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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 TaxPak Accountants Help You Tackle These Issues?
If you’re searching for the best media and marketing accounting services, you can rely on TaxPeak Accountants to add value to your business. While media and marketing are complex, non-core activities like accounting and bookkeeping can be outsourced. By outsourcing these functions, you can focus on your core tasks and improve overall efficiency without having to juggle time and attention.
Our online accounts receivable services ensure that you remain stress-free about client payments. Once our accounts receivable system is in place, you won’t have to worry about bad debts.
We also provide online payroll services to handle the tasks of recording, maintaining, and paying different types of employees, whether they are full-time, part-time, freelancers, interns, or contractual employees.
At TaxPeak Accountants, we offer media and marketing bookkeeping services that help you efficiently manage your funds and your clients’ funds, avoiding any issues with clients. We use the best accounting software for advertising agencies, digital agencies, and other marketing agencies. Our bookkeeping services cater specifically to digital marketing agencies, advertising agencies, and other sectors within the media and marketing industry. Our accounting and bookkeeping services for digital marketing businesses are particularly in high demand among clients in UAE.
With our bookkeeping and accounting services, you have the opportunity to scale up your business, leveraging our expertise to manage your finances effectively.
Accounting & Bookkeeping Services We offer
- 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
- HMRC VAT Filing
- 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 have extensive experience working with UAE clients and are well-versed in the requirements of UAE accounting and regulatory bodies. Our comprehensive range of services includes:
- Periodic Reports
- Income Statement Analysis
- Profit & Loss Statements
- Balance Sheets
- Ratio Analysis
Additionally, we coordinate with your chartered accountant to ensure that all necessary documents and reports are readily available when needed. You can trust us to meet your financial reporting requirements and adhere to all relevant UAE accounting standards and regulations.
TaxPeak Accountants’ outsourced payroll services cover the receipt and analysis of payroll data, payroll tax reporting, issuing payments and reports to employees, and delivering data to end-users. We manage payroll on a biweekly, monthly, or custom schedule, ensuring compliance with UAE regulations. Our services include:
- Wages Protection System (WPS) Compliance
- Salary Calculations
- Employee Benefits Management
- Statutory Contributions and Deductions
- UAE Federal Tax Authority Reporting
- Issuing Salary Slips
Let us assist you by overseeing the entire payroll process for your business with our comprehensive online accounting service, ensuring accuracy and adherence to UAE laws.
Our team of experts will manage all tax compliance requirements, including VAT and other UAE tax obligations. With extensive experience in UAE accounting and bookkeeping, we handle the preparation and submission of tax returns for businesses of all sizes. Additionally, we provide tax advisory services to assist clients in planning and managing their tax liabilities efficiently and in accordance with UAE regulations.
How TaxPeak Accounting Services For Media And Marketing is Beneficial?
At TaxPeak Accountants has been providing accounting and bookkeeping services in the UAE 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.
