Outsourcing Solutions for Marketing and Advertising Agencies

Outsourcing Solutions for Marketing and Advertising Agencies

Marketing and advertising agencies face a unique set of challenges when it comes to managing their finance and accounting function. Citrin Cooperman’s Business Process Outsourcing (BPO) Practice provides a full-service outsourced finance and accounting team that can address these challenges Citrin Cooperman can elevate your finance function to provide timely and meaningful information to simplify your decision -making process so you can focus on growing your business

ACCOUNTING AND ADMINISTRATIVE CHALLENGES

Project - based accounting adds a layer of complexity to the accounting process, which can cause some of the following challenges :

CHALLENGE: Project-based revenue recognition work is complex and requires careful tracking of milestones, costs incurred, and project time and billing. If following cash-basis, revenue is recognized after an invoice has been paid, it provides a less accurate picture of a company’s financial position.

SOLUTION: We provide controller-level oversight by dedicating a high-level accounting professional, on a fractional basis, to produce accurate and timely financials and assist with month-end accounting procedures and reporting,

CHALLENGE: It is difficult to track and accurately record cost of sales at the project level, as the accrual or deferral of various costs may not be clear until weeks after they have been incurred, causing a delay in the closing period.

SOLUTION: Our highly-skilled team of professionals are experienced in coding and entering project-based expenses, properly allocating purchase orders, and anticipating costs for accrual, even if the invoices have not been received

TECHNOLOGY AND SYSTEMS CHALLENGES

Marketing and advertising companies often use several operating systems to support internal and external tracking, communication, and reporting These systems often do not communicate with one another, causing the following challenges :

CHALLENGE: Systems that limit user access create workflow silos and limit visibility into data. If the creative department only sees CRM data and the finance department only sees accounting data time is spent duplicating efforts and reconciling data from different modules. Additionally, non-accounting systems tend to lack process controls around changes to data across multiple systems.

SOLUTION: We will bring in a team of experienced professionals who understand your business model and can identify key areas for improvement. We can augment your existing systems, internal accounting procedures, month-end close processes, and move your organization towards a mature financial model that provides a clear picture of your financial data.

REPORTING AND PERIOD END CLOSE CHALLENGES

Marketing and advertising companies rely on different technologies and processes to track complex financial data, which can cause delays and inaccuracies in the month - end close process and financial reporting

CHALLENGE: Most middle market marketing and advertising companies need faster and more in-depth reporting to make timely, wellinformed decisions and to forecast future needs that ensure the business stays profitable The shortage of accounting talent across the industry results in staff wearing many hats and management spend too much time on accounting processes like month-end closing and financial reporting.

SOLUTION: Automating financial processes helps management achieve a deeper and more insightful level of understanding for financial decision-making With a “white-glove” approach, we can help your organization select and integrate the right technology to help achieve faster, more accurate financial reporting, giving management more time to review performance reporting and assess areas of profitability and forecast future needs Our dedicated teams will bring high-level technical expertise, tools, and methodologies necessary to prepare accurate financials and close the books.