5+ Best Accounting Software for Advertising Agencies

Accounting software can provide significant advantages to marketing agencies, from streamlining financial management to improving financial transparency. However, it’s essential to consider your specific needs and circumstances when choosing software. With cloud-based accounting software, your team can access financial data anytime, anywhere.

Your business deserves a top-of-the-line accounting program that does everything you want it to. Now you are able to know for certain that your books are up-to-date and make important financial decisions about your business. You have your choice – charge a flat fee for a late payment, or a percentage of the amount you’re accounting for marketing agencies owed. You decide in advance when to charge it, FreshBooks does the calculation and applies the amount for you. Our customizable invoice, estimate and proposal templates will impress your clients! You can add your logo, adjust the colours and fonts, and email them instantly to your clients, through FreshBooks.

What is the best accounting software in Canada?

When using Dext Prepare, you can code each transaction to the proper account and export it directly to your accounting software. Your accounting software should be able to generate reports and provide insights into your business’s financial metrics. Additionally, you can create custom reports to track specific metrics that are important for your marketing agency. The sixth step in setting up accounting for your marketing agency is to create your financial statements each month.

This method is unnecessarily time consuming and leaves lots of room for human error. Plooto can help streamline your agency’s payables process through their online payment platform. Dealing with cheques can be a hassle as they require printing and postage, plus they can take a long time to be sent and then cashed. Staying on top of your financial reports helps you make more informed business decisions. No more messy spreadsheets and outdated charts – FreshBooks presents you with all of the data you need to succeed at a glance.

Stay on Top of Your Creative Agency’s Finances With Freshbooks Double-Entry Accounting

The fourth step in setting up accounting for your marketing agency is to connect your bank accounts, credit cards, and payment processors to your accounting software. And when you’re running an agency, there’s never enough time in the day to get everything done. That’s why we’ve designed Workamajig to save you time on accounting and finance tasks.

There’s no need to manually update your records, so you can be sure that your reports are always up-to-date and accurate. Instead of wasting time by creating invoices from scratch, you can use one of FreshBooks’ professional invoice templates. See how much money you’re spending on your agency, and where you’re spending it. Just click on “expense report” to see all your costs, grouped by categories. We take monthly bookkeeping off your plate and deliver you your financial statements by the 15th or 20th of each month. As a result, it may be customized to meet the requirements and wants of individual customers.

Track billable labor

FreshBooks will give you everything you need to manage and keep track of your small business transactions. The fifth step in setting up accounting for your marketing agency is to categorize transactions and reconcile bank accounts each month. Access controls are an important feature to look for when choosing accounting software for your agency. This will allow you to customize the level of access that different users have, so they only see the information they need. For example, if your finance team needs more detailed project budget data, you can grant them access to that information while keeping it hidden from other users who don’t need to see those details.

All of these people need to be paid promptly to maintain a good relationship and ensure that you can work with them again in the future. The interface should be intuitive and easy to pick up so you don’t waste time learning complicated software. And seamless app integration is a must, especially if you use other programs to respond to customers, supervise employees, and create effective marketing campaigns. At FreshBooks, we’re obsessed with giving small business owners exactly what they need in order to take control of their accounting and bookkeeping in order to stay profitable.

You’re All Set

Regardless of how you bill, if your agency fails to recover its labor costs, then it will fail to be profitable because it will eventually run out of money. Project A, on the other hand, is profitable but at risk of being delivered late and thus harming your client relationship. By reviewing the project financials, you can reallocate resources from Project B to Project A and speed up the deliverables. Although Project B has a larger billing, you might discover that your team is spending a disproportionate amount of time on Project B, which threatens to make it unprofitable. An agency’s “receivables” balance represents amounts invoiced but not yet collected from customers. I created this walkthrough for busy agency owners who aren’t sure where to begin or what comes next.

• Advertising agencies may quickly transmit accurate information to their customers using this accounting system.
• It indicates the agency’s efficiency at generating revenues on a per employee basis.
• Enable online credit card payments, allowing clients to pay off their balance in just a few clicks.
• Mixing personal and business finances can make it difficult to track business expenses and can lead to inaccurate financial records.