We score an exclusive audience with an accountant who portion out a coup d’oeil of what it means to finagle finances in the thrilling region of professional sports and entertainment . It ’s TRULY no wonder that the chance to collaborate tight with jock , creative person , and artistic production - have-to doe with organizations is a major draw for many aim controller !
Meet Teresa Polyak , a veteran professional jactitation over 23 years of experience in the account sphere . This expert has represent a various clientele , let in case-by-case creative person , band , film / telly artists , manager , and in high spirits - net - worth individuals , and has a particular passion for the realms of touring and medicine . Before finding her calling in business management , she worked at one of the top accounting house in the US and a local mid - stage firm . While traditional accounting system provided a solid basis , she knew she was also interested in exploring new opportunity that aligned with her passions . A get together with a line of work direction firm transformed everything , fueling her ebullience to apply her CPA background and account skills in exciting new way !
Are there any misconceptions about your job or the industry that you’d like to clarify for students who are considering a career in your field?
That there is only one way of life in business direction . I see two distinct route . The first is the more “ traditional ” method acting . This means the business concern coach manage general finances , pays bill , prepares reports , etc . The second is the “ concierge / boutique ” method acting . This is what I specialize in and what draw me to the business management battlefield . I work to provide tailored solutions that facilitate my clients reach their financial goal and make long - terminus wealth .
So , what does that mean ? Well , every day is unique and not at all what you would expect of an accountant . For example , there have been times when I ’ve figure out with clients while they were in the process of home remodeling . My duty were n’t just related to calculate for the costs . I also wait on with choosing the designer , architect , and general contractor . I provided advice and input on shape options and scenario . I reviewed contracts and do work with the client ’s attorney to ensure a fair concord exists , and I coordinate with the insurance to ensure that reporting was in place .
What steps did you take to enter the sports and entertainment accounting field?
I actually started in public accountancy , which give me the perfect innovation to what I do today . Analyzing situations and information , crap decisions , or provide advice based on fact all halt from the fundamental basics we learn as controller . It also taught me what I enjoyed and what I could do without . What I enjoyed the most was situations where I could employ vital intellection and creatively solve problems . From there , my entry into the entertainment space was quite uncomplicated . I start out as a junior controller preparing tax return and doing financial packages , tour support , and general job management duties .
Collaboration is often crucial in this industry. Do you work closely with agents, managers, or other stakeholders to achieve financial goals or resolve issues?
All the fourth dimension . The clients give us their finish , and as a team , the professionals work together to set up a plan so the node can reach that destination . This could mean investments , career planning , budgeting , and more .
If accounting were a music genre, what music genre would it be?
K - Everything Radio . For those understand this who grew up in cyclosis , back in the day , we had tuner post . In remote areas , one radio place would run every genre of music . This is line direction , a piece of everything every Clarence Shepard Day Jr. .
What unique challenges do you believe accountants face when working with professional athletes or entertainment professionals, compared with other industries?
Talking finance with a CEO is very different from spill finance with an entertainer . It is the business handler ’s province to deliver the information in a relatable and meaningful manner . There is a misconception that you need to be estimable at math to be an accountant . Yes , math is part of it , but it ’s not the vital component , particularly with the amount of technology available . What I have found to be the most important skill is listening to what your clients say ( and also what they do n’t say ; much can be gleaned from what is left out ) , how they say it , paying attention to what weigh most to each guest , and then finding the right way to deliver the info they require in a way that is graspable . This is the most gratifying part of the business : when you’re able to sit down with a client and show them their full fiscal life on a sheet of paper , and they get it . They get it because you found a way to make the selective information relatable to them .
What’s the most valuable lesson you’ve learned from your career in accounting?
That our responsibility is to allow for the client with all the selective information necessary to make an informed decision . It ’s life-sustaining that they know the pros and cons of the decisions they are take care to make . The bad thing you’re able to do is have them say , “ Had I acknowledge , I would have … ”
If accounting were a dog, what breed or personality would it be?
Mutt . And all personalities . When you ’re provide concierge / dress shop line direction service , everything is specialize to the client . No two are alike .
What advice would you give to students who are interested in pursuing a career in accounting but are unsure about which industry or specialization to focus on?
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This interview has been edit for distance and/or clearness .
