Spotlight: Chanchal Panwar, Partner, Production Accounting

Production accountants are the financial powerhouse behind every successful production. From navigating complicated incentive and regulatory guidelines and managing complex budgets to getting everyone paid on time, it’s a huge responsibility.
 
Entertainment Partners (EP) is dedicated to helping production accountants simplify and streamline their production finance processes while providing expert guidance every step of the way. Chanchal Panwar, Partner of Production Accounting at FLB Accountants (an EP company), leads that charge in the UK.

With numerous finance and entertainment accounting roles to her name, Chanchal brings a wealth of specialised knowledge and unique experience to EP. In this article, she shares the story of her career path, offers insight into her life as an accounting expert, and explains the many ways Entertainment Partners helps global productions to successfully manage their budgeting, payroll, incentives, taxes and cash flow.

Merging finance and film to pursue her dream role

Chanchal started her accounting career at a mid-tier accounting firm in Melbourne, Australia, where she specialised in supporting high-net-worth individuals and family groups. “I had several clients who worked in media, and I was fascinated by the industry. I always loved film and TV—it's something I've been passionate about for as long as I can remember. When I moved to the UK, I thought, you know what? Let's pick a dream career.”

After four years at one of the largest global financiers in film and TV project financing, Chanchal transitioned to FLB Accountants, a UK-based accounting firm with specialised services in the media and entertainment sector, which was acquired by EP in 2022.
 
“It was kind of fate,” Chanchal reflects. "I gained a firsthand understanding of what it's like to be a stakeholder on the financier side. I've seen how decision makers operate and what they find valuable. I also gained insight into what production accountants need to be successful.”
 
Operating as an accounting end-user working with payroll service providers and budgeting tools, Chanchal gained a deep understanding of the pinch points for productions. “Because I’ve had a holistic view of the production accounting lifecycle, I understand the challenges EP helps solve and the many ways we can support production finance teams and make their job easier,” Chanchal says.

EP’s experts offer top-tier support for global productions

Today, EP offers end-to-end accounting services, with a particular focus on post-production and beyond, to streamline the incentives process and help productions to stay compliant with local regulations. This is particularly beneficial for productions shooting in both the US and the UK, which brings added complexities of navigating payroll, incentives and compliance across two financial ecosystems.

"Having the connection between EP’s UK and US teams is incredibly beneficial," says Chanchal. "We provide productions with the peace of mind that their payroll, guild obligations and reporting are being handled correctly, no matter where they're shooting."
 
Benefits of working with EP include:

• Cross-border payroll and compliance: With EP’s US and UK teams working closely together, productions can confidently manage guild payrolls and reporting requirements, minimising administrative burdens.
• UK-specific expertise: Productions shooting in the UK benefit from EP’s knowledge of local incentives and regulatory frameworks, ensuring financial accuracy and compliance with tax and employment obligations.
• Integrated technology: EP’s integrated production accounting tools, including Movie Magic Budgeting, SmartAccounting and SmartPO, streamline financial processes by eliminating the need to rekey data.
• Streamlined incentive receipt: EP's in-house Accountant Services and Incentives teams work together to streamline the incentives process, speeding up receipt of funds and reducing borrowing costs. 

SmartAccounting also has built-in functionality to help productions manage cash flow, which is essential for the UK incentive. Chanchal says: “SmartAccounting has so many checks and balances. Being able to tag all your expenses to make sure that you're meeting the threshold required for regional spend or for a particular incentive is really important.”

Proactively catching overspend is another huge benefit of EP's SmartAccounting solution. “Say you budgeted to spend 70% in a territory but have already spent 80% because of creative changes,” says Chanchal. “Our technology helps you flag that to production as early as possible so you can consider the impact it will have on post. Having that information readily available helps you to make informed real-time decisions.”
 
When it comes to UK producers shooting in the US, having a connection to US paymasters who know all the guild payroll regulations and reporting requirements is a huge advantage. “We get a lot of questions about running US guild payroll in the UK, and the team at EP stays up to date on each and is knowledgeable about any changing rules,” says Chanchal. “We’re the ‘phone-a-friend’ you can call with any questions.”

One size doesn’t fit all: Catering to unique production needs

In addition to holding multiple accounting roles, Chanchal has worked on all types of production. From high-end television and scripted features to indie films and documentaries, she knows firsthand that each comes with its own set of financial challenges.

"The biggest difference is scale and timeline," she notes. "A high-end TV production might span six months, while an indie film could wrap in just a few weeks. Documentaries often span years. That timeline influences everything from cash flow to financial reporting."
 
“High-end television shows and major motion pictures typically follow the relevant union agreement, so having knowledge of those rates is critical. Indie films have more flexibility but they also have tighter budgets, requiring accountants to maximise incentives and resources,” Chanchal explains.
 
As for timelines, she says: “For longer projects, like documentaries, you have to maintain strong processes, record keeping, and controls for a long period of time. For short projects, getting all information from crews in a timely and consistent fashion is key.”
 
Regardless of the production type or size, EP is ready to provide the solutions and support you need for your project. Chanchal says: “We understand every production is unique, and our job is to adapt, tick the right boxes and tailor our solutions to meet your specific needs.”

Expert tips for a smooth production

What is the most important piece of advice Chanchal gives to clients? Involve an expert accountant as early as possible. "Having a strong financial process from the beginning sets the foundation for success. Good habits lead to good reporting, which leads to better decision making," she explains.

“Requirements for UK productions are very different from US productions. The taxes are different. Processes are different. Record-keeping requirements are different, and the laws that govern our accounting practices are different. Management of UK-specific taxes, like VAT, can also have a huge impact on your bottom line and cash flow.”
 
Common misconceptions about UK tax incentives can also negatively affect budgets. The ‘used and consumed rule’ is one such example, with many assuming that only costs from UK-based companies can be claimed. "It’s important to understand the nuances. Productions can leave money on the table simply because they didn’t check with an expert early enough.”
 
She adds, “Having someone with UK expertise to advise your production throughout filming is really important from a governance perspective. It also frees up producers and production companies to focus on the end goal, which is where their time is better spent.”

Think outside the spreadsheet: Smart software is the future

Chanchal anticipates production accounting will become more standardised and integrated as the industry evolves. "There’s less room for variation in accounting methods as productions become more global. The expectation from financiers is consistency across the board."
 
The scope of the role is changing, too. “As creators evolve from broadcasters to corporations and tech companies, production accountants’ responsibilities expand, too,” Chanchal explains. “Now, you have to do month-end reporting, look at a wider cash flow and be able to evaluate a balance sheet as a whole and make informed decisions.”

EP’s technology suite is at the forefront of this transformation. "Integrating budgeting, payroll and accounting tools is a game-changer. With digital solutions, we can eliminate manual entry, reduce errors and provide real-time data that helps you make confident decisions. That’s where the industry is heading."

Driven by passion and creativity in every facet of life

Beyond her professional expertise, Chanchal is a passionate creator. "I love making things—knitting, painting, jewelry making. That’s my way of bringing creativity into my life outside of work."
 
She is also committed to supporting the next generation of production accountants and financial controllers. This includes playing a key role in EP’s partnership programme, working with leading UK training organisations such as the Production Guild of Great Britain, the Royal Television Society and the London Screen Academy to help upskill production finance professionals.

"Accounting is often seen as black and white, but in production—it’s anything but. I love showing production accountants how technology can solve the problems they've been facing for years. When they realise they can streamline processes and spend more time on value-add activities, it’s incredibly rewarding."
 
Chanchal stresses the importance of organisation, patience and communication for others looking to build a successful career in the field. "We work with every department on a production, not just accountants. Being able to translate financial concepts into clear, actionable guidance is a huge part of the job. We’re part accountants, part educators."

Behind the numbers, ahead of the curve

Whether she's supporting a blockbuster feature or an indie gem, Chanchal is committed to partnering with the UK industry to help shape the future of production accounting. Her deep expertise—paired with EP’s powerful tools and global reach—provides productions with everything they need to manage a successful project.

“At the end of the day, it’s our job to help productions run smoothly,” Chanchal says. “When the financial side is handled correctly, creatives can focus on what they do best – telling great stories.”