Accounting for Digital Media Companies
In the past decade, marketing, advertising, and digital media companies have taken off as one of the fastest growing business sectors in the world. Most companies have adapted their business models to a digital model to meet the needs of their customers.
The creative agency industry has always been competitive, but with the accessibility of the internet, it has grown exponentially. Digital media companies have to plan for growth challenges and unexpected obstacles to differentiate themselves from the competition.
One way to stifle these small to medium-sized companies’ growth is by being caught off guard with tax and accounting issues. Fully Accountable helps you avoid these potential issues while positioning you ahead of your competition with thorough financial forecasting and infrastructure.
Our fractionalized financial experts minimize corporate liabilities while improving operational efficiencies and increasing your company’s bottom line.
What is Digital Media?
Digital media is any form of media that uses electronic devices for distribution. This type of information can be created, viewed, modified and distributed via the Internet or other digital platforms by simply clicking a few buttons on your computer screen.
Digital media is the latest in technology. It’s not just a trend. It’s an integral part of our day-to-day lives and culture.
Business owners find themselves uneasy with trading their traditional paper advertisements for digital marketing services due to fear that they won’t reach people without making more investments into new technologies such as interactive websites or social media campaigns.
With constant shifts in technology, one cannot deny digital media’s influence over our lives. It changes the way we educate, entertain and interact with others daily.
And due to this influence, companies are now adapting their business plans to match up with how people communicate digitally through devices such as computers or smartphones instead of writing things down by hand like they used to!
The digital age connects people in ways that were never possible before. Social media enables individuals to maintain friendships across different time zones, regardless of the distance between them. 79% share life milestones with their friends and family on social media.
Facebook is working hard to make life more social. They are constantly boosting words like “congratulations” and ensuring users have a better experience on the site!
What does this have to do with your business, though?
Special moments share one thing in common: they’re all highly emotional. While all brands may not have a product or service that naturally lends itself to this narrative, all businesses can find a way to create a space for themselves within these special shared moments.
The goal is to have your brand shared with these milestones. This is an excellent way to slingshot your social media presence, thus boosting brand recognition.
Benefits of Using Outsourced Accounting for Digital Media Companies
Our full-service team of financial professionals can help your business in the following ways:
- Constructing processes to track your employee’s billable hours.
- Preparing and sending invoices to your clients on a consistent and continual basis
- Calculating project costs and profitability.
- Employee compensation consulting
- Financial statement consulting
- Profits forecasting based on management and ownership goals
- Outsourced small business controller services
- Cash versus accrual, federal & multi-state tax planning and compliance
- Cash flow analysis services to monitor revenue and collection patterns
- KPI and benchmarking strategies
- Tax Compliance & Tax Consulting
- Technology consulting
- Business growth consulting
- Financial reporting processes
- Business and CFO Advisory consulting services
- Business valuations
- Risk management strategies
- Accounting and file management software consulting
- Budgeting, forecasting, and performance review
- Monthly, quarterly, or annual financial reporting
- Growth strategies (from mergers and acquisitions to organic growth)
- Identifying the most advantageous form of professional practice