Tag: Entertainment Industry Accounting Firm

Consumer Fraud–Identity Theft Protection Tips

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Small safeguards can save you consumer fraud giant headaches.  Many safeguards are common sense, but in today’s information age, sometimes the sence isn’t so common.

  1. Do not readily give out personal information. For example, some restaurants request a credit card number over the phone when making reservations. Do not give it, and go to another restaurant. Your protection is only as good as their security.  Even if the restaurant’s employees are trustworthy, credit card information could be left unattended for the others to view.
  2. Be careful of copied documents or identifications. Years ago, I was asked to prove my residence in a city three different ways for my son’s baseball all-star qualification. One identification they were requesting was a copy of a driver’s license. Parents were unaware that a driver’s license number and birthdate are invaluable data for bank accounts and other privacy circumstances. If you must provide a copy of such, black out the sensitive information. The document you may be handing over may pass through many hands.
  3. Restrict access to your personal information. Passwords on computers are essential. Access to your computer can provide information to undesirable eyes
  4. Do not let anyone cash your checks without a phone call from the bank. Visit your bank and arrange to block the cashing of all checks unless they phone your cell phone. This procedure has prevented the  fraudulent check cashing four times in  five years for me. The last time, a bank called me for check cashing by a client who did not write the check. Individuals produce fraudulent checks and cash them at your bank.
  5. Do not return calls to suspicious area codes. Scammers text messages, or leave phone messages with some urgent message. They entice you to call a number that is to the Caribbean (e.g., “809” area code) and keep you on the line as long as possible. That can bring charges up to $25 per minute. I have also heard of some scams that transfer your call around the world amounting to hundreds of dollars on your bill. Be careful. Here are some other area codes.

Country Code

  • Bahamas 242
  • Barbados 246
  • Antigua 268
  • Cayman Islands 345
  • Monsterrat 664
  • St. Lucia 758
  • Puerto Rico 787
  • St. Kitts/Nevis 869
  • Jamaica 876
  • Bermuda 441
  • N. Commonwealth 670
  • Trinidad &Dominica 767
  • Tobago 868

Strategic Planning–Avoiding Sharks with a Blue Ocean Strategy

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When I hear, “Think outside the box,” I cringe. I believe that this command frustrates analytical people; they do not know what to do, or how to do it because there are no rules or assumptions.Instead, I like to tell people to use the right side of their brain – the creative side.A strategic planning approach, The Blue Ocean Strategy, facilitates this type of thinking.

Blue Ocean Strategy (BOS) is a corporate strategy and business book written by Professors W. Chan Kim and Ren© Mauborgne, of INSEAD. The strategy attempts to create an uncontested market space, and thereby make competition irrelevant. Dim & Maubourgne initially called this “Value Innovation,” in 5 articles for the Harvard Business Review published before their 2005 book. BOS is the result of a decade-long study of 150 strategic moves spanning more than 30 industries over 100 years (1880-2000).

There is no easy way to quickly describe BOS, except by example. Cirque du Soleil is a good example of a company that meets the BOS criteria (focus, divergence, and compelling tagline).For example, compare this circus to Ringling Bros. using the following factors: star performers, animal shows, 3-ring arenas, aisle concessions, theme, unique venue, and artistic dances. Cirque du Soleil concluded that the public really did not want star performers, animal shows, 3-ring arenas, and aisle concessions.In addition, star performers and animal shows were very expensive.They decided to do away with the three, but added theme, unique venue and artistic dances. This created a unique market because they were discarding what the public did not value, and added new aspects that the public would value.Instead of being in a “bloody” red ocean competing on price or quality, they could be competitive by offering a new experience for the audience.

If you are in the artistic world, maybe I can stretch this example to Paul Simon.In 1986, he could have composed music using the same style such as folk (Simon & Garfunkel), or a pop (Kodachrome).However, he used his artistic ability to expand his use of world music. In 1986 he released Grammy award-winning Graceland, which featured the groundbreaking use of African rhythms and performers. In 1990, he followed with the album The Rhythm of the Saints, which featured Brazilian musical themes. These albums helped to popularize world music as a genre.It essentially created a blue ocean for him without competition in a new genre.

Now this is not to say that every blue ocean does not turn red, because once the idea is manifested, there is a window of uncontested opportunity.So, what a business must do is continually develop blue oceans and keep ahead of the competition.

This alone will not confirm success.    To stop at a strategic plan level will only bring frustration, because the process will not be complete. In order to be successful, you must properly impliment, monitor, and alter a strategy.

How do you include social networking in your business strategy?

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I remember when I was a little boy, how I used to marvel at the futuristic gadgets that Walter Cronkite would display in the Sunday night program, The 21st Century.The program was designed around scientific advances that could re-shape our lives in the next century.The 21st Century seemed so far away to a little boy in the 1960s.But here we are.

In the 1996, my interest was piqued with Bill Gate’s books, The Road Ahead. In this book, Bill Gates predicted that we were nearing a society where financial transactions, product research, file transfers, and such could be transacted though the internet on a device the size of a checkbook.

How ironic, within the next decade, Steven Jobs would spearhead the invention of the Iphone.Users now bring up all sorts of applications including social networks like Facebook, Twitter, etc. These social networks are becoming the foundation of the new business communication.

But, how do these social networks impact business? So many businesses just stick their toe in the SN waters.  Can business really take advantage them?

The answer is a guarded “yes”.

