December 5, 2023
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2023 Retrospective: The Leap to Financial Clarity in Production

The Wrapbook Team
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Looking back at 2023, we've focused on what matters most at Wrapbook: making your job easier. We know how demanding production can be, especially when it comes to the nitty-gritty of payroll and accounting. So, this year, we doubled down on our on-demand services, working hard to make these services mesh seamlessly with the day-to-day realities of both producers and accountants. It's about more than just processing payments faster; it's about understanding and supporting the collaboration that drives your projects forward. 

Let’s dive into the specific changes we've made this year and how they impact the way you work in film, TV, and commercial production.

🔍 The power couple: unifying payroll & production accounting 

This year, our focus was on delivering an agile, on-demand approach to production management. By merging payroll and production accounting into one unified platform, we've simplified the user experience while ensuring data syncs seamlessly in real time between payroll and accounting. This provides a clearer, faster way to account for production costs as they happen, enabling teams to analyze financials and make informed decisions faster than ever before. 

The system's versatile features, such as transaction draft modes, the ability to independently set up payroll, startwork, and accounting settings, and all-in-one payroll and accounting dashboard, empower production and accounting teams with unparalleled control and efficiency in managing their projects.

2023 Retrospective - Wrapbook - Production Accounting
Learn more about production accounting here.

The system is built to match the fast-paced nature of modern production. It empowers both producers and accountants to manage projects on their terms, with strong support available whenever needed.

🤝 Syncing commercial accounting & production 

Earlier this year, we prioritized the needs of commercial accountants and producers by seamlessly integrating Wrapbook with ERP solutions like Acumatica, Sage Intacct, Netsuite, and QuickBooks Enterprise. This integration eliminates manual data entry, ensuring error-free job cost management. By automatically pushing job costs to ERPs, commercial productions can now wrap faster, free from the hassles of manual data entry and fragmented financial tracking systems. 

2023 Retrospective - Wrapbook - ERP Integrations
Learn more about our ERP integrations here.

Additionally, our Cost Tracking and Budget Tracker features provide real-time expense monitoring, enabling more informed resource allocation decisions. 

2023 Retrospective - Wrapbook - Budget Tracker (Commercial)
Learn more about our cost tracking here and reporting here.

This has transformed complex tasks into streamlined processes, fostering collaboration between production and accounting teams to meet the unique demands of their commercial clients.

💰 Maximizing tax incentives for more money & less stress

Tackling state-specific tax incentives can be complex, but in 2023, we've significantly simplified this process for productions. We've expanded our services to key states, helping productions get the most out of their financial returns. In states like Georgia, Colorado, Hawaii, and several others, we manage the nitty-gritty details - from withholding loan-out wages and kit fees automatically with payroll to handling withholding IDs and ensuring accurate documentation and reporting. This expansion is designed to help you make smarter location decisions and choose the best payroll providers for your needs. 

To further assist with navigating these incentives, we've launched the Production Incentive Center. 

This resource is packed with up-to-date information and tools like the Incentive Finder and State Map, streamlining your search for the most advantageous incentives. These tools empower producers to quickly identify and focus on the incentives they're eligible for, optimizing both time and financial resources. Plus, our AI Chat Bot is on standby to offer instant help with any questions about incentive qualifications or comparisons.

The Production Incentive Center is your go-to resource for strategic decision-making about filming locations, helping you capitalize on the best incentives available.

Have questions about a specific state? We're here to help. Reach out to us anytime. 

🎭 Simplifying union contracts & payroll

Dealing with union agreements and payroll is often complex and time-consuming. We aim to streamline this process. Our automated payroll calculations for various union contracts, from DGA to IATSE to SAG-AFTRA, help manage detailed agreements with accuracy and compliance. 

2023 Retrospective - Wrapbook - Union Contract
See how union compliance is handled here.

We understand that the potential for errors is a concern. To address this, our system provides comprehensive payroll reports for your review, giving you the control to approve everything before finalizing payroll. Our experienced Customer Success Managers are always ready to assist with any queries or guidance needed–from contract setups to payroll reviews. 

🔐 Boosting data security & collaboration with role permissions

In the intricate world of production, safeguarding sensitive data while fostering seamless teamwork is crucial. Our 2023 update introduces a refined role-based access system, enhancing security and collaboration in production. 

2023 Retrospective - Wrapbook - Roles _ Permissions
For an in-depth look at managing role configuration and permission settings, check this out.

This system customizes access for each role, from Producers to Accountants, ensuring data security while boosting efficiency. 

A highlight is the advanced control for agents. With Wrapbook, agents can seamlessly onboard and manage payments on behalf of their clients from a singular account, giving agents enhanced visibility and control across all the talent they’re managing.

🚀 Looking ahead to 2024

Looking forward, we remain committed to addressing industry challenges and enhancing production and accounting processes. Our focus will continue to be on innovation and providing solutions that meet the evolving needs of the industry. 

If you have any questions about your next project and how we can help, get in touch.

Disclaimer

At Wrapbook, we pride ourselves on providing outstanding free resources to producers and their crews, but this post is for informational purposes only as of the date above. The content on our website is not intended to provide and should not be relied on for legal, accounting, or tax advice.  You should consult with your own legal, accounting, or tax advisors to determine how this general information may apply to your specific circumstances.

About the author
The Wrapbook Team

The Wrapbook Team consists of individuals who are thrilled about building modern software tools for creators. We’re a team of compassionate and curious people dedicated to solving complex problems with sophisticated solutions. You can find us across the U.S. and Canada.

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