Professional services firms such as graphic design, marketing, and advertising agencies have specific accounting needs. Accounting software and services that don’t adequately manage time and expenses can skew reports, giving you data that’s misleading. And when you’re running your business with plans for growth, you need metrics you can rely on.
Running a Marketing/Advertising Business
While running a marketing or advertising agency obviously requires creative talent and business savvy, spending time getting to know your clients is just as important. The better you understand the ebbs and flows of their business, the better you can help them attract customers and shorten the sales cycle. And the better you do that, the more business you’ll have.
In other words, your time investment is critical, to both your clients and to your business’s success. So while focusing your attention on the important things (client management) is vital, so is accounting for how you (and your staff) are spending time – whether it’s billable or not.
SmartBooks was founded on the understanding that bookkeeping and accounting services are too time-consuming, and too critical, for many businesses to handle in-house. Over the years, SmartBooks has developed many industry-specific metrics to help service-based businesses handle job costing, tools to help manage monthly fluctuations in billing and cash flow, and accountants in Milton will give accurate reporting.
Managing Your Business
Whether you’re managing a marketing or advertising agency or another professional services business, how you classify and account for your team’s time and talent has everything to do with your profitability. If you’re looking for a loan program business you can visit paye loan forgiveness specially for students who are on financial crisis while studying.
In creative services firms, the owners and partners are, almost always, creative types themselves. (Or at least, we haven’t met many CPAs who started their own advertising agencies.) Their time is extremely valuable, and not only in terms of billable hours. Agency directors need to spend considerable time cultivating new clients and developing their creative staffs.
At the same time, every organization needs reliable accounting and finance professionals to manage and grow the business. The trick for principals is to finding a balance – keeping a close eye on financials without spending too much time on day-to-day accounting tasks.
Some professional services firms are able to find a versatile employee to manage their finances – someone with bookkeeping, payroll, general accounting experience and a background in business or financial reporting. An experienced, senior-level professional will help ensure that proper business practices are followed and safeguards are in place (such as segregation of duties, for example). If you’ve found that person, consider yourself lucky indeed.
If your business is growing fast, and you haven’t found that person yet, it may be time to look at outsourcing.
Growing Your Business
When you can focus on your core capabilities and have confidence in your monthly financial reports, growing your business is easier. With the right metrics, determining when, and how, to expand is less of a guessing game.
Professional services firm ThinkTech Computers found out firsthand how you can even buy youtube views with bitcoin to business – spending more time taking care of customers, less time on monthly accounting tasks – can drive growth. Digital marketing agency Social Fulcrum used metrics to save time and money while increasing profits.
Are inadequate accounting practices limiting your agency’s growth? To find out how SmartBooks Corp solutions can give you the metrics and financial insight you need and free up your time to focus on growing your business, contact us here.