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Accounting and Bookkeeping Challenges face by Businesses in
the Media and Marketing Industry

People have this notion that the Media & Marketing industry is fun with the agency culture and working with different brands, and so on. But what most people fail to see is the struggle of handling multiple clients and multiple projects. Digital marketing agencies, marketing agencies, advertising agencies work day and night to ensure their clients' products and services are most sought. But these tasks take up most of the time and attention of a media and marketing business owner. While building a brand reputation for clients, an organisation ends up forgetting about its vital function.

A few of the challenges faced by the Media and Marketing Industry are -

Accounts Receivable

One of the major advertising agency accounting issues is the accounts receivable. With the number of clients, the media organisation is dealing with it at times, neglecting its account receivable. There are times where the clients' payment is due for an extended period. And sometimes, it is clients who are not diligent with payments.

Clients’ Cost

According to the type of services offered by the media and marketing agency, specific funds are invested to the third party for services like data, media buying, etc. With the high number of clients, there are chances of mixing up funds which is not ideal as it might cause fluctuation in a client's budget.

Payroll

When we talk about payroll in the media and marketing industry, one must understand that the industry relies highly on freelancer and intern. And so, one must be aware of these provisions, and while you are at it, you must comply with Federal and State laws. So, the payroll process is quite cumbersome.

How Whiz Consulting Help You Tackle these Issues?

Whiz Consulting provides the best accounting & bookkeeping services for the marketing and media industry, adding value to your business. Media and marketing is a complex industry, and outsourcing non-core business activities like accounting & bookkeeping can be a game-changer for your business. It will help you focus on core tasks and increase overall efficiency without struggling to adjust time and attention between business' non-core tasks and serving clients.

We provide online accounts receivable services that allow you to be stress-free about clients' payments. Once an account receivable system is in place, you need not worry about bad debts.

We also provide online payroll services, which will relieve you from the menial task of recording, maintaining, and paying different types of employees, be it full-time, part-time, freelancers, interns, or contractual employees.

Whiz consulting also allows you to efficiently manage your and your clients' funds, helping you avoid any issue with clients. Our bookkeeping and accounting service will provide you with the opportunity to scale up your business.

Accounting & Bookkeeping Services We offer For Media & Marketing Industry

Bookkeeping Service

We provide the following bookkeeping services –

  • Bank & CC Reconciliation
  • Payable & Receivable Function
  • Payroll Calculation & Tax Payments
  • Inventory Management & Reconciliation
  • Monthly Financial Statements
  • Financial Ratios Reporting
  • Cash Flow Forecasting
  • Preparation and Lodgement of BAS & FBT
  • Budgeting Quarterly / Yearly
  • CFO Advisory Every Monthly
  • Planning of Taxes
  • Cash/Revenue/Expenses Forecasting
  • KPI Reporting
  • Strategic Advice on Managing Revenue, Expenses, Cash Flow
  • Lodging Income Tax Return
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Accounts Payable

We prepare a daily, biweekly, or weekly report as requested for accounts payable and send the same to you so that you never breach payment terms with your clients. In addition, our outsourced accounting service covers the scanning of invoices to make sure about payment terms and so forth that adhere to your company policy. We will make sure that things are exactly as they should be, and we will make it our responsibility to raise a red flag with you when they are not.

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Accounts Receivable

You cannot expect your business to sustain, let alone talk about growing if you are unsure how much you ought to receive from your debtors. You also need to make sure you receive what the others apart from the debtor owe you while ensuring that it is done promptly to keep that cash flow moving. We ensure that our clients receive money from the debtors on time, either by reminding clients of the overdue payments or contacting the debtors directly on your behalf.

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Financial Reporting

With years of experience working with Australian clients, we know exactly what is needed for Australian Accounting and regulatory bodies' requirements. We can produce for you Periodic Reports, Business Activity System (BAS), Income Statement Analysis, Profit & Loss, Balance Sheet, Ratio Analysis and much more. So you can trust us with your financial reporting requirements, and we can even get in touch with your CPA and make sure everything is there as and when he wants.

