What Financial Management at Marketing Agencies Looks Like with NetSuite
A trade strategy you can implement yourself to keep your marketing or ad agency afloat is to follow the financial management of your marketing activities.
When it comes to keeping your marketing or ad agency afloat, there are a variety of trade strategies that you must implement yourself. One of the best tips that you can follow is the financial management of your marketing activities as well as all other operational processes. With NetSuite, you will gain a wide range of advantages. There have been studies conducted on the effectiveness of NetSuite as a financial management software for ad agencies, and the findings are quite astonishing. Before NetSuite was implemented, the involved parties of the a study endured and an excessive amount of time spent on correcting manual entry errors; this leads to unnecessary and money-consuming time being spent on reconciliations, especially for businesses that deal with multiple currencies.
Get a complete list of “Before and After NetSuite” KPIs for Agencies here!
There have been studies conducted on the effectiveness of NetSuite as a financial management software for ad agencies, and the findings are quite astonishing. Before NetSuite was implemented, the involved parties of the a study endured and an excessive amount of time spent on correcting manual entry errors; this leads to unnecessary and money-consuming time being spent on reconciliations, especially for businesses that deal with multiple currencies. After the implementation of NetSuite, clients usually enjoy an earlier availability of financial results; this comes as a result of faster period-end processes and an increase in more effective accurate reconciliations. Additionally, monthly/annual financial book close and analysis becomes more efficient. For those using NetSuite, they will likely see a 45 to 70 percent reduction in the amount of time it takes to close their financial books.
In regards to audit completion and support time, NetSuite clients can expect to see a 35 to 55 percent increase. Most clients come into contact with NetSuite with no central repository for the data they are required to provide to support audits. After NetSuite, there is a significant reduction in the amount of time it takes to complete audits because all of the required data is easily accessible in NetSuite. Transparency and accuracy of data is greatly exemplified, giving your CPA the information needed to comply with all audit requests.
Furthermore, you’ll enjoy a 25 to 50 percent reduced need for augmenting financial staff. They will have the relevant information needed to complete their assigned tasks via the integration of invoicing and accounts payable application and NetSuite; this greatly reduces the need to add staff and it easily allows your company to scale as needed. Lastly, NetSuite reduces collection time for accounts receivables by anywhere from 40 to 50 percent. Thanks to an increase in accuracy of accounts receivables, they can be collected via automated processes, thus reducing collection time.
