Bookkeeping and Accounting Services
for the Media and Marketing Industry
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Accounting and Bookkeeping Challenges face by
the Media and Marketing Industry’s Business
The media and marketing industry is often perceived as a fun sector filled with agency culture and opportunities to work with various brands, especially by those outside the industry. However, what many people fail to realize is that it is one of the most demanding industries. From handling multiple clients and projects to ensuring their clients’ products and services are highly sought after, professionals in marketing, digital marketing, and advertising agencies work tirelessly to meet deadlines. While focusing on building brand reputations for their clients, many businesses overlook their own critical functions.
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 TaxPeak Accountants Help?
At TaxPeak Accountants, we provide exceptional media marketing accounting services that add value to marketing and media businesses. The media and marketing industry is complex, but by outsourcing non-core activities like accounting and bookkeeping, businesses can focus on their core tasks and increase overall efficiency. This allows them to avoid the struggle of balancing non-core tasks with serving clients.
Our bookkeeping services for digital marketing agencies, and media and marketing companies are specifically designed to address the accounting challenges unique to this industry. The accounting services we offer are tailored to meet the needs of media and marketing companies. Over the past few years, the accounting needs of digital marketing agencies have become increasingly complex due to the wide range of services they provide to numerous clients. Our services enable you to manage your funds and your clients’ funds efficiently, helping you avoid any issues with clients. Our bookkeeping and accounting services provide you with the opportunity to scale up your business.
At Tax Peak Accountants, we also offer online accounts receivable services, allowing you to be stress-free about clients’ payments and eliminating worries about bad debts. Additionally, we provide online payroll services, making payroll processing easy for all types of employment, whether full-time, part-time, freelancers, interns, or contractual employees.
Accounting & Bookkeeping Services We offer
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
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.
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.
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.
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.
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
How TaxPeak Accounting Services For Media And Marketing is Beneficial?
TaxPeak Accountants 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 Tax Peak Accountants-
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.
• 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.
