Accounting and marketing departments are two separate entities, but when they work collaboratively, you can monitor sales trains and manage the effectiveness of your marketing strategies. A digital marketing agency will have its accounting, financial, and tax requirements like any organisation. Let us know more about how to hire the right accountant for your digital marketing company in the article.
Any digital marketing agency requires a simple, affordable, and best payslip for their employees. Digital agency accountants use financial tools to calculate the salary, deductions, and bonuses. Keeping payroll details in one place and making correct payments in time is vital for marketing agencies.
Tax savings and compliance
A digital marketing agency can work for companies at different locations and have to follow other tax laws. Varied and complex tax laws cause businesses to lose money without proper understanding and need an accountant to help them deal with such situations.
Guidance on business decisions
There can be many hidden and opportunity costs in an assignment for a digital marketing company. An accountant can draw insights from the data and help you make critical business decisions to increase profitability.
Preparation of financial statements
Any organisation needs to prepare their financial statements to understand its business performance and the company’s economic health. An accountant helps generate financial statements by recording regular transactions and preparing cash flow statements, profit and loss statements, and balance sheets.
These financial statements assist in preparing budgets, reducing unnecessary expenses, looking for opportunities and risks, maximising profit, ensuring compliance with government rules, and presenting in front of investors and stakeholders.
Some of the basic accounting needs that digital marketing agencies have is maintaining a book of accounts for recording daily transactions, bank reconciliation, accounts payable and receivable, support during emergencies, preparing and filing taxes, and others.
To hire the right accountant for your business, make sure you conduct a face-to-face interview, regardless of hiring an in-house accountant or an outsourced firm. However, hiring an in-house accountant is time-consuming and can be expensive, associated with risks and fraud, but they are available for you during your needs.
You need to ask them a few questions:
Ask for their qualification
You must ask the accountant about their qualifications and certifications. See if they have a degree or are unprofessional with some knowledge of numbers. A qualified accountant will undoubtedly be helpful for your business.
Ask for experience in your industry.
Digital marketing agencies have different accounting requirements than SAAS companies or other industries. Therefore, you need to ensure that they have experience working in your industry, understand your needs and can provide the right solutions.
Check efficiency in technology.
Most organisations, especially digital marketing companies, prefer using technologies. They will always look for an accountant who can automate their financial processes and provide correct outcomes. So, ask your accountant how efficient they are in using the latest accounting tools and technologies.
Ask for their actual availability.
Most accountants sprout during tax season, when business owners may require them throughout the year. It isn’t a problem for in-house accountants, but you must ask for the availability of accountants from outsourcing firms or freelancers. If a firm uses cloud-based accounting systems or virtual accounting firms, they may be available for you anytime and anywhere.
Look into their soft skills.
An accountant must have specific skills like problem-solving, time management, attention to detail, good communication, etc. These make them a complete expert for your business. Throw a few scenarios towards them and see how they can handle those while remaining calm and settled in mind.
Ask for their charges.
Different accountants may charge you differently, like a fixed fee or rate per hour. Also, the cost per service may vary, and there can be some hidden charges, etc. You must ask them how they will charge you and what their fees are to stay sure from the beginning.
It is essential to spend time and effort selecting the right accountant for your digital marketing agency. They will deal with your finances and confidential data, so you must collect sufficient details and client feedback before trusting them completely.
You can outsource to accounting firms if you want to save money while an expert handles your accounts and financial tasks. They work with experts in different industries and provide you with the right solutions in your time of need.