The world needs people like you, which is why you need people like us.
Across the globe, designers, developers, and digital creators form one of the fastest-growing professional services segments. Alternately referred to as agencies or studios, they build brands, websites, marketing campaigns and design software. Many of these agencies are at the forefront of technology and creativity, but they have not harnessed the strategic power of their own balance sheets.
This is where the team at Square Mile bring value, vision and better financial practices to the world of Digital Agencies, who often don’t fit into a traditional accounting model.
What do the Digital Agencies need most from accountants?
Guidance to cut through the noise
They need their accountants to understand the challenges commonplace in agencies such as non-tangible assets, payrolls for freelance employees, double taxation due to transactions between two jurisdictions. The typical digital agency struggles with past due accounts, is penalised for basic tax filing errors, billing methods to report cash and accrual advertising. Clarification with classification and collection methods, prepaid expense/refund tracking, sales requirements, independent contractor classification, and employee classification.
Expert advice to be more profitable
- They need financial reports that help in deciding on a successful sales and ROI strategy.
- The need to monitor the ratio of advertising and marketing spend to total sales.
- They need budgets prepared for future marketing and advertising costs.
- They need their accountants to review historical financial results, spending on marketing campaigns, and new collaborations.
- They need bespoke accounting of financial reports to include total sales per campaign or customer hits in website ads.
Pay less tax & stay compliant
Because of their global presence, digital agencies are usually subject to international tax laws. Tax laws can be very complex and can cause a wide range of financial losses for agencies when they do not have experience and expertise related to taxation, as well as pose serious challenges to tax compliance and the avoidance of fines.
New Accounting Secrets for Creative Agencies in the UK
For creative agencies, accounting involves much more than balancing books and keeping track of taxes. It’s about securing success and growth for the future. In the UK, we’ve helped a couple of digital agencies maximise their financial potential by focusing on new operational areas.
We’ve already helped
Optimise your Agency with our help.
We work with digital agencies to address their immediate needs and to plan for future growth. With traditional accounting models, we accomplish this by combining financial expertise with industry knowledge. While we provide our clients with professional bookkeeping and accounting support, we also serve as a strategic partner who helps them navigate complex financial challenges and opportunities. Book a call with us!