Blog & Journal

0

How Marketing And Advertising Firms Benefit From Bookkeeping

esther.diaz May 25, 2018

Over the years, we have seen a major change of opinion among marketing, advertising and media industry about bookkeeping services. As the media industry continues to emerge as one of the fastest growing sectors worldwide, its need for financial management has grown tremendously as well. You too need to hire an accounting services team that is proficient in the specialized service areas as listed below:

  • Ongoing/continuous internal accounting
  • Assistance in coming up with processes to reconcile your employee’s billable hours
  • Preparing and sending invoices to client on a consistent and regular basis
  • Calculating with accuracy project costs and profitability
  • Employee compensation consulting
  • Preparation, review & compilation of financial statements
  • Forecast of profits or sales based on management goals
  • Outsourcing  small business controller services
  • Tax planning and compliance
  • Cash Flow Analysis
  • Monitoring revenue and collection patterns
  • Assistance with ownership and transition strategies
  • Tax Compliance & Consulting
  • Technology consulting
  • Establishing financial reporting best practices
  • Business valuation
  • Financial risk management
  • Budgeting and forecasting
  • Performance review
  • Customized periodic financial reports
  • Your bookkeeping services firm should also help you out in formulating growth strategies (whether they are mergers or acquisitions or organic growth)

Marketing Industry Niches Your Accounting Services Should Be Able To Cater To:

  • Branding companies and agencies
  • Public relations firms
  • Digital marketing firms
  • Search engine marketing companies
  • Market research firms
  • Traditional print and telemarketing undertakings

Important Aspects Of Accounting For Marketing And Advertising Function

Trial Balance Preparation

Your accounting services personnel will also prepare a trial balance after they have recorded how much money the company has spent on its core functions comprising promotional activities over a particular period of time. This is a form of data summary that enables your financial managers and team leads to ascertain the accuracy of the items that your bookkeepers debited and credited from the relevant accounts. You will easily be able to verify what recorded amounts correspond to what source documents and invoices. Your bookkeeping services provider firm can help you perform a complete review of financial statements by preparing a trial balance.

Advertising Reporting

Financial reporting related to advertising typically pertains to 2 major operating scenarios. First is in which you as a company head find out effective ways to give account of all the cash that was spent in improving the brand awareness of the company. Second is the reporting related to the methods in which you convert economic events into financial gains. In the latter case your accounting services firm will help assist you in recording advertising fees accruing to you as operating revenue and report them as an income.

Revenue Accounting

Just like expenses, the revenues accruing to your business are integral to writing down a statement of profit and loss. All the fees earned by your company from providing advertising and promotional services would amount to your revenues. These need to be recorded at the time when you deliver the service or merchandise. In case cash is not received, the receivables are kept an account of as being in arrears.

Advantum Tax and Accounting Services

800 West El Camino Real Suite 180 Mountain View, CA 94040

(650) 937-9037

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Login to your account

Can't remember your Password ?

Register for this site!

%d bloggers like this: