make a good business better

Blog Technology Solutions

Print Divider Print Divider Branding
 

Multi-Entity Entertainment Company Simplifies Financial Processes

04/04/2017

Share

Social Logo Social Logo Social Logo Social Logo

RIVR Media is a leading independent television producer with more than 100 hit shows such as Escaping Polygamy on the LMN and Renovation Realities on the DIY Network. Every show takes approximately six to nine months to complete, and includes up to thirteen episodes–each with its own projected budget and costs. Previously, the company’s finance team attempted to track all this project data in QuickBooks, which was nearly impossible even after adding hundreds of different account numbers in order to overcome the system’s shortcomings. 

“Even though we produce reality shows day-in and day-out, behind the scenes we struggled to extract reality out of the complex financial transactions that were required to manage five separate companies and dozens of ongoing projects,” said Mark Bellich, CFO at RIVR. “We knew we needed to get our accounting data out of QuickBooks and Excel, and Intacct was the perfect fit for us. It supports our multi-entity environment, gives us a single chart of accounts, makes consolidations and monthly reporting simple, and gives us full visibility into all our shows across various cable networks.” 

The company worked with LBMC Technology Solutions to migrate from QuickBooks to Intacct’s cloud ERP software, and integrated the system with Nexonia for more efficient time and expense management. 

Managing the full project lifecycle from pilot to finale
Prior to Intacct, the finance team often spent up to six hours trying to extract the right project detail when it needed a high-level summary of individual project financials. Even then, they were unable to track specific cost element details. Read how RIVR reduced this time to less than a minute!

Aiming a spotlight on RIVR’s financial reality 
In addition to gaining project visibility, RIVR’s inter-company billings no longer require eight days of manual effort to generate. Multi-entity consolidations and financial reports used to require three full days of the CFO’s time every month. Now, Bellich can get reliable monthly financials from Intacct in half a day, and close out the books three to four days faster! Download the case study to find out how.