Accounting and Bookkeeping Challenges face by
the Media and Marketing Industry’s Business

The media & marketing industry is thought of as an industry that is fun with the agency culture and working with different brands, especially by those not belong to the sector. But what most people fail to see is that it is one of the most demanding industries, from handling multiple clients and projects to making sure their clients’ products and services are most sought. People in marketing, digital marketing and advertising agencies are working day and night to meet deadlines. While building a brand reputation for clients, most businesses end up forgetting about its vital function. To some up, here are a few of the challenges faced by the Media and Marketing Industry are -

Accounts Receivable

In the media and marketing industry, there is a significant issue related to accounts receivable. Clients’ payment, in general, is due for a long period. And for the business, it becomes negligent while trying to cope with the workload and some clients who are not diligent with payments.

Clients’ Cost

Every individual client has different costs and budgets, and at times, a specific fund is invested to the third party for services like data, media buying, etc. When there are many clients and numerous projects, business tends to mix up of funds, which is not ideal as it might cause fluctuation in a client’s budget.

Payroll

The industry relies heavily on freelancers and interns also there are full-time employees as well. During Payroll Processing, one must consider provisions related to these types of employment and make sure to comply with Federal and State laws.

How does accounting services for media marketing by Whiz Consulting Help?

We at Whiz Consulting provides the best media marketing accounting services which add value to the marketing and media business. The media and marketing industry is complex; however, if a business outsources its non-core business activity like accounting & bookkeeping function, the business can focus on performing core tasks and increasing overall efficiency. And one can achieve all these without struggling to adjust time and attention between business’ non-core tasks and serving clients.

Our bookkeeping for digital marketing agencies, media & marketing companies is great to tackle the accounting challenges of this industry. The accounting services for media marketing is specialized designed for cater to media & marketing companies need. Digital marketing agency accounting needs have also gotten complex in the past few years, considering agencies are providing a wide range of services to voluminous clients. Our services will allow you to manage your and your clients’ funds efficiently, helping you avoid any issue with clients. Our bookkeeping and accounting service will provide you with the opportunity to scale up your business.`

We at Whiz Consulting provide online accounts receivable services that allow you to be stress-free about clients’ payments and need not worry about bad debts. Along with many other services, we also provide an online payroll service, which will make it easy to perform payroll processing for all forms of employment, be it full-time, part-time, freelancers, interns, or contractual employees.

Accounting & Bookkeeping Services We offer For Media & Marketing Industry

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 Revenues, Expenses & Cash Flows
  • Planning Individual & Corporation Taxes
  • Finalizing State & Federal Taxes and Payments
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Accounts Payable

We make sure you never breach payment terms with your clients by preparing a daily, biweekly or weekly report for accounts payable and sending the same to you on time. Our outsourced accounting service covers the scanning of invoices to ensure payment terms and other processes that adhere to your company policy. It will be our responsibility to ensure that things are exactly as they should be and inform you when they are not.

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Accounts Receivable

If you are not sure how much you ought to receive from your debtors, you cannot expect your business to sustain, let alone talk about growing. It is essential to make sure you receive what the others owe you that too on time to keep that cash flow moving. It is our duty to ensure you receive money from your debtors on time. We provide this by reminding you of the overdue payments or by contacting the clients directly on your behalf.

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Financial Reporting

With years of experience working with US clients, we know exactly what is needed by the regulatory bodies and produce the same for you. We got you covered, whether financial statements, periodic reports, debtor reports, bank reconciliation reports, financial analysis reports, ratio analysis or any ad-hoc report. 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

We look after payrolls for our clients, including pay calculation, reimbursement, deduction, payslip generation, amount to be withheld for federal and state income tax, social security and Medicare contribution amount, payment of tax, and tax return preparation. We will be happy to look after all or a part of them for you. Our online accounting service will help you keep a vigilant eye on the complete payroll activity for your business.

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Business Set-Up Assistance & Advisory

We help you out in structuring your business that suggests which business structure will suit you best among Sole Proprietorship, Partnership, Corporation (C Corp, S Corp, B Corp & Non-profit) and Limited Liability Company (LLC).

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TAX Filing

With the experienced Accountant and CPA in our team who has been serving USA Clients for an extended period, we can prepare and lodge your tax returns and also planning your tax liability in the most efficient way

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Why Choose Whiz Consulting for your Accounting and Bookkeeping needs?

Whiz Consulting has been providing Accounting and Bookkeeping Services in the US for Media and Marketing Industry for an extended time now. We have in-depth knowledge of how it works. Here are a few reasons why you should choose Bookkeeping and Accounting services from Whiz Consulting-

Reduction in cost

A full-time bookkeeper or accountant expert for accounting and bookkeeping is a huge investment of both time and money. Our service in comparison is available at at least 70% less cost.

Experience

We have experience of over a decade along with technical know-how of requirements specific to the media and marketing industry. Our team is dedicated in streamlining bookkeeping and accounting for a marketing company.

Compliance

We ensure your business doesn’t commit any non-compliance. We make sure of this as we are well acquainted with accounting principles as well as existing rules and regulations prevailing in the industry.

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 can focus on your core function.

Consultation

With our service, you can avail limitless phone and e-mail consultations with experienced bookkeeping and accounting professionals, thus helping you make use of a customized plan based on your exclusive business needs.

Consistent Report

With our detailed financial reports consisting of all financial information, you can take a strategic financial decision for better marketing agency cash flow.

Frequently Asked Questions (FAQs)

Like any other business, marketing agencies also have numerous services related to their operations. Some of those services or aspects of the marketing agencies that are important for accounting purposes are:
• Budgeting- Marketing agencies deal with numerous projects, contracts, campaign biddings, and project prospects, and all these involve substantial expenses. It makes budget planning and forecasting important for the firm.
• Performance indicators- It is important to calculate and manage the key performance indicators like CLV (Client Lifetime Value), EBITDA (Earnings before interest, taxes, depreciation, and amortization), and MRR (Monthly Recurring Revenue). They help in assessing the performance of the firm and make business strategies.
• Basic accounting functions- The basic accounting functions include bookkeeping, payroll process, financial statements preparations, and tax filing.
• Cashflow of marketing agencies- Cash flow affects the operations and profitability of the marketing firm.
Accounting helps in identifying whether the marketing campaigns are successful or not. A successful campaign adds to the cash inflow or revenue of the firm. Accounting also enables the marketing firms to prepare budgets based on the financial records. These budgets are used to compare with the actual operating results and help determine the profitability of the transactions. Budget planning is also helpful in making business decisions for the firm's future.
Tracking the expenses is essential to determine the profitability of a marketing firm, and a budget plays a vital role in monitoring money spent. Some points to keep in mind while tracking the expenses include:
• Align the marketing budget with the expense trend of the firm
• Democratize the team spending, meaning allow numerous or all team members to spend the money on business requirements. But, centralize the control by allocating budgets and giving one person the responsibility to ensure all work is done within that and manage the expenses
• Create an attribution model that allows for tracking the success of marketing activities and compares them side by side. Using KPIs to measure progress and performance is also an important part of this process.
• Embrace the rules set while planning the budget but make sure to leave some room for flexibility as not everything goes the way one wants all the time
• Investing in tools and budgeting templates helps prepare budgets and efficiently track the expenses by following the template and its guidelines.
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