The other week I attended an evening of cocktails and conversations hosted by the New York Women in Film & Television, an organization that supports, mentors, and guides the careers of women in film, television, and digital media. I was lucky enough to encounter Anita Katzen, a charismatic woman with an infectious laugh. Little did I know that The New York Enterprise Report named her the best accountant of 2013. Her specialty? Entertainment, of course.
She is literally a gold mine of knowledge of how to make the most of your money and how to manage it for your future as a creative professional. Read on for her invaluable advice on how to get the most bang for your buck.
Hi Anita! Thank you for taking this interview. Congratulations on being named the best accountant of 2013 by The New York Enterprise Report. You also have some amazing clients in the entertainment industry, how did you get your start in entertainment accounting?
My first job as an accountant was with a firm that had a lot of music clients. I met a talent manager and brought in the talent. I found focusing on this industry added an exciting dimension to accounting and have pursued this my entire career.
Do you have any advice for young entrepreneurs looking to build their brand and business in the entertainment industry?
This sounds like a marketing question. They should be using social media, and I believe in getting out and meeting professionals. There are many groups, either professional organizations like New York Women in Film and Television or some informal entertainment groups that meet. These are good ways to meet professionals that can help you.
You are the treasurer of the NY Women in Film and Television, an organization dedicated to connecting and supporting women in the arts, can you tell us what it’s like being a part of the organization?
I am a tax partner at Schulman Lobel specializing in entertainment clientele and business management. I became treasurer of NYWIFT this July as part of my give back to people in the industry, but I get so much from the amazing programs they produce and the great events, where I meet professionals in all aspects of the industry. They have a great board that is very supportive of women in the industry.
What’s one of your favorite stories or cases from throughout your career?
I don’t know if I have a favorite story, but I do have a focus on getting my clients to save their money. This takes me constantly giving them reasons to stop spending money on things they don’t need. This often takes years per client, though it seems to take less time these days. I am tireless in working on this for them. Many entertainment professionals don’t necessarily maintain an even living, so their money has to be put away and work for them for the slow periods.
Actually, there is one case that sticks out. I was hired by an elderly client about 15 years ago. This was a referral from an organizer. I went to the apartment and thought this woman must have lost money. She seemed so disorganized. Before I ever heard of the site for unclaimed funds, I went online and found 15 hits in her deceased fathers name. I told her these could be dividends for $1.50, but there was no way of knowing unless we did the work. She let me do this and ended up receiving over $200,000.00 that she had lost possession of.
She needed that money and that was a great feeling.
What are some of the biggest mistakes you see entertainers make when managing their money, and how can we avoid them?
When they earn large income at a young age, they have no idea how fast it can go. They often treat their friends and their many new friends and give loans out. These loans are never repaid! If they are smart enough to hire a business manager, that professional can help build a wall between the client and their money. Help set the boundaries and put the money away for them. I would strongly suggest having a spending account that has a set monthly deposit. They seem to spend what they see in the account. Out of site out of mind!
What are some key tips and tricks that entertainers and performers should know about managing their money?
Again, a business manager can be a great asset. Putting that money aside and literally teaching them about money and saving. Setting up retirement accounts, and funding them each year. It doesn’t have to be the maximum, but if they steadily do this each year, especially starting young, this can amount to a great future savings for them.
Is there anything else you would like to share with our readers?
I help all my clients with spending. They will call me upset because they want something they cannot afford! I simply tell them “ what is it you really love, going out, clothes, travel, etc.” they can always answer this. Okay you can have that, but you have to stop spending money on things you don’t care about! This seems to get through, we spend money so unconsciously today, even while we’re sleeping that debit card is working for us, with automatic withdrawals.
Where can we go for more information on you and to stay connected? You can go to our website to learn more about the firm. I have a LinkedIn page and you can reach me through that. For more information check Google: entertainment accountants NYC, and my name usually comes up.