The advantages of such networks are communication and visibility. Implemented correctly, vehicles like FaceBook, LinkedIn, Twitter, blogging, and others can enhance your company’s visibility, and draw the world to your web site.With increased visibility comes opportunity.
There is a downside to these opportunities, however. Employees can post criticism on blogs that may hurt the firm’s reputation.In addition, the opportunities with any of these networks can be a bottomless pit sapping into employees time with no immediate response.

Like any tool, the internet can be the piece of your strategy that increases your market share, if used correctly. If used incorrectly, it could be a wasteful tool.

So, here are a few basic tips when your business ventures into social media:

  1. Concentrate on building relationships, not just numbers.  It’s nice to see the numbers grow, but if many are not viable business contacts, then so what?
  2. Don’t spam people with your services.  Give them something to take home with them every time you connect.
  3. Build partnerships among those who have similar business interests, or work in a similar industry.
  4. Don’t just copy what others are doing in your industry. Set yourself apart by using your core competancies to create your own uncompetative ocean (i.e., Blue Ocean).
  5. Be consistent, be creative, but be real in your daily social networking business strategy.
  6. Write about relevant topics that concern your market place.

These six points will give you a start in developing a real social networking strategy for your business.  A very important point not listed, though is that you start today.

Personal Accounting: What to do when you are financially in over your head?

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So you just added up your credit card statements, and you got that sinking feeling. What                                                                           will I do now?

Our society is run on consumerism. We have seen in the last year, that without it, the US is sunk. But what if you spend more than you make? What can you do in personal accounting habits? Here are a few tips:

  1. Change credit cards. If you still have good credit and receive zero interest credit card teasers in the mail, it could be a good thing. Try rolling over your debt onto a zero interest card, temporarily. This personal accounting move can give you a little time in paying off the debt before accruing more interest. However, there is a danger. If you do not change your spending patterns, you will be worse off than before. Use the new card in your personal accounting strategy to eliminate your debt, not incur more. So, this means that you may have to cut up all the other cards until you arrive at a zero debt level.
  2. Pay cash and stop using credit. Pay cash for as many things as you can without running your bank balance into your overdraft account. This personal accounting strategy can really teach you how much you spend each month, and on what items. There are few things more sobering than seeing your cash disappears out of your wallet.
  3. Try to cook most of your meals. Yes, yes I know. You can’t cook. But, the internet is full of quick recipes that can make you a real chef Boyardee in no time. If you must go out, go to restaurant.com and get discount coupons, or buy an Entertainment Book. This way you could cut your dining cost in half, and still enjoy yourself. In this economy, even 5 star restaurants like Lawry’s the Prime Rib are offering deals. Look for them.
  4. Don’t borrow money from friends and family. They don’t need your problems, and it may be the last time they talk to you for a while.  This of course may not apply in catastrophic circumstances where families pitch in to help each other.
  5. Make a personal accounting cash flow statement. Schedule out your expenses each month, and consider where you can cut. Be honest with yourself. You want to be debt-free before the holidays, in which at that time you can spend responsibly on gifts.

Cash has been and always will be king.

An Entertainment Industry Accounting Firm That Saves You Money

An Entertainment Industry Accounting Firm That Saves You Money

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Whether you’re an entertainer or entertainment company, you have one thing in common: You need to spend your time doing what you do best. And that’s definitely not accounting or taxes.

Luckily, you have an entertainment industry accounting firm on your side to guide you through the complex issues facing entertainers and entertainment companies. From accounting to bookkeeping to payroll to audits, you need an experienced entertainment industry accounting firm to look out for your best interests.

How Do You Choose an Entertainment Industry Accounting Firm?

The answer is simple: Experience, expertise, and accountability.

  • Experience: With over 25 years of experience, our entertainment industry accounting firm knows what works, what doesn’t, and what you need to know to be successful. Sometimes it’s true that you have to experience it to believe it.
  • Expertise: Not every accounting firm provides services for the entertainment industry. In fact, most don’t. It’s a complex area of accounting that most firms shy away from. We don’t. As a premier entertainment industry accounting firm, we pride ourselves in our ability to not only represent but give clients an unrivaled accounting experience.
  • Accountability: It’s not a play on words. Our contracts hold us financially accountable to our accounting services. If there’s ever any issue with the IRS or other entity, we won’t just stand beside you. As your entertainment industry accounting firm we’ll go the extra mile to ensure you’re protected from any liability. What more of a safety net do you need?

 

Let’s face it: Most accounting firms don’t know the nuances of dealing with the many unique issues facing an entertainer or entertainment company. As your one-stop-shop for entertainment industry accounting firm needs, we offer:

  • Accounting and outsourced financial management
  • Bookkeeping
  • Audits
  • IRS problem resolution
  • Reviews and compilations
  • Tax services
  • Strategic Planning

The bottom line? As an entertainment industry accounting firm, we make your life easier and save you money. Whether you’re an actor, director, musician, photographer, producer, recording studio, writer, or anyone in between—or if you’re an entertainment company representing one of these professionals—your business is creative. Ours is serious. It’s about numbers. It’s about saving you a lot of money.

Choosing an Entertainment Industry Accounting Firm: What’s Next?

It starts with a phone call to 310-216-7632 or an email to RNorris@RickNorrisCPA.com. We’ll quickly see if we’re a good fit and how our entertainment industry accounting firm can make a difference to your bottom line. Visit us online at www.RickNorrisCPA.com.