5 Benefits to Outsourcing Your Marketing Agency's Bookkeeping
As an agency owner, your days are spent consulting with clients and working your creative magic. From creating marketing plans to designing digital campaigns, your time is valuable. However, devoting the required attention to your bookkeeping needs can often be a tedious chore, meaning your business’s financial requirements may get pushed to the side.
One of the best ways to stay up-to-date on your marketing agency's bookkeeping needs is to outsource. Outsourcing provides your company the advantage of always having access to current financial data without having to slave over books and numbers for hours at a time.
The five most significant benefits to outsourcing your marketing agency's bookkeeping are:
1.Lower Payroll Costs
Did you know outsourcing your bookkeeping can cost between 40%-60% less than hiring an employee? An outsourced bookkeeper will help you save on payroll deductions, benefits, vacation pay, as well as turnover costs associated with rehiring and training.
2. Stress Free Tax Season
Tax time is one of the most stressful times of year for marketing agencies. Most agencies find themselves scrambling to provide their tax accountants with the data they require to properly file their taxes, which causes anxiety levels to run high. However, you can kick back and relax by outsourcing your bookkeeping as your outsourced bookkeeper ensures your books are organized and your financial statements are in order.
Plus, if your tax accountants have any questions, they can contact your outsourced bookkeeping team for answers.
3. Financial Visibility
Having complete financial visibility is crucial to the success of your marketing agency. Your numbers must be current and accurate. An outsourced bookkeeping team can help you generate up-to-date reports that show how your agency is performing financially.
An outsourced bookkeeper will generate cash flow statements, balance sheets, income statements, budget to actual reports on current campaigns, providing insight into your agency's profitability. This complete financial visibility can help you create reliable budgets for future campaigns and identify potential cash flow issues before they arise.
4. Save Time
We all know that bookkeeping can take up a big chunk of your time. In addition, it can distract you from revenue-generating work and finding new clients. By hiring an outsourced bookkeeper, you can save time by allowing others to complete complex bookkeeping tasks. Remember, an outsourced bookkeeper knows the ins and outs of numbers and can keep you apprised of your current accounting situation.
5. Up-to-date Bookkeeping
Outsourcing your bookkeeping will help you keep your books organized, accurate, and current, providing you the advantage of improving your financial reporting ability. However, to manage your business's cash flow, you must closely monitor your revenue and collection patterns.
Most agencies lack the time and resources to do this. By hiring an outsourced bookkeeping firm to help your organization keep track of your billings, billable expenses, and hours worked, you can have accurate records of each project in your pipeline.
We handle the accounting for our customers through fixed-price monthly plans. We support Xero and QuickBooks Online although Xero is our preferred accounting platform.
The benefits of outsourcing your bookkeeping are endless. You can save a significant amount of time, money, and hassle by trusting your books with an experienced professional.
Contact us today to find out how we can help streamline your marketing agency's bookkeeping process and help you grow to new heights.
