Accounting Software in Unscripted: Industry Pros Weigh In

Key takeaways

This survey revealed some key insights that can help unscripted productions streamline their finances and improve overall efficiency. Here's a breakdown of the most important findings. 

General insights

Integration builds stronger teams. Productions using well-integrated accounting and payroll systems reported significantly higher satisfaction with their financial tools. This suggests that seamless data flow between systems can lead to a smoother workflow and happier teams.

Communication is king. Regular meetings between finance and production teams were identified as the most effective way to keep everyone on the same page. Open communication can help bridge departmental gaps and ensure everyone understands the full financial picture.

Happiness varies by role. Interestingly, different production roles expressed varying levels of satisfaction with current financial tools. For example, EICs and line producers were generally happy, while finance executives reported lower satisfaction, particularly with how different departments work together and how their systems integrate. 

Payroll specialists were unhappy with onboarding new projects and managing tax compliance, while production accountants found onboarding and communication between departments to be the biggest pain points.

Production accountant struggles. Several common themes emerged from production accountants' feedback. They expressed concerns about the quality of service from payroll providers, including high turnover and lack of experience. 

Setting up and managing complex projects, handling data across multiple systems, and keeping up with tax and labor regulations were also cited as challenges.

Finance executive frustrations. Similar to production accountants, finance executives highlighted issues with communication and collaboration between departments. Additionally, they struggled to integrate payroll data with their broader accounting systems, hindering their ability to make informed decisions quickly. 

Keeping up with ever-changing tax and labor regulations was another major concern for finance executives.

By understanding the above key takeaways, unscripted productions can make informed decisions about their financial tools and processes. Focusing on integrating systems, fostering communication between departments, and finding solutions that address the specific needs of each role are pivotal. 

This will lead to a more efficient and streamlined financial operation, ultimately contributing to the success of your unscripted productions.

User preferences

When asked about their ideal accounting software features, respondents in our survey showed a strong consensus on what's most important.

Single sign-on. Over half of respondents, including a majority of production accountants, believe that having a single login for both payroll and accounting is crucial. This simplifies their workflow and reduces the risk of errors.

Fast support. Speed is key when it comes to support. Most respondents expect a quick response from their software provider, ideally within a few hours. This is especially important when dealing with urgent issues.

Integration is essential. Respondents across all roles expressed frustration with the time-consuming tasks of data entry and reconciliation. They also highlighted the need for real-time data integration between systems to avoid errors and improve efficiency.

Based on these findings, it's clear that unscripted productions are seeking accounting software that offers a streamlined experience. Single sign-on, fast support, and integrated systems are key features that can help meet the needs of finance teams in the industry.

Areas for improvement

While some respondents felt their current systems functioned adequately, our survey also revealed several key areas where unscripted productions can improve their financial processes. 

Complexity overkill. Many respondents highlighted unnecessary complexity within their payroll and accounting systems. This included using multiple platforms for different tasks, difficulty handling larger projects, and problems that only surfaced after production wrapped.

Data entry difficulty. A recurring theme was the time wasted on manual data entry and reconciliation across different systems. This inefficiency can lead to errors and frustration for finance teams.

Outdated systems. Participants expressed concerns about outdated payroll and accounting software that wasn't well-suited for the needs of modern unscripted productions.

Interdepartmental coordination. While some teams reported smooth collaboration, others struggled with software limitations that hindered real-time data sharing and communication across departments. Additionally, inconsistencies in platform usage and lack of proper training led to additional challenges.

Compliance challenges. A significant majority of respondents found keeping up with tax and labor regulations difficult. Untrained paymasters, constantly changing laws, and lack of support for specific union regulations were frequently cited issues.

Integration issues. Although most reported well-integrated payroll and accounting systems, some still experienced issues. These included limited compatibility with third-party systems, manual data transfers, and the need for constant coding adjustments.

While some aspects, like bank reconciliation and onboarding, received generally positive feedback, there were still opportunities for improvement, such as glitches and clunky user interfaces.

Ultimately, this survey highlights the need for streamlined financial tools designed for the fast-paced world of unscripted productions. Software that reduces data entry, integrates seamlessly, and prioritizes user experience can significantly improve efficiency and communication within finance teams.

Recommendations 

Our survey provides valuable insights into the features and functionalities that can significantly improve the management of production finances. Here are some key recommendations. 

Improved integrations. Robust connections with other financial tools should be a top priority. This will create a smooth workflow and enhance collaboration across teams.

Enhanced reporting. Users need easy access to detailed financial information and the ability to generate custom reports efficiently. Refining reporting features can significantly improve financial decision-making.

Stronger document management. Streamlined document management tools are essential. These tools should make it easy to collect, store, and share documents securely across teams.

Better compliance support. Integrating features that assist with compliance and legal regulations is crucial. This helps finance professionals meet complex regulatory requirements and mitigate compliance risks.

Catering to production needs. Batch processing functionalities and in-depth vendor history tracking are essential features for production accountants. These tools enhance efficiency when managing high transaction volumes and vendor relationships.

Focus on user experience. While not a major issue in this survey, ongoing efforts to improve user interface and usability should continue. User-friendly software can increase overall user satisfaction and further enhance workflows.

Invest in experienced paymasters. The survey consistently highlighted the need for experienced, motivated paymasters who take ownership of payroll accuracy. Financial services companies should prioritize hiring and training skilled paymasters, even if it means investing additional resources.

These recommendations can pave the way for the development of production payroll and accounting software that truly meets the evolving needs of this dynamic industry. 

By focusing on automation, real-time insights, security, and user-friendliness, payroll providers can empower finance teams in unscripted productions to achieve greater success.

Simplify your payroll and production accounting processes with Wrapbook

Wrapbook is the ultimate solution for streamlining your payroll and production accounting processes in the film industry. As the industry's only on-demand platform, Wrapbook offers the expertise of trusted paymasters without the lengthy wait times.

Wrapbook provides a range of benefits that can significantly improve your financial operations. These benefits include instant payments, real-time insights, smart timecards, built-in compliance, and expert support.

By automating tasks, providing real-time data, and ensuring compliance, Wrapbook can help you address common challenges, improve efficiency, and enhance collaboration within your production team.

Choosing Wrapbook means choosing a seamless and efficient payroll and accounting solution. With Wrapbook, you can focus on creating exceptional content while knowing that your financial matters are in good hands.

Wrapping up

As unscripted content continues to dominate the production landscape, financial management systems must evolve to meet the unique demands of this fast-paced genre. 

Wrapbook is committed to being at the forefront of this evolution. By continuously investing in innovation and development, Wrapbook is dedicated to providing the comprehensive financial solutions that unscripted productions need to thrive in the future. 

For additional unscripted accounting insights, download our eBook. And to see for yourself how we can help you streamline your payroll and production accounting needs, take a tour of our platform.