In a previous blog, we looked at some of the challenges of media buying and financial reporting for marketing and creative agencies. This week, we take a look at how technology can make the whole process even more efficient.
Manual Processes Makes Media Buying Slow
Media buying is a complicated process with the potential for many manual steps to slow everything down. Juggling