CASE STUDY: STRUCTURE
SYZYGY’s accounting process is designed to fit production, allowing our clients to plug in easily and without disruption. We sat down with one of our client’s HOP to talk about their experience working with SYZYGY and how engaging a third party creates structure and healthy boundaries between the production company, freelancers, and clients.
The Client
A union production company founded by industry vets was looking for an accounting solution that fit their new business model. Their goal was to build a company that could produce premium films while remaining agile and adaptable in an ever-changing industry.
The HOP was managing all day-to-day accounting herself while leading a production team. The company had a bookkeeper recording all the transactions on the back end, but things kept falling through the cracks.
It soon became clear that juggling production responsibilities with accounting duties was unmanageable. They knew they needed more help, but an in-house accounting team did not fit into their lean business model.
SYZYGY offers production companies the support of an in-house accounting department without the overhead. Each client works with a team of 6 (CFO, Controller, Sr. Accountant, Accounts Payable, Accounts Receivable and Job Costing Associate) to manage the accounting on jobs and day to day transactions.
The Interview
What did you do for accounting before engaging SYZYGY?
I was doing all the day-to-day accounting and there was also a bookkeeper recording everything on the back end. The outside bookkeeper would close out jobs and handle stuff, but it was just one guy that had no real direct contact with the business.
Before working with SYZYGY did you have experience with other outsourced accounting firms?
For many years I worked as a freelancer at all the big production companies, ones that had in-house accounting and others that used outsourced accounting.
How did outsourced accounting compare to having an in-house department?
In general it makes it easier. You aren’t bogged down with inner company agenda and politics. [Out-sourced accounting] makes perfect sense to me. As a freelancer it is hard enough walking into a new company, but especially when the internal accounting department treats you like an enemy. A service company keeps it a lot safer for the freelancer and isn’t an extension of the production company. It makes [the relationship] very business, which is what it should be.
What SYZYGY service is most valuable to you?
Accounts receivable is huge. Taking that interaction of having to nag clients off of the production team is huge. I’d say that’s one of my favorite things that you do. It’s all tedious minutia of details that takes a team to track. There are moments where something may get missed and SYZYGY catches me on stuff. It is the most vital relationship.
Would you recommend SYZYGY to a colleague or friend?
Yes, especially for a smaller production company or a bigger company. Ultimately outsourced accounting is huge and some companies struggle because they can’t find or afford a full-time person. I worked for one company that had just a part time bookkeeper and you could only make check requests on Wednesday. Which didn’t work.