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Challenges Face By Businesses In The Media And Marketing Industry

The media & marketing industry might seem like a fun industry with agency culture and working with different brands. This is how most people perceive the media and marketing industry. But unfortunately, people fail to see that people in the industry are struggling with is handling multiple clients and projects. Every agency, digital marketing, marketing, and advertising, works day and night to ensure their clients' products and services are most sought after. A business is so engrossed in this primary function that other functions are most of the time neglected. Accounting and bookkeeping is one such function which is vital and some complexity as we.

A few of the accounting and bookkeeping challenges faced by the media and marketing industry are -

Accounts Receivable

Media and marketing businesses always face issues with the accounts receivable. In this industry, the clients' payment is due for an extended period. This is because a business typically has many clients at one time, and it neglects the accounts receivables. Also, at times the clients are not diligent with payments.

Clients’ Cost

There are many services offered by the media and marketing agency, and few services involve the expenditure on third-party services like data, media buying, etc. And it gets pretty complex when a high number of clients is involved as there are chances of mixing up funds. This is not ideal as it might cause fluctuation in a client's budget.

Payroll

The media and marketing industry relies highly on freelancers & interns, and they must consider this in payroll processing. And you have to be aware of payroll provisions, and while you are at it, you must comply with existing laws and regulations.

How does Whiz Consulting Help You Tackle these Issues?

If you search for the best media and marketing accounting services, you can rely on Whiz Consulting to add value to your business. While media and marketing are complex, non-core business activities like accounting & bookkeeping can be outsourced. Outsourced accounting services for media and marketing help the business perform core tasks while increasing overall efficiency without struggling to adjust time and attention.

Our online accounts receivable services will allow you to be stress-free about clients' payments. Once our accounts receivable system is in place, there is no need to worry about bad debts.

We also provide online payroll services helping take care of the menial task of recording, maintaining, and paying different types of employees, be it full-time, part-time, freelancers, interns, or contractual employees.

At Whiz consulting, we provide media and marketing bookkeeping services that will allow you to manage your and your clients' funds efficiently, helping you avoid any issues with clients. We use the best accounting software for advertising agencies, digital agencies, and other marketing agencies. We also conduct bookkeeping for digital marketing agencies, advertising agencies, and other media & marketing industry sectors. Our accounting & bookkeeping for digital marketing business is particularly in high demand among the clients in the United Kingdom. We offer you the opportunity to scale up your business with our bookkeeping and accounting service.

Accounting & Bookkeeping Services We offer

Bookkeeping Service

We provide the following bookkeeping services –

  • Bank & Credit Card Reconciliation
  • Accounts Receivable & Payable Management
  • Payroll Calculation & Tax Payments
  • Inventory Management & Reconciliation
  • Monthly Financial Statements
  • Financial Ratios Reporting
  • Budgeting Quarterly/Yearly
  • Cash/Revenue/Expenses Forecasting
  • KPI Reporting
  • Strategic Advice on managing revenue, expenses, cash flow
  • HMRC VAT Filing
  • Preparing & Planning for taxes
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Accounts Payable

We provide daily, biweekly, or weekly Accounts Payable reports as per your requirement. This ensures that you never breach payment terms with your clients. Our outsourced accounting service covers the scanning of invoices to make sure payment terms and so forth that adhere to your company policy. We will make certain things are exactly as they should be, and it is our responsibility to raise a red flag with you when they are not.

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Accounts Receivable

Accounts Receivable is a vital part of any business; without it, you cannot expect your business to sustain, let alone talk about growing. You need to be sure how much you must receive from your debtors and how much others owe you while ensuring this is done promptly to keep that cash flow moving. We remind our clients of the overdue payments or by contacting the debtors directly on the client's behalf to ensure that our clients receive money from the debtors, which is done in time.

