Who: Hackett Films
Collaborators since: 2006
Project scope: Tax & Accounting
Project Scope: Tax & Accounting
An encounter with an inexperienced accountant led James Hackett, founder of Hackett Films, to Generate’s founder Jacqui Crouch a decade ago.
“I learned the hard way the importance of having a good accountant, especially as a small business,” says James, who these days employs eight full-time staff after launching his business 12 years ago.
Jacqui helped Hackett Films to get its finances back in order, and the two companies have worked together ever since.
“From the beginning, there was a thoroughness and a level of experience that my previous accountants didn’t have,” says James.
“Generate specialises in the media and communications sector, which gives them a greater degree of empathy for our situation. The production industry is quite bespoke, and it does require a bespoke accounting approach.”
“As a creative business we inherently have ideas all the time. One of the biggest challenges is having enough resources and money to invest in our ideas, so managing cash flow is very important. Generate’s annual tax planning sessions are also really helpful.”
“It can feel like the chips are stacked against you as a small business. Tax rates for small businesses have only recently come down, and small businesses have the costs of a larger business without the larger turnover. The infrastructure required to pay eight full-time employees is the same as a company with 70 employees,” says James.
“It helps to have an accounting firm that feels more small business-centric than other accountancy firms. You feel like they’re on your side and there to back you.”
James also relies on Generate’s advice related to tax offsets, tax incentives and research grants specific to the production industry.