What is a Corporate Entertainment Accountant?

If you are good with numbers and are looking for a unique job, becoming a corporate entertainment accountant may be a good fit. While the accounting field itself tends to be high paying, careers in entertainment accounting are among the most lucrative in the field. There is a great deal of variety with regard to the types of work environment and duties performed for this type of finance professional, according to Monster. Keep reading if you’d like to learn just what entertainment accountants do and how to become one.

About Corporate Entertainment Accountants

Showbiz accountants may be employed by an entertainment firm such as a television studio or film production company. They may also work for an accounting firm that exclusively represents the entertainment industry. It’s also possible to be hired by an individual within the field of entertainment. Actors, directors, musicians, script writers and entertainment executives often hire someone to handle their finances. When it comes to handling the personal financial matters of individual entertainment professionals, the duties vary. The accountant may take care of paying bills, provide contract advice or help in overseeing taxes.

When working with firms, entertainment accountants often take on an even wider scope of activities. They likely will handle the organization’s bookkeeping, cost reporting and auditing, payroll processing and tax preparation. More in-depth responsibilities can also fall to this accounting professional such as account setup, budgeting and financial planning, compliance reporting, insurance policy and claims oversight and union reporting.

Education and Training

Of course, in order to become a corporate entertainment accountant, you’ll need to gain strong accounting skills. Usually, a formal education of at least a bachelor’s degree in accounting is required. It’s also wise to obtain your CPA, Certified Public Accountant, licensure. Knowledge that is necessary for this job includes financial accounting and reporting, auditing standards, tax preparation, finance regulations, strategic planning, risk management and operations management. It’s also a good idea to learn about the entertainment industry, particularly the area in which you are most interested. Suggested topics are production accounting for various types of entertainment projects, industry-specific tax issues and profit participation payout calculations.

Personal Characteristics and Skills

As with any job, there are definitely some skills and personal qualities that lend themselves to success in this field. The ability to handle a high-stress work environment and to problem solve are both important, as the entertainment industry can be hectic. Strong interpersonal and communication skills are also assets in working with teams and strong personalities. Good organizational aptitude with the ability to prioritize and anticipate issues will serve you well in this business. High math proficiency is a given when it comes to being an accountant in the entertainment industry or any other.

Related Resource: What is Managerial Accounting?

Being an accountant is sometimes seen as a boring job full of routine and repetition. That couldn’t be further from the truth when it comes to show business accounting. Becoming a corporate entertainment accountant can provide a solid, lucrative career path with a variety of job responsibilities and challenges.