CPAs and Firms Specializing in Media and Entertainment Key Terms

Learn about CPAs and firms specializing in media and entertainment key terms

As there are many CPAs and Firms that specialize in media and entertainment, by understanding key terms you can find a service that meets your needs. Finding them may seem like a daunting task, however, it is manageable if you know what you are specifically looking for in a CPA or firm. Some CPAs and firms focus on a special area in media and entertainment, such as bookkeeping for online advertising, while others have a more comprehensive range of services to meet your every need.

Auditing and accounting, bookkeeping, and tax planning are just some of the many key terms that can help guide you in the right direction.

 

Distribution audits

A distribution audit is essential to maintain the integrity of film or other media distribution. When production costs affect the amount of compensation a creative professional receives, a distribution audit is needed to review the creative work and its distribution. There are some media and entertainment professionals who can effectively perform a distribution audit.
Try: Hacker, Douglas & Company provides services for distribution audits and has an impeccable list of clientele.

Business and estate valuation

Business and estate valuation involves the market value determination of a business or estate at a given point in time. By understanding the market value of your property, you can gain knowledge of your total net worth.
Try: J.C. Ostrom Associates is an excellent site that offers information and services to help you find the market value of your business or estate.

Contingent compensation

Contingent compensation is the monetary and other compensation that a creative professional receives dependent upon the results of the expressed creative work. When compensation is limited or percentages are not easily determined, the legal area of contingent compensation becomes tricky and can lead to arbitration.
Try: A website by attorney Paul D. Supnik has valuable information about arbitration and contingent compensation claims.

Expert witness

An expert witness is a person who provides testimony at a litigation or other legal proceeding and who is knowledgeable about a particular subject. As the number of litigation proceedings continue to increase, you may need expert witness services. There are numerous sites to help you determine what is best for your needs.
Try: Media Valuation Partners is a good site that provides media and entertainment consultations for expert witnessing for litigation proceedings.

Certified public accountant

Often times a certified public accountan (CPA) may be the only solution to your money management needs. A CPA is a financial and accounting professional who has successfully completed a specific course of study at an accredited school and has passed all four sections of the CPA examinations.
Try: E-how has a well-written description of the roles and functions of CPAs.

Royalty audit and contract compliance

Contract compliance and royalty audits are critical for anyone in media and entertainment. Contract compliance is the process by which intellectual property is checked constantly to ensure no violation against an initial contract has occurred. In like manner, a royalty audit ensures the owner of the intellectual property receives all due royalties. There are many sites that provide information on this topic.
Try: Eisner is a good site that provides excellent information and services on royalty audits and contract compliance.

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