bookkeeping, Strategy

How do I know if my film shoot was truly profitable?

Posted on by Sarah Taylor

When you’re spending weeks or even months working on set for a film or TV shoot, it’s incredibly disheartening to simply break even. If you long for the day when you exclusively work on projects which guarantee a good return, looking at the profit breakdown of each project is the solution.

Understanding the profitability of each project you work on gives your business an instant leg-up, whether you’re a camera operator or a visual effects artist. It unlocks phenomenally valuable data which you can harness to your business’s advantage and use to guide the big decisions.

To make sure you’re getting the maximum benefit from these breakdowns, there are a few steps you need to follow.

Digital accounting software is your business’s best friend.

Until recently, per-project profitability was a relatively new concept. Studios, small teams and freelancers had to wait until year-end to find out their profitability for the whole year, without clear breakdowns for each project.

Since the introduction of digital accounting software like Xero, it’s easy to see the profitability of each individual project you’re involved in. Setting your business up on these systems is a simple process, makes compliance less of a headache and lets you see exactly how much money you’re making at any given time.

Systems like Xero show the profitability of each moving part within a project.

If you brought on a freelancer or hired equipment for a specific project, digital accounting software will show you exactly how profitable it was to do so.

Xero has sophisticated profitability tools, enabling each project to be organised in a way that tracks time, logs expenses and shows you the breakdown of all components involved, from studio hire to bringing on an extra sound engineer.

Make the most of your profitability data by working with a financial expert.

Finding an accountant who can code each transaction or expense to individual projects or crew members will give you the most thorough profit breakdowns. You’ll have a crystal-clear picture of how much money you’ve made from each element of the project and can use this data to inform future staffing and equipment hire decisions.

An accountant can help you use your profitability information to determine which projects are the most financially viable to accept. You can even use the data to inform how much you charge, so you’re confident you’re always pricing correctly.

Find an accountant who really gets your business.

At Tailored, we work closely with freelancers, small teams and studios in the behind-the-scenes film and TV industry. While we’re experienced in coding detailed profit breakdowns in digital financial software, above all we understand the unique challenges and opportunities your business navigates in the industry.

We’re here to help you discover and harness your project profitability data to improve your business. To get started, book a friendly, 15-minute chat with us.

Katie

Senior Accountant

My favourite part of what I do is seeing our clients grow and enjoy their success. From helping clients with tax returns to undertaking monthly and quarterly reviews, I relish the variety of tasks and great people I get to work with in my day-to-day. Having gone back to college in my 40s to gain my accountancy qualifications, I now love working in an approachable, helpful team…and I pride myself on making a top-notch cuppa for my colleagues in the office!

Outside of work, I enjoy spending time with the people who make me happy. You’ll find me going for walks with my family, friends and adorable labradoodle. My motto? Work hard, play hard!

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Sarah

Director

I founded Tailored after spending many years in the corporate world craving a work-life balance. Wanting to spend more time with my young children without sacrificing my career, my aim was to help small business owners achieve that same balance. I’d always loved numbers and how they can tell a story, explain the past and help predict the future, so I wanted to use that power to support entrepreneurs. 

It’s been an incredible journey growing my business while also seeing our clients also grow theirs. I’m now surrounded by a wonderful team, united in our values of family and learning. We’re a people-oriented firm that loves face-to-face client meetings over a hot cuppa, and we always prioritise the work/life balance Tailored was built on.

Outside of work, I’m a huge advocate for increasing support in schools for children with autism and ADHD. I love staying active, enjoying a stroll in the woods or going to the gym, and one of my proudest achievements is completing the “Couch to 5k” challenge!

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Tula

Office Manager

I’m all about building strong client relationships, and due to the nature of my role I’m lucky enough to work with almost all of our wonderful clients. I make sure they’re onboarded properly and have a friendly point of contact for any admin queries, as well as liaising with them to complete confirmation statements, payroll and bookkeeping.

My role also means I get to arrange events and office celebrations for our fantastic team. Outside of work, you’ll find me spending time with family and friends, drinking copious amounts of coffee or dancing the night away at a concert!

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Hayley

Senior Accountant

Before our firm merged with Tailored in 2022, I was the owner of Martin & Co Accountants for 13 years. I love working with and helping our clients of all sizes, from small sole traders to multi-million-pound companies. I’m FCCA qualified and my role means I deal with all aspects of accounting, from bookkeeping to management accounts and tax returns.

Many moons ago I used to play ice hockey as a goalie, and while I’m no longer on the ice, you might well find me in the snow! I love to travel, whether it’s soaking up the sun on a beach, skiing down a snow-topped mountain or scuba-diving among schools of colourful fish!

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Kerri

Trainee Accountant

I’m currently doing my accounting degree, which means I get to apply everything I learn in my university course to my role at Tailored. It’s a fantastic way to get hands-on experience with lovely clients and a collaborative team, and my next step will be working towards an ACCA qualification.

I mainly work with sole traders and limited companies, assisting with their bookkeeping to organise their transactions. When I’m not at work, I enjoy doing watersports and love spending time with animals, whether it’s walking my dog or horseriding.

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Julie

Semi-Senior Accountant

As the go-to person for all things related to management accounts, I work with clients of all sizes. I’m a fully qualified chartered management accountant. From one-man bands up to large limited companies, I love the variety of businesses I interact with every day.

In the office, you’ll find me organising clients’ transactions and payrolls fuelled by a hefty cup of my favourite coffee and a sweet treat. Outside of work, I’m somewhat of an adrenaline seeker; I once abseiled down Table Mountain in South Africa!

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Ruth

Assistant Accountant

For me, it’s all about the end result. I get great satisfaction from compiling data to produce accounts, and it’s made even better by the approachable and friendly clients I work with. My favourite part of what I do is putting together management and year-end accounts, and I love the fact we get to help local businesses.

I have a penchant for organisation, even running the admin for my son’s football team! It’s something we’re all involved in as a family, with my husband also helping out with coaching. When I’m not cheering on my boys’ football team, you’ll find me flexing my creative muscles. I love art and design and enjoy getting involved in anything crafty.

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Sarah R.

Senior Accountant

I like to take a people-first approach in all of my work. From cutting out the financial jargon to using clear communication to help clients develop their business, I always aim to connect to the human. I trained in industry alongside Sarah Taylor and I’m also a fully qualified chartered management accountant.

I’m the office go-to person for property and e-commerce accounting, and take pride in providing accountancy services and tax expertise to small businesses in a timely manner. The outdoors is my happy place, and I love going for walks with my family and breathing in the fresh air. A few years ago I climbed the Three Peaks; Ben Nevis, Snowdon and Scaffel Pike…but not at the same time!

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Will

Bookkeeper

Supporting local and family businesses is something that’s close to my heart, as Tailored’s founder Sarah is my sister! I look after the bookkeeping and VAT returns for a variety of clients, including those in the film and TV industry.

My day-to-day involves getting hands-on with Xero and QuickBooks and helping business owners make sense of their finances. When I’m not helping clients harness the power of their numbers, I love spending time with my young son or enjoying a classic episode of Only Fools and Horses. Of course, all with a good brew in hand.

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