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Payrolls

Outsourced payroll services at Whiz Consulting include receipt and analysis of payroll data, reporting payroll taxes, issuing payment and reports to employees (pay slips), and reporting data to end-user. We look after biweekly, weekly, or monthly payrolls for our clients, including PAYG, Superannuation, Tax Calculations and Deductions, and e-mailing salary slips to employees. In addition, our online accounting service will help you keep a vigilant eye on the complete payroll activity for your business.

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Business Activity System (BAS) Preparation

We have been providing accounting and bookkeeping services in Australia for a long time now. So we understand and know the mandatory regulatory filings like BAS, and we can prepare BAS returns for our clients, which their CPA's or BAS agents can file. So you can count on us for the accuracy of these statements, and we will make sure these statements are prepared well before due dates.

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BAS /FBT Lodgement

We are proficient in filing yearly, quarterly or monthly BAS & FBT returns with the ATO. We can also calculate and pay PAYG and FBT amounts. Therefore, you can rely on us for the accuracy of these statements, and we will make sure that these statements are prepared and lodged well before due dates.

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TAX Filing

Having dealt with clients in Australia for over a decade and having a highly experienced Australian CPA in our team, we can prepare and lodge your tax returns, be it for Companies, Trusts, Partnerships, or Individuals. We also advise and assist our clients in planning tax liability in the most efficient way.

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Why Choose Whiz Consulting for your Accounting and Bookkeeping needs?

We at Whiz Consulting has been providing Accounting and Bookkeeping Services in Australia for Media and Marketing Industry and have in-depth knowledge of how it works. If you are looking for Bookkeeping and Accounting services, here is why you should choose us -

Reduction in cost

Hiring a full-time bookkeeper or accountant expert for accounting and bookkeeping will cost you 70% more than hiring our service, where you will have a pool of resources to assist with your expert knowledge.

Decade long Experience

With the experience of over a decade and technical know-how of industry-specific requirements, our team will streamline accounting for a marketing company and upsurge overall productivity and lower down taxes.

Compliance

Our team are well familiar with the accounting principles, standards, law and regulation prevailing in the marketing industry. Also, we keep up to date with any new laws and rules to help your business stay compliant.

Business Growth

Our accounting services in the media and marketing industry can help your business set apart from the crowd and grow to its potential as we take care of your vital function so that you focus on your core function.

Consultation

We provide unlimited phone and e-mail consultations with experienced bookkeeping and accounting professionals, and we can modify a plan for you based on your exclusive business needs.

Consistent Report

Regularly view detailed financial reports of all the financial information. These reports help you take a strategic financial decision needed for better marketing agency cash flow.

Frequently Asked Questions (FAQs)

The requirements of accounting for a media and marketing firm include:
• Payroll or salary- An accountant focuses on preparing simple and affordable payslips with bonuses and compensation plans for the employees.
• Accounts payable- It includes the payables related to the business transactions like the amount due to be paid by the firm's customers.
• Manage the liabilities- Liabilities of the firm include payments to be made to the clients and third parties like banks and other institutions.
• Preparation of trial balance and financial statements- The trial balance records the current expenses and incomes of the business to determine the business position for a particular year. Other financial statements like P&L accounts and balance sheets are prepared with the help of information provided by the trial balance.
• Yearly budgets- Budgets prepared on an annual basis lay a plan on how much is to be spent on the business in the particular year. These budgets help compare the actual expenditure and determine what is working successfully and what is not.
• Financial reports- Financial reports are prepared based on the financial statements and the results of comparing the budgeted and actual expenses. These reports enable the business to plan strategies and make business decisions.
The accounting process for a digital marketing firm involves numerous functions on different levels. The functions that help the accounting process to work include:
• Invoices and accounts receivables
• Bill payments and accounts payables
• Accounts reconciliation
• Identifying the transactions coming through the business activities
• Reporting the expenses
• Payroll processing
• Financial statement review
Some other steps that help in the accounting process of a digital marketing firm are tracking the clients and profitability of the projects, payments to freelancers and influencers working for the firm, and taxes on the services provided by the firm.
Charts of accounts are used in the accounting software to record the transactions related to various accounts that need to be managed by the business. A chart of accounts refers to all the accounts needed by a media and marketing firm to categorize its business activities. When the chart of accounts is integrated with the Function point, it helps understand which firm functions are profitable and need improvement.

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