Moneypenny grows services to SA film industry

Comments Mazole director, Johanna McDowell, "Mazole Holdings has invested in Moneypenny Services as the brand and its niche products and services are well-established in the international market place, with a strong 25 year heritage. The Goldfinger software is continuously innovated and updated and represents a core income stream within Moneypenny. This adds to the attractiveness of the company as it ensures that there is a sustainability factor that supports the growth and development of an exciting role player in the South African film and entertainment services industry."

Murray's appointment comes at a time when production houses are trying to manage the complexities of being employer of record, fulfil the reporting requirements of co-production treaties and the dti rebate, and financially manage ever-squeezed production budgets.

Corden describes Murrary as an all-rounder in the financial services arena, as well as a "seasoned production accountant with the broad experience needed to help us grow our business".

Initial focus

Murray's initial focus will be on training production accountants to use Moneypenny's accounting and payroll software and enabling them to get into the field and gain first-hand experience - all with a view to addressing the current shortage of specialised production accountants.

Says Corden, "Training has always been a significant part of Moneypenny's service offering, but this needs to be embraced by the production companies and Moneypenny needed the support of a strong manager. Now, with Betty based in Johannesburg where there are significant opportunities for training accountants on the job, we can really make a difference and give experienced accountants the film experience needed to help meet the increasingly demanding financial reporting requirements."

"In the past the role of production accountants in the SA film industry has been filled by bookkeepers who have done their best to produce financial records in a creative environment," adds Murray.

"The need is now for versatile, respected, professional production accountants who can bridge the gap between meeting the needs of film producers, operating within legal requirements of financial laws and GAAP, as well as the demanding reporting requirements for co-pro's and the DTI rebate, and to provide assurance for international investors."

Raise the level of expertise

Murray believes that Moneypenny, with its well-established systems, support and user-friendly, dependable software will raise the level of expertise in this field, bringing local production accountants in line with international standards.

She says, "Having worked through Moneypenny on Jerusalem Entja, I appreciate the value to a production accountant of the support systems, and, as importantly, the value of that support to the producer. The support may not always be visible to the producer even though it is integral to a smooth running accounts department.

"Too often, the financial management of a production is seen as an opportunity to cut costs by hiring accountants with no industry-specific experience. However, with the new co-production environment and the complicated financial reporting that goes along with that, an experienced production accountant that understands all the various financial implications will be vital, " she concludes.