Does end of year have you feeling squeezed and wishing you had more time? You’re not alone. The last month can be grueling on both the work and the home fronts. In the office you’re wrapping up projects, preparing year-end reports, balancing budgets and making plans for the upcoming 12 months. After hours don’t offer much of a respite given all the extra pressures that come with the holidays.
We can’t help you keep Uncle Al from talking politics at the Thanksgiving table but we can ensure your year-end Talent & Rights management activities stay on track. Here are a few tips for business affairs teams to keep in mind as the year winds to a close.
Check your Budgets
Now’s the time to review—and if necessary adjust—your end-of-year talent residual budgets. This can entail reviewing your Q4 estimates and matching against all Q4 actual usage. In addition to reviewing, you may want to ask for the most current December scheduling plans to compare against the original projections. Be prepared to update and recalculate as necessary.
For talent costs included in production estimates you’ll want to see if the production times and payroll requirements match the projections. Confirm that all session-related paperwork has been submitted and invoices received.
Then, are there any new licensing agreements that require payment to performers and timely Pension & Health contributions? Are you in contract negotiations with new celebrities? Have you authorized holding fees that need to be paid during the holidays? It’s important to look at these other line items right now so that there’s time to revise projections for December as well as get payments made on time.
A Bridge to Safety
The consequences of not being on top of end-of-year talent payroll processing are significant. If the budget is insufficient, you may accrue late payments and penalties that only compound the shortfall. But underestimations pose problems as well. If you end up with extra dollars in the budget, you’ll want to know as soon as possible so those funds can be repurposed against other projects and media opportunities.
Staying on top of it all when there’s so much else going on is no easy proposition. But AdBridge™, ER’s creative asset management solution, is the only platform that integrates Talent & Rights management with TV delivery and Video ad serving and it can take on much of the heavy lifting for you. AdBridge provides easy access to your estimates and the current billing associated with those estimates, a simple, intuitive estimating tool, holding fee notices and reminders and notifications on periodic guarantee payments coming due.
Key Dates for Processing for ER Clients
As you think about all the details that need to be submitted in order to ensure accurate and timely payments, it will be helpful to be aware of key dates for beating deadlines. All requests for payments that are required to be processed in 2019 must be received by Extreme Reach no later than Friday, December 13th, 2019. Any holding Fees that are due through Thursday, January 2nd, 2020 must be authorized no later than the December 13th cut-off date to ensure timely payment to performers. Payment authorizations received after the cut-off date will be processed in 2020.
Managing Talent & Rights effectively and efficiently is no small matter. But with ER, you have a partner that can mitigate many of the pressures and challenges, leaving you more time to figure out how to keep your relatives on good behavior.