| 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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