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Challenges Face By Businesses In The Media And Marketing Industry
The media and marketing industry is often perceived as a fun and dynamic field, characterized by agency culture and collaboration with various brands. However, this industry also faces significant challenges, particularly in managing multiple clients and projects simultaneously. Agencies, whether in digital marketing, general marketing, or advertising, work tirelessly to ensure their clients’ products and services gain the desired attention. In focusing on this primary function, other critical functions, such as accounting and bookkeeping, are often neglected.
Here are a few of the accounting and bookkeeping challenges faced by the media and marketing industry:
Accounts Receivable
Media and marketing businesses always face issues with the accounts receivable. In this industry, the clients' payment is due for an extended period. This is because a business typically has many clients at one time, and it neglects the accounts receivables. Also, at times the clients are not diligent with payments.
Clients’ Cost
There are many services offered by the media and marketing agency, and few services involve the expenditure on third-party services like data, media buying, etc. And it gets pretty complex when a high number of clients is involved as there are chances of mixing up funds. This is not ideal as it might cause fluctuation in a client's budget.
Payroll
The media and marketing industry relies highly on freelancers & interns, and they must consider this in payroll processing. And you have to be aware of payroll provisions, and while you are at it, you must comply with existing laws and regulations.
How Does TaxPeak Accountants Help You Tackle These Issues?
If you’re looking for top-notch media and marketing accounting services, TaxPeak is your trusted partner. While media and marketing are complex fields, accounting and bookkeeping can be efficiently outsourced. This allows you to focus on your core business activities while enhancing overall efficiency without being bogged down by financial details.
Our online accounts receivable services ensure you stay stress-free about client payments. With our accounts receivable system in place, you won’t need to worry about bad debts.
We also offer online payroll services to manage the recording, maintenance, and payment of various types of employees, including full-time, part-time, freelancers, interns, and contractual workers.
At TaxPeak, we provide specialized bookkeeping services for the media and marketing sectors. Our services help you manage both your funds and your clients’ funds effectively, avoiding any potential issues. We use the best accounting software tailored for advertising agencies, digital agencies, and other marketing businesses. Our bookkeeping and accounting services are particularly sought after by digital marketing agencies and advertising firms across Pakistan.
With our expertise in bookkeeping and accounting, you can scale your business confidently, knowing your finances are in capable hands.
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 revenue, expenses, cash flow
- Tax Filing with FBR
- Preparing & Planning for taxes
We provide daily, biweekly, or weekly accounts payable reports as per your requirement. This ensures that you never breach payment terms with your clients. Our outsourced accounting service covers invoice scanning to ensuring payment terms adhere to your company policy. We will make certain things are exactly as they should be, and it is our responsibility to raise a red flag with you when they are not.
Accounts receivable is a vital part of any business; without it, you cannot expect your business to sustain itself, let alone talk about growing. You must be sure how much you receive from your debtors and how much others owe you while ensuring this is done promptly to keep that cash flow moving. We remind our clients of the overdue payments or by contacting the debtors directly on the client’s behalf to ensure that our clients receive money from the debtors, which is done in time.
We know exactly what is needed for PAK Accounting and the requirement of regulatory bodies, and we can produce the same for you as we have years of experience working with PAK clients. This includes Periodic Reports, Income Statement Analysis, Profit & Loss, Balance Sheet, Ratio Analysis, and much more. We also connect with your chartered accountant and ensure everything is there as and when he wants, you can trust us with your financial reporting requirements and ensure you adhere to all Applicable standards.
ok after our clients’ biweekly, weekly, or monthly payrolls, including PAYE, Pension Contribution, National Insurance, Tax Calculations, HMRC, and Deductions, along with emailing salary slips to employees. Let us help you by keeping a vigilant eye on the complete payroll activity for your business with our online accounting service.
Our team of experts will manage all tax compliance requirements, including Sales Tax and FBR regulations. With extensive experience in Pakistani accounting and bookkeeping, we prepare and file tax returns for any business. Additionally, we provide tax advisory services to help clients optimize their tax liability efficiently.
How TaxPeak Accounting Services For Media And Marketing is Beneficial?
At TaxPeak Accountants has been providing accounting and bookkeeping services in the PAK for the media and marketing industry, and we have in-depth knowledge of how the industry functions. If you are looking for Bookkeeping and Accounting services, here is why you should choose us
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.