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Financial Reporting

We know exactly what is needed for UK Accounting and the requirement of regulatory bodies, and we can produce the same for you as we have years of experience working with UK clients. This includes Periodic Reports, Income Statement Analysis, Profit & Loss, Balance Sheet, Ratio Analysis, and much more. We also connect with you chartered accountant and make sure everything is there as, and when he wants, you can trust us with your financial reporting requirements and make sure you adhere to all UK GAAP standard.

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Payrolls

Whiz Consulting's outsourced payroll services include receipt and analysis of payroll data, reporting the payment of payroll taxes, issuing payment and reports to employees, and reporting data to end-user. We look after biweekly, weekly, or monthly payrolls for our clients, including PAYE, Pension Contribution, National Insurance, Tax Calculations, HMRC, and Deductions, along with emailing salary slips to employees. Let us help you by keeping a vigilant eye on the complete payroll activity for your business with our online accounting service.

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TAX Filing

With our team of experts, we will take care of all tax compliance like VAT, HMRC, etc. With our experience of handling United Kingdom accounting and bookkeeping, we can prepare and lodge your tax returns for any business. We also provide tax advisory services and assist our clients in planning tax liability in the most efficient way.

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How Whiz Consulting's Accounting Services For Media And Marketing is Beneficial?

Whiz Consulting has been providing accounting and bookkeeping services in the UK for the media and marketing industry, and we have in-depth knowledge of how the industry functions. If you are looking for Bookkeeping and Accounting services, here is why you should choose us -

Cost Reduction

Our service will cost you 70% lesser than hiring a full-time bookkeeper or accountant expert for accounting and bookkeeping. Also, with our service, you will have a pool of resources under one roof.

Decade long Experience

Our experts have experience of over a decade and technical know-how of industry-specific requirements. We will streamline accounting for a marketing company and help you maintain error-free bookkeeping systems.

Compliance

We are well familiar with the accounting principles and existing rules and regulations prevailing in the industry. So we can help you to be compliant with the laws and legislation.

Business Growth

We help your business grow by taking care of your vital function while focusing on your core function. We help you with accounting for a marketing company and complex bookkeeping functions.

Consultation

We provide constant consultations with expert bookkeeping and accounting professionals to help you customise your plan based on your exclusive business needs.

Consistent Report

We provide regular detailed financial reports for all the financial information. These reports help you in making strategic financial decisions for better marketing agency cash flow.

Frequently Asked Questions (FAQs)

Following are some accounting tips for media and marketing agencies that help a firm in increasing its profitability are:
• Keeping track of everything related to the business in financial terms
• Make sure to revisit the books on a weekly or monthly basis
• Reporting the activities and time spent on every activity
• Determine which projects are profitable and cost-efficient- Some of the reports to keep in mind while finalizing the projects are the balance sheet, profit & loss account, and staff utilization.
When it comes to media and marketing agencies, there are numerous services that an accountant offers, such as:
• Bookkeeping- Recording all the transactions and managing them daily.
• Managing the accounts payable and accounts receivables- Identifying, recording, and managing the payables and receivables accordingly and accurately.
• Inventory management- In marketing business means handling the workforce, equipment, software, and plant.
• Payroll services- It is important to track and manage the payroll services related to the employees.
• Preparation of financial statements- Financial statements are prepared based on the records managed, and it helps in representing the financial performance of the business.
• Accounts management- Preparation of financial reports based on the financial statements for the business owners and other stakeholders.
• Tax filing- Filing the tax and tax returns is one of the most important services provided by the accountant.
The top marketing mistakes made by most the media and marketing agencies include the following:
• Incorrectly mixing the funds in other accounts, causing incorrect information in the financial books
• Inconsistent invoicing of the services provided may result in missing some payments from the clients
• Setting too long payment terms leads to delayed payments, which can cause cash flow issues.
• Poor cash flow management leads to a cash flow bottleneck situation, making it difficult to handle the inflows and outflows.
• There are numerous tax deductions and credit benefits offered while filing the tax and tax returns. Not availing these benefits means paying an excess amount for taxes than is required.

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