Finance Binder
The Finance Binder contains all documents that present the financial aspect of the production and enable to track the history of cash flow, including initial approved budget, budget updates, cost reports, overage reports etc.
The finance binder should include:
- Line Item Budget
- Cash Flows
- Cost Tracking
- Cost Reporting
What's the difference between cost tracking and reporting?
Cost tracking is the process of monitoring expenses incurred during production. It involves keeping record of all costs incurred, including personnel, equipment, location, and supplies.
Cost reporting refers to the process of presenting the tracked costs in a summarized and organized manner for review and analysis. It typically involves creating reports and presentations that show a breakdown of expenses by category, highlighting variances from the budget, and presenting financial projections for the remainder of the production.
In summary, cost tracking is the act of recording expenses, while cost reporting is the act of presenting and summarizing those expenses.
