Creating engaging and exciting marketing campaigns for your clients is the primary focus of your marketing agency. However, this comes with keeping your accounts up to date and managing all your financial data. With sage bookkeeping software in place, you can access your company’s financial information to ensure that you can run your business efficiently and make better decisions.
If you follow these seven tips, you can improve your media marketing bookkeeping services’ efficiency- which will help you free up time, money, and valuable resources for the more important stuff.
- Keep your personal and business expenses separate
While it may seem like an obvious tip, many small businesses combine personal and business expenses. Not only is it hard to manage your bookkeeping, but you’re also not being professional. As your business grows, lenders and investors expect your finances to be kept separately and organised properly. All these things can be easily achieved by sage bookkeeping.
- Move to the cloud
Accounting technology has changed a lot in the last few years. Many small businesses used Excel to manage their accounting functions, but technology has advanced considerably. While Excel is an outstanding program for many tasks, it is not well suited for bookkeeping. However, moving to cloud-based accounting software can create a good impression on the client and easily perform accounts receivable management tasks.
- Use an expense management tool to track your expenses.
When it comes to expense management, you used to enter invoices and receipts manually into your accounting system. The result was an accounting staff spending hours entering data while others spent time filling out expense reports and waiting for reimbursements. If you do not wish to waste much time, it is highly recommended that marketing or any other business switch accounting software over paper accounting.
- Maintain your books regularly.
Maintaining your bookkeeping regularly is essential for business success. It is critical that you set aside adequate time for sending invoices, following up on receivables, paying bills and expenses on time, and reconciling accounts every month. Regularly reviewing your financial statements can help you understand your cash flow situation.
- Outsource your bookkeeping
Keeping your financial data up to date and accurate is easy with it. When you lack the time or don’t like bookkeeping, consider outsourcing. It’s a great way to streamline your bookkeeping process. Outsourcing can also help you save time and money.
- Automate your payables
Accounting software such as QuickBooks Online, Xero, and Sage can automatically import your payables from your accounting software when you connect it. Invoices can then be paid directly online using online bookkeeping software by choosing which invoices to pay. After completing the payment, the online software reconciles your accounting records. The system enables batch payments, as well as completely customising payment approvals.
Payables automation can help you control cash outflows and ensure that vendors are paid on time.
- Use pre-authorised debit for payment collection
Bookkeeping online for a marketing agency helps schedule clients’ pre-authorised debit payments. It is possible to improve your cash flow by using pre-authorised debts and ensuring that you will always receive payments on time for all of your work. Moreover, you will be able to save time as you will never need to deal with late payments or errors again.
Conclusion
Hopefully, these are the tips to improve the bookkeeping processes for your marketing agency. Whether you own a bigger or small marketing agency, implementing these tips can always let you stay on top and make all the business operations go well.
