How does understanding agency-specific accounting practices improve cash flow and tax planning outcomes?
Answered at 12:28 in Digital Tools & Outsourcing Tips with Sara Snyder · The Progressive Agency Podcast
How does understanding agency-specific accounting practices improve cash flow and tax planning outcomes?
Working with many agencies gives the accountant strength in understanding how agencies manage their business. When starting with a new client, if deposit money is not properly recorded as a prepaid on accrual basis accounting, they can identify and correct this to provide more accurate financial information. This accurate accounting foundation enables better cash flow projections and helps plan for tax planning strategies like retirement plans that require cash outlay.
Full answer and detailsRead the whole answer, key facts and every other question from this episode
In short
Working with many agencies gives the accountant strength in understanding how agencies manage their business.
Sara Snyder, Lead CFO at Progressive Agency · Digital Tools & Outsourcing Tips with Sara Snyder · The Progressive Agency Podcast · answer at 12:28
Key takeaways
- Working with many agencies gives the accountant strength in understanding how agencies manage their business.
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 1 min
Working with many agencies gives the accountant strength in understanding how agencies manage their business. When starting with a new client, if deposit money is not properly recorded as a prepaid on accrual basis accounting, they can identify and correct this to provide more accurate financial information. This accurate accounting foundation enables better cash flow projections and helps plan for tax planning strategies like retirement plans that require cash outlay.
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?
- 10:20What additional accounting services beyond AP and AR do agencies need for better financial management?