Accountants for marketing agencies

Smith Butler is well-versed in helping small and medium-sized marketing agencies who have needed to outsource their accounting.

We understand the need to offload the financial paperwork so you can focus on the finer details of your industry. Not only that, but when it comes to business strategy and other advice, we can help with that too.

Outsourcing your accounting needs will save you the added pressure of hiring an in-house accountant and provide you with freedom and flexibility.

Supporting your agency is our business

There are many different areas you need to consider regarding accountancy for marketing agencies.

Making Tax Digital

Now the rollout for MTD is well underway, we can ensure you’re registered and compliant. As a marketing agency, you’ll need to consider the VAT implications of providing a digital service for your clients.

We can set you up with MTD-compatible software and ensure your essential documents are filed in accordance with HMRC, as well as prepare and file your accounts throughout the year.

This will become more important when MTD for corporation tax is implemented, so you won’t get caught out by getting ahead and employing our services early.

Cashflow

It’s important for any business to understand where their money comes from and where it goes. By sitting down and creating a cashflow forecast and plan, we can help you keep track of your income and expenses, making sure your cashflow stays positive, and you’re profitable.

R&D tax credits

If you’re looking to make advances in your field, you could be eligible for research and development tax credits from the Government. These breaks can be very beneficial to a business such as yours, so we will start the claiming process and follow it through until the end.

VAT and corporation tax

Filing your necessary paperwork and accounts with HMRC is essential if you want to be tax-compliant. We will do all this for you, within the rules of MTD, and ensure everything is paid correctly and on time.

Bookkeeping

Balancing your books is the best way to ensure your company’s financial health stays above board. We will make sure everything is well-accounted for, and nothing gets lost by the wayside.

Let’s chat about your needs

Creative industries, much like yours, can always do with an extra bit of support. Smith Butler can provide that support and an independent and reliable source of compliance information and accounting expertise.

Contact our marketing agency accounting team today.

Why choose us?

Accountants for Marketing Agencies – Our Guide

Accountants for marketing agencies manage the finances and drive business success through specialist accountancy services. They deal with industry specific challenges, help with tax planning and provide financial insight.

In the Marketing World

Accountants for marketing agencies do more than just number crunching. They help agencies track project costs, cash flow and price services. They help set up systems to track spending on different marketing campaigns and key performance indicators. They know how to deal with deferred revenue and performance based fees.

This lets you see what’s most profitable. With their help you can make informed decisions where to put your money and time.

Accountants can also help you create budgets that match your business goals. They’ll work with you to plan for quiet periods and busy periods, so you always have cash in the bank.

Managing Financial Challenges

Marketing agencies have ups and downs in their cash flow so it’s essential to have a clear view of your financial situation. Accountants can help you smooth these out. They may suggest ways to get clients to pay faster or set up a line of credit for quiet times.

They can also help you navigate the complex world of client contracts. They’ll make sure you’re billing correctly and not losing any money you’re entitled to. If you work with clients in other countries they can help with currency exchange too.

Accountants can also help you track your time and expenses. This is crucial for project based work. With their help you can make sure you’re charging enough to cover all your costs and make a profit.

Tax Planning Strategies

Good tax planning can save your agency a lot of money. Accountants who know the marketing industry can help you find tax breaks you don’t know about. They can also help you time your income and expenses to reduce your tax bill.

They can advise you on the best way to structure your business for tax purposes. They’ll help you understand VAT rules for different types of marketing services. If you work with clients or contractors in other countries they can help with international tax too.

They can also help you plan for the long term. They can advise on things like setting up pension schemes for you and your team. This can save you tax now and plan for the future.

Accountancy Services for Marketing Agencies

Marketing agencies need specialist accountancy services to manage their specific financial requirements and a dedicated accountancy firm can deliver this. These services help agencies stay on top of their finances and grow their business.

Bookkeeping and Financial Management

Bookkeeping is critical for marketing agencies. It helps you track income and expenses accurately. A good accountant will set up systems to record all financial transactions. This includes client payments, vendor bills and employee wages.

Accountants can prepare financial statements like profit and loss reports. These show how your agency is performing. They also create balance sheets to list your assets and liabilities.

Many accountants use software to make bookkeeping easier. This lets you see your finances in real time. It’s useful for making quick decisions about your business.

Cash Flow Analysis and Budgeting

Cash flow is key for digital marketing agencies. An accountant can help you understand your cash flow patterns. They’ll look at when money comes in and out of your business.

Budgeting is another service. Your accountant can create realistic budgets based on past performance and future goals. This helps you plan for quiet periods and growth.

They can also help with forecasting. This means predicting your future financial situation. It’s useful for big expenses or when to hire new staff.

Tax Relief Opportunities

Marketing agencies may be eligible for various tax reliefs. A knowledgeable accountant can identify which ones apply to your business. They’ll help you claim these reliefs to reduce your tax bill.

Some of these reliefs include Research and Development (R&D) tax credits. These apply if you’re developing new marketing techniques or software. There are also reliefs for creative industries that will benefit your agency.

Your accountant will stay up to date with tax legislation. They’ll make sure you’re taking advantage of all tax savings possible. This can really add up.

Expense Tracking Basics

Expense tracking is key for marketing agencies. It helps you see where your money is going and how to cut costs. An accountant can set up systems to categorise and record all your expenses.

They can help you track:

• Client entertainment costs

• Software subscriptions

• Travel expenses

• Office supplies

Good expense tracking also helps with tax relief. Your accountant will know which expenses you can claim to reduce your tax bill. They can advise on how to keep records to support these claims.

Many accountants use apps or software for expense tracking. This saves time and reduces errors in your financial records.

Payroll for Marketing Agencies

Payroll can be complicated for marketing agencies. Getting it right is key to keeping your team happy and on the right side of the tax man.

Payroll Processing

Payroll can take up a lot of time for marketing agencies. Using specialist accountants can make it much easier. They can handle all the technical stuff like wages, deductions and making sure taxes are paid on time.

These experts use the best software to speed things up. This means less mistakes and more time for you to focus on your clients. They can also handle tricky bits like freelancer payments or bonuses.

Many accountants offer online portals where your team can view their payslips and tax info. This reduces questions and makes life easier for everyone.

Corporation Tax

Corporation tax is a pain for marketing agencies. It’s not just about paying the right amount – you need to file the returns correctly too.

Specialist accountants can help you stay on top of this. They know all the latest laws and can make sure you’re claiming all the reliefs. This could save you a nice chunk come tax time.

They can also help you plan ahead. By reviewing your finances regularly they can tell you how much tax you’ll need to pay. This avoids nasty surprises and keeps cash flow smooth.

Plus if HMRC come knocking, your accountant can handle the chat. They speak the taxman’s language and can sort it out quickly.