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As well as setting up a realistic budget, you
must be able to control it, and once set it must be adhered to as
strictly as possible. Financial control and reporting form a huge
part of any production whether for television or new media, and
in order to sustain effective financial control there must be a
good system in place that suits you. This is usually in an electronic
format and is updated on a daily basis, but it should also be available
on paper whenever necessary.
It is important to be able to access budgeting
information at a moment's notice so that the director or producer
can see the exact incomings and outgoings on a project. Usually
one person is responsible for the consistency and accuracy of financial
control on a project and that accurate records of payments in and
out are kept. All payments should be authorised, including petty
cash.
If you are employing freelancers it is important
to ensure that invoices are paid quickly and that payments are budgeted
for. It is essential to check that freelancers are claiming the
agreed fee and that they have completed their work in a satisfactory
manner in accordance with their contract.
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