Organizations such as Legendary Entertainment have elevated their ERP from legacy accounting solutions to cloud financial for film accounting. Cloud financial software enables entertainment companies to scale strategically as they grow rapidly, as well as adapt agilely to the ever-changing financial landscape in the industry.
The ever-changing entertainment industry caused complexity resulting in an unwieldy chart of accounts at Legendary. The account structure needed to enable the collection of nonfinancial data such as a film title, genre, and distribution channel—as well as track multiple locations, departments, and business entities. Ultimately, the chart of accounts totaled nearly a 1,000 accounts. Using cloud financial software, Legendary Entertainment has dramatically simplified its chart of accounts.
Here are some other highlights:
• Improved visibility enabled by dashboards, KPIs, and reports delivered in real time
• Automated processes eliminate manual, paper handling for AP, time and expense, or budgeting and forecasting
• Streamlined integration connects best-in-class systems including ERP, CRM, and rights management
"Accountants can get a unified, real-time view of all of their entities."
This real-time, unified view of all their organization's entities is delivered via an intuitive Web-based interface. Accountants see data at all levels from production locations to theater operations, by title, or format.
If your entertainment company needs to update their accounting systems from a maze of QuickBooks and spreadsheets to something more modern, you’re not alone. Twenty-eight percent of a recent PricewaterhouseCoopers survey respondents weren't sure what system they were accounting with, while 14 percent said they relied on Excel, showing the huge opportunity for improvement.
How are Entertainment Industry Leaders Solving These Problems?
To hear more about how Entertainment Industry finance leaders solve problems like yours, join Arxis Technology at their upcoming Entertainment Finance and Networking Event March 22nd at Legendary’s Headquarters in Burbank. Meet Legendary Entertainment’s SVP of Finance Dino Gioia in person as he shares practical advice and lessons learned in the “The Legendary Automation Story.” Space is limited, so register today by clicking here.
