Online or Offline - There are some ad agencies and creative agency owners who think that online accounting systems are inferior and are not as efficient as traditional software in terms of their features. That is why they only use and trust an accounting application that is installed and run in their own local server at their offices. While it is true that traditional accounting software applications installed in local servers are very efficient and rich in features, we should also look into the fact that web accounting systems are as capable. And in some cases, they are even more efficient.
My last posting was talking of my experience as the controller of a company providing time sheet and project management solutions to creative teams. I am a little old school, in that I don't always jump on board with technology and change. That being said, In the past two days I have been testing the new version of fp.Accountant with our development team as we go live internally with Alon's work. The old version has saved me many, many hours of redundant data entry by integrating the transfer of data between fp and QuickBooks.
We have been contacted by many smaller agencies over the past month or so about Intuit's discontinuation of QuickBooks Time Tracker and QuickBooks Time & Billing. If you have been using either of these solutions, there has never been a better time to look at upgrading your agency time-tracking software then now.
The Chart of Accounts is the backbone of your ad agency's accounting system. It is the complete list of all the accounts you need to categorize your business activities. When you integrate with Function Point it helps to break down where your creative agency is excelling in revenue and shows which services need more attention.
Here at Function Point, we are constantly working with creative firms, advertising agencies and digital agencies to better define internal processes and workflow using our software. In doing this, we have come up with 6 personas that interact within the typical creative agency. Assisting these people work more efficiently and effectively together will help the agency become much more profitable.