Overview

This standard is about recording, analysing and reporting production cost information. It involves the identification, coding and analysis of all costs as well as recommending ways to resolve discrepancies and the preparation and presentation of information in standard cost reports. You will be required to carry out this analysis on a regular basis, determined by the needs of the production and the particular stage of the production. You will also assist the production team in making sure the project can be completed successfully.

This standard is for the production accountant or their assistant.

 

Performance criteria

You must be able to:

  1. Identify and validate, cost information from internal and external sources
  2. Code, analyse and record information relating to costs
  3. Monitor trends in prices for movements, analysing movements on a regular basis and identifying potential implications
  4. Consult with department contacts to resolve any discrepancies in the cost data
  5. Compare predicted costs against actual costs and identify any variances
  6. Carry out basic analyses of variances
  7. Analyse costs for the period and the implications this may have on the final cost of the project
  8. Identify the implications of current and predicted spending on production completion within the funds available
  9. Identify how predicted spending may be re-allocated to enable discrepancies to be resolved within the overall production budget
  10. Consult specialists and crew members to identify ways to reduce costs and enhance value where possible
  11. Present cost information orally and in written reports with variances identified
  12. Identify unusual or unexpected results and report them to the production management team
  13. Provide explanations for specific variances to the production management team within required timescales, highlighting ways in which variations can be resolved
  14. Keep confidential financial information secure and do not disclose it to unauthorised people
  15. Contribute to the monitoring and compliance for the production relating to legal, regulatory, organisational and industry codes of practice

 

Knowledge Criteria

You need to know and understand:

  1. Where to access information relating to costs
  2. The value of production content and confidentiality to the business or organisation.
  3. Principles of data security and legislative requirements regarding data handling in a financial and accounting context
  4. Industry regulations, codes of practice, organisational policies, licences and legal requirements that might affect a production including social media policy
  5. The costs and expenditure in relation to cast, crew and contributors including current pay rates
  6. The costs and expenditure in relation to resources and potential cost savings for sustainable alternatives
  7. Relationships between costing systems and accounting systems
  8. How to code spends and maintain recording systems
  9. How to analyse spends and identify variances
  10. The significance of and possible reasons for variances for example, usage, price, rate, expenditure, capacity
  11. The different expenditure required for production stages, pre-production, production and post-production
  12. How to monitor movements in prices charged by suppliers and providers of services
  13. The departmental leads and specialists to consult with regarding cost reduction
  14. How to present budget information to the production team and what to include
  15. The reporting cycle of the production, including using carbon calculators for activities that contribute to the monitoring and reduction of the carbon footprint