Essential Guide to Film Budgeting and Film Production Accounting Software

October 17 03:35 2018

One of the crucial parts of the filmmaking process is proper budgeting. If you have dreams of a successful career in movie production, then you need to have film budgeting tips on your fingertips. There is software that can assist run the pricey side of budgeting such as Showbiz Budgeting and EP Budgeting. The following are some basics you need to understand the process of film budgeting.

What are the Phases of Film Production Budget?

There are two distinct phases in movie budgeting. The first phase is the preliminary film budget which is primarily meant to raise finances for the budget. It is usually not detailed and only provides the TS or top sheets which sums the accounts and highlights possible costs. The second film budget takes place after finances have been secured. In this phase, costs are finalized hence it becomes more complicated. The Film Budgeting process can be in the form of templates or guide as listed below.

Going digital when planning your film budgeting can speed up the entire process. Budgeting software can be fast, accurate, and easy to use. Various companies such as Greenslate provide payroll solutions, digital start work, customizable reporting options and digital time-card solutions that can save you time. However, the following film budgeting guide can help you understand the direction your project is taking.

Comprehensive Film Budgeting Template

Begin with Film Budget accounts – The genre and type of project play a massive role while structuring your accounts on the budget breakdown. To be on the safe side, ensure that you also budget for the worst case scenarios. You can be optimistic, which a great thing, but always stay put for anything that can go wrong.

Budgets require prep days – These are the days outside the actual shooting when the crew prepares to shoot. You need to allocate at least a day or two for the G&E and the cameramen. The rest of the crew would require even more time.

Account for the overtime charges – Usually, overtime hours are billed twice after 12 hours. When not budgeted for these can result in huge overcharges.

You also need production insurance – This type of insurance covers the production in case of loss or damages. It is essential to enable you secure locations, permits and even rented gear. The crew is also covered in case there is an injury.

Know if and when to involve film budget software – While using the budgeting template can be worthwhile, movie budget software such as Movie Magic budgeting can help you calculate percentage-based fees, account grouping, and dealing with multiple currencies.

Analyze your sample film budgets – Each film budget is special and unique. You can be able to find various sample budgets related to your budget to understand the scope. You are free to use budgeting software such as Movie Magic to assist you to organize and plan your costs. You can go here to learn more about budgeting software and how essential they can be to your project.

Finally, wrap it up. Film budgeting is cumbersome, and if you are meek-hearted, you better not try it. There are numerous focal points you need to take note. There is a lot to learn and cannot fit on one single article. This guide should help you have a starting point. Different budgeting projects vary greatly hence no single budget can account for all.

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