One of the most commonly asked questions a producer or financier has for us when evaluating film tax credit financing is "How long will it take for us to receive the proceeds?"
Though answering that question isn’t always easy, there’s no question that digitizing files will dramatically cut the turnaround time. Consider the following benefits:
- EASE OF RETRIEVAL. Digital files are accessible from any smart device and can facilitate the tedious task of pulling production files for the final application—which means timely responses to audit questions or CPA requests. Quicker CPA review = quicker receipt of a state’s tax credit certificate = less accrued interest on your financing!
- INSTANT ACCESS. Producers are often globetrotters: One week they’re local, prepping for a TV show; the next, they’re at an international film festival selling their latest feature. Digital files offer stakeholders secure access to production files anytime, anywhere—and they won’t expire or (worse) get lost.
- STORAGE SAVINGS. Paper takes up space—and sometimes a lot of it, at a hefty cost. With virtually no cost for electronic storage, digitizing production files from the onset is an effective—and economical—solution. And the trees will thank you!
At GreenSlate, we make every effort to be 100% DIGITAL. Everything—from payroll timecards to checks to vendor invoices to petty cash—is stored digitally from prep day one.
Back to the original question above: When can you expect your cash when working with GreenSlate software and engaging our tax incentive services? We average 3.5 months to receive funds, assuming coordination with a third-party CPA firm and timely filing of tax returns (where applicable). An additional benefit: Assuming final qualified costs are not 5% higher or lower than the original estimates, you can expect 99.5% accuracy of the final refund compared to the original estimate when GreenSlate handles your post production accounting as well.
Have questions? Contact Michele Miller for any tax incentive inquiries. And make sure to check out our tax incentive calculator and state comparison tools as you are exploring locations for your next production!
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