Marketing and advertising
Accounting for marketing agencies
To offer effective accounting services to marketing and advertising agencies we need to understand how these creative businesses operate, from the pressure of the pitch to the frenzy of campaign delivery.
We know that keeping on top of your cashflow situation is vital in a field where typically it either takes months to get a client to sign off on a proposal, or several arrive all at once. In that context, knowing exactly what you’ve spent, what’s committed, and which payments are due when, is vital.
Our approach to accounting for advertising agencies, based on straightforward, repeatable processes, helps bring stability in a sector where no two jobs are the same.
The reliance on projects and clients also means that advertising and marketing agencies, more than many other types of business, rely on freelancers and contractors to get the job done. We can help you deal with the complications of IR35, support in staying on top of invoices and payments or even just take payroll management off your hands altogether.
Alchemy can also advise on accounting for marketing expenses. When your team is out pitching to potential clients or managing the delivery of a campaign for online, print or TV, what can they claim, and what should they not? Taking a potential client to lunch is usually allowable, for example, especially if it helps close the account.
Online accounting solutions
For agencies, just as for every other modern business, one obvious solution to many financial challenges is to get set up for cloud accounting. For agencies in particular, though, where so much of the work takes place out of the office, it makes especially good sense.
We recommend Xero as the best accounting software for advertising agencies – it’s perfect for businesses with multiple employees, and is packed with sophisticated features designed to make recording, reporting and managing your finances easy.
When it comes to accounting software for marketing agencies built around a single person, on the other hand, we suggest FreeAgent. It’s an easy-to-use, efficient package that works brilliantly for solo creatives juggling multiple marketing clients. You can use it to quickly generate professional-looking invoices, for example, and make sure clients are paying on time.
We can help with…
- Project budgeting
- Cashflow management
- Payments to overseas talent
- Marketing agency structure
- Agency payroll
- Cloud accounting setup
Get in touch
Let's talk about how Alchemy can help your business.