There are numerous different types of marketing agencies - from digital marketing and advertising agencies to events and PR firms. While they may differ slightly, one thing they all have in common is the need to streamline their bookkeeping and payroll processes. Every agency needs to track their billable versus non-billable expenses, invoice their clients, pay vendors efficiently and accurately, and handle payroll tasks.
Fortunately, with the advancement of technology, there are many accounting tools and applications that can speed up your bookkeeping processes, saving your marketing agency a lot of time and money in the process. Here are 6 of the best accounting software and tools in the market for marketing agencies.
1. QuickBooks Online
QuickBooks Online (QBO) is a cloud-based accounting software that can help you with all of your regular bookkeeping tasks like expense tracking, bank reconciliations, and sales tax tracking. It can also help with invoice generation, emailing invoices to clients, and sending automated invoice payment reminders.
QBO also has a project feature that can help organize expenses, invoices, estimates, transactions, and the time spent related to each project. In addition, the project feature can also identify outstanding invoices and payments for all of your current and past projects. This will allow your agency to manage all the financial aspects of your projects on a centralized system, and provide you visibility on the profitability of each project.
Working in a marketing agency usually includes travelling to meet your clients or perhaps even taking them out for a meal. This means that your employees will need to expense these transactions and get reimbursed.
Expensify is an excellent tool for employees to submit their expense reports and get reimbursed, simplifying and speeding up the expense reporting process.
Expensify uses SmartScan technology, allowing users the advantage of being able to snap a picture of their receipts with their smartphone. The program automatically saves and exports all critical data, eliminating the need to keep paper copies of receipts.
Your employees will no longer have to spend precious time filing expense reports, while you get greater visibility over your cash flow and expenses, and save the time and hassle required to chase down employees for their expenses.
3. Dext Prepare
Another excellent expense management tool is Dext Prepare. Your marketing firm must be able to track overhead expenses as well as your billable expenses. When using Dext Prepare, you can code each transaction to the proper account and export it directly to your accounting software.
Dext Prepare uses OCR technology to automatically extract crucial data from receipts, invoices, and bank statements, streamlining your bookkeeping process. This saves you a significant amount of time on manual data entry and eliminates the need to store any physical documents since everything is stored in the cloud. Plus, it helps with tracking expenses and easily integrates with other cloud accounting software like QuickBooks Online and Xero.
Staying up to date with your payables is vital for marketing agencies. Some agencies work with content creators, photographers, videographers, and freelance marketers to deliver on campaigns. Others may work with event spaces and restaurants. 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.
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. Plooto eliminates this problem.
This program can integrate with QuickBooks Online or Xero and identify which of your invoices need to be paid and when. You can then set approval workflows so Plooto will send the approver an email to accept the invoice and then easily pay it using ACH/EFT payments, locally or internationally.
Rotessa is a pre-authorized debit payment platform for Canadian and US businesses. It is an excellent tool for collecting payments from clients who are on retainer, and it gives you the ability to set up recurring payments. It will automatically withdraw payments from your client's bank accounts on your scheduled transaction day.
Rotessa allows you to import invoices and collect payments from your regular clients, simplifying the receivables process. It also connects with QuickBooks Online and eliminates costly credit card fees. Plus, you get complete visibility over your agency's cash flow with no need to deal with the hassle of expense collections.
6. QuickBooks Time
QuickBooks Time is Intuit’s time tracking software. Time tracking is a vital part of your business as you need to know how much time your employees are spending on each project. This will give you a better understanding of how profitable each project is.
Using QuickBooks Time, you can easily sync timesheets with QuickBooks Online and allocate time to specific projects. Plus, when invoicing clients, you can show the breakdown of billable hours on the invoice providing greater clarity.
By taking advantage of the latest accounting and bookkeeping technology, you can give your marketing agency the upper hand. Not only will you simplify your processes, but you can also save a substantial amount of time and money and give you greater accuracy and visibility on your finances.
For more information on how you can streamline your marketing agency's bookkeeping procedures, contact Enkel today. Our team of experts can help you eliminate the hassle of bookkeeping tasks, simplify your processes, and allow you to do what you do best - be creative!