therefore need to be creative and flexible in their approach and be willing to explore different avenues to attract quality candidates.
The Challenge of Receiving Financing from Banks
The majority of banks favour a more traditional “cash-in-the-bank” structure, which causes challenges for many businesses in the TV and film industry that require a more flexible approach to financing. With projects often involving multiple productions, distributors, and countries, keeping cash flowing is imperative.
On the whole, banks seem reluctant to stray from their corporate approach, making financing within the creative industries increasingly difficult. With that being said, some banks, such as Coutts, appear to be more understanding of the way in which creative industries structure their accounting, debts, loans, risks, etc.
Board attendees concluded that taking time to research banks to find a provider who may be more accommodating is a great starting point. However, it was noted that it can be difficult to make the change with many ongoing loans, debts, and other operational difficulties to be considered.
The Scalability of Accounting Software
Despite boasting user-friendly interfaces, accounting software solutions such as Xero and Quickbooks fall short when it comes to catering for the niche requirements of businesses operating within the TV & film sector.
There’s also a question surrounding the scalability of such software; businesses are looking for a solution that grows with them, not one that limits their potential like many mainstream accounting software solutions. As the number of productions, distributors and regions grow, so too does the complexity of traditional accounting software, which quickly becomes unmanageable and a bottleneck to growth.
While cost is a big motivator for many TV and film production companies, the board found that access to markets and the importance of financial stability were also key drivers – both of which are only made possible with a powerful, flexible, and scalable accounting system.
Our Just-TV solution has been designed to help TV & film companies run their entire finance & production accounting from one convenient location. From automating the reporting process to managing production budgets, Just-TV offers everything your TV & film production company needs to gain complete financial visibility, streamline your operations and make better-informed decisions. If you’d like to know more, book a free 1:1 demo with Matthew to discover how Just-TV could transform your accounting & level up your productivity in 2023.
Interested in attending? Register here to be considered for a future board and event.
Our upcoming boards and sessions include:
- Board One – FULL:
- Session 3, June 2023
- Board Two – FULL:
- Session 2, July 2023
- Board Three – *SPACES AVAILABLE*
- Session 1, May 2023
- Session 2, September 2023
