What is Advertising Agency Accounting Software?
Accounting software for advertising agencies, marketing companies, and public relations firms have a far broader range of functionality than general ledger and accounts payable/receivable. This software also includes features specific to the advertising and marketing industries. These comprehensive software solutions combine creativity with workflow management and profitability measures to help streamline your core accounting functions. Features often include project management, time tracking, budgeting and forecasting for multiple clients, media buy data and campaign results.
Consider the following specific features when purchasing advertising/marketing/PR accounting software:
|Ad Campaign Workflow Management||Advertising/marketing/PR software can support more than just the accounting process. It can also track job specifications, the creative process, ad buys, cost estimates, team and employee relationships, and more. By using software dedicated for this industry you can vastly improve the efficiency of your advertising and marketing workflow and produce better results for lower costs in the long run.|
|Client Budget & Forecasts||Since ad agencies are often responsible for managing and optimizing their clients’ budgets, it’s important to be able to track and forecast multiple budgets. Ad agency accounting software should let the user create unlimited budget variations, report and analyze forecasts against results, and compare goals against progress.|
|Time & Expense Management||A company that sells services instead of products needs to track the time its employees spend on its projects. Use accounting software to track your most important asset and related expenses.|
|Ad Buy Management||Monitor your ad buys and campaigns, including due dates, rates, production specifications, job numbers, creative details, response rates, and more.|
|Customer Relationship Management||Marketing and PR companies are always talking about leveraging relationships with their customers. CRM enables you to securely store client information, preferences, interactions, and sales and marketing data, as well as nurturing relationships with media outlets.|
Evaluating Ad Agency Accounting Software
Advertising, marketing, and PR firms each have unique needs that should be taken into account when selecting software. An advertising agency needs to track their campaigns, including specifications and results produced. Marketing companies do the same, but with an even greater emphasis on the measurable results. PR companies need to nurture their relationships with media outlets, spending less time purchasing but more time selling to both customer and vendor.
When evaluating your advertising/marketing/PR accounting software, ask the following questions:
- Will you be using your software to track and manage advertising/marketing campaigns?
- Will the software prepare drafts of advertising creative for review and distribution?
- Does the software contain information about potential markets?
- Do you have a large client or contact base that would benefit from a CRM solution?
- Would tracking your employees’ time increase workplace efficiency?