What additional accounting services beyond AP and AR do agencies need for better financial management?
Answered at 10:20 in Digital Tools & Outsourcing Tips with Sara Snyder · The Progressive Agency Podcast
What additional accounting services beyond AP and AR do agencies need for better financial management?
Accounting firms can provide monthly or weekly bookkeeping, cash flow projections and budgeting, and help with prepaids management. They can monitor industry benchmarks like payroll-to-AGI ratios to ensure appropriate staffing and pricing. These services aim to help agencies improve profitability and maintain forward financial positioning.
Full answer and detailsRead the whole answer, key facts and every other question from this episode
In short
Accounting firms can provide monthly or weekly bookkeeping, cash flow projections and budgeting, and help with prepaids management.
Sara Snyder, Lead CFO at Progressive Agency · Digital Tools & Outsourcing Tips with Sara Snyder · The Progressive Agency Podcast · answer at 10:20
Key takeaways
- Accounting firms can provide monthly or weekly bookkeeping, cash flow projections and budgeting, and help with prepaids management.
Quote to remember
“You have a team that this is what we do all the time. You're not having to retrain people or show people your process.”
— Sara Snyder
The full answer · about 4 min
Accounting firms can provide monthly or weekly bookkeeping, cash flow projections and budgeting, and help with prepaids management. They can monitor industry benchmarks like payroll-to-AGI ratios to ensure appropriate staffing and pricing. These services aim to help agencies improve profitability and maintain forward financial positioning.
Key facts
- Sarah Snyder has been at Progressive Agency for approximately three years
- Bill.com processes payment methods including ACH, credit card payments, and check payments
- Common bill payment schedules: net 30, weekly processing, or specific dates like the 10th and 25th of the month
People, companies and topics mentioned
More answers from this episode
- 3:10How does Bill.com streamline accounts payable processing for remote teams in agencies?
- 4:10How does Bill.com detect and prevent duplicate invoice payments?
- 5:52What payment scheduling options does Bill.com offer for managing cash flow timing?
- 8:27What are the main benefits of outsourcing accounts payable and receivable services instead of hiring in-house bookkeeping staff?
- 12:28How does understanding agency-specific accounting practices improve cash flow and tax planning outcomes?