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Bookkeeping for Advertising Industry
With over 9+ years of experience, we are a trusted partner for accounting and bookkeeping services in the US. Whether you’re a startup, a small business, or an established enterprise, our services can meet the unique needs of your industry. Our deep understanding of US regulations and best practices can empower your financial journey and drive you toward long-lasting success!
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Business Tax return filing by Certified
CPA / Enrolled Agent
(Starts at $350)
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Bookkeeping for Advertising Industry
- Bookkeeping for advertising agencies in the US is a critical aspect of financial management and record-keeping. Effective bookkeeping practices help agencies maintain accurate financial records, track income and expenses, monitor cash flow, and comply with tax regulations. By implementing proper bookkeeping procedures, advertising agencies can gain valuable insights into their financial health, make informed business decisions, and ensure financial stability. Here we will explore the critical elements of bookkeeping for advertising agencies in the US, including record-keeping, financial statements, tax obligations, and software solutions. Â
- Here are the critical steps involved in bookkeeping for an advertising industry:
Chart Of Accounts
Set up a chart of accounts specific to your agency’s needs. This includes categorising income and expenses into relevant reports such as client revenue, media expenses, payroll, office supplies, and marketing expenses.
Recording Transactions
Record all financial transactions accurately and promptly. This includes client income, expenses for services and supplies, employee salaries, vendor payments, and other economic activities
Invoicing And Accounts Receivable
Generate invoices for your clients and track accounts receivable. Keep records of outstanding invoices, payment due dates, and follow up on overdue amounts.
Expense Tracking
Maintain a record of all expenses incurred by the agency. Categories and track expenses related to advertising campaigns, office rent, utilities, software subscriptions, travel, and entertainment.
Bank Reconciliation
Reconcile your bank statements with your accounting records regularly. This ensures that your records accurately reflect the cash balances and identify discrepancies or errors.
Payroll And Employee Expenses
Handle payroll processing, including salary calculations, tax withholdings, and benefits contributions. Keep track of employee expenses such as travel reimbursements and maintain proper documentation.
Financial Statements
Prepare periodic financial statements, including the income statement (profit and loss statement) and balance sheet. These statements provide an overview of your agency’s financial performance and position.
Tax Compliance
Ensure compliance with tax regulations by accurately reporting income, expenses, and deductions. Familiarise yourself with federal, state, and local tax requirements applicable to advertising agencies.
Software Solutions
Utilize accounting or specialised agency management software to streamline bookkeeping processes, automate tasks, and efficiently generate financial report
Professional Assistance
Consider seeking the help of a certified public accountant (CPA) or a bookkeeping professional with expertise in the advertising industry. They can provide guidance, assist with tax filings, and ensure compliance with financial regulations.
Payables Management
Payables Management shows advertising agencies how to set up and run the payables function, including many tips for operational improvements like the money the client owes to the agency.
Liabilities Management
Managing general and media liabilities by allowing a balanced growth of managing money accepted from clients and funds secured from other institutions makes up liability management. It also involves hedging against changes in interest rates and controlling the gap between the maturities of assets and liabilities.
Trial Balance Preparation
We can characterise a trial balance as a casual bookkeeping calendar that rundowns the record account adjustment at a point in time in contrast to the aggregate of charge adjustment and a total of the credit balance. So, to put it, in the wake of presenting every budgetary exchange in the bookkeeping diaries or accounting journal and condensing them in the public record, we set a trial to adjust to confirm that the charges meet the credits on the diagram of records. Budgetary execution. Yet, they additionally guarantee consistency with government directions and expense codes.
Revenue And Assets
Advertising agencies draw their income from various sources, which they must represent in yearly budgetary explanations. Therefore, it should incorporate publicising office income articulation from all the promotion crusades and media deals to customers.
How Meru Accounting Specialises In Bookkeeping
Meru Accounting specializes in bookkeeping and accounting services for businesses in the advertising industry. We understand advertising companies’ specific needs and challenges, and our services are tailored to meet those requirements.
With Meru Accounting, you can expect the following:
Experience In The Advertising Industry
- We have a track record of working with businesses in the advertising sector. We understand the industry's nuances and can provide specialised solutions for your accounting needs.
Certified Professionals
- We have a team of well-versed professionals in bookkeeping and accounting practices. Our expertise ensures accuracy and compliance with relevant regulations.
Comprehensive Services
- Besides bookkeeping and accounting, We offer additional services like payroll processing and tax preparation besides bookkeeping and accounting. By consolidating these services with Meru Accounting, you can streamline your financial processes and save time and resources.
Modern Technology Infrastructure
- We utilise up-to-date software and systems that integrate seamlessly with our tools. This allows for efficient and accurate financial record-keeping and analysis.
Responsive Communication
- We value clear and prompt communication with our clients. We ensure that you are informed about your financial situation and readily available to address any queries or concerns.
In summary, Meru Accounting specialises in providing bookkeeping and accounting services specifically tailored to the needs of businesses in the advertising industry. We can be a reliable partner for your accounting needs with our experience, expertise, comprehensive services, modern technology infrastructure, and responsive communicatio
Conclusion
Bookkeeping and accounting are essential for the advertising industry in the US to ensure financial stability. It helps businesses keep track of their revenue, expenses, taxes, and payroll accurately. With a proper bookkeeping system, advertising agencies can make informed decisions based on real-time data and avoid penalties for inaccurate tax reporting.Â
Outsourcing bookkeeping and accounting services is an excellent option for small and medium-sized businesses focusing on core business activities while leaving financial management to experts. However, choosing a reputable service provider with experience working with clients in the advertising industry is crucial.
By investing time into setting up efficient systems for tracking finances through regular bookkeeping practices as well as accurate accounting methods when preparing financial statements or reports at year-end closing periods (or whenever requested), firms can enjoy improved efficiencies within operations overall – all while reducing errors related specifically around invoicing or paying bills timely/accurately! penalties for inaccurate tax reporting.Â
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
Help you with switching from your traditional software to Xero and Quickbooks.
- Cost-saving.
- Access to skilled and experienced professionals.
- Better management of books of accounts.
- Decreased chances of errors.
- Improve business efficiency.
-  De-burdens in-office employee’s dependency.
- Â Better turnaround time.
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
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Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:Â
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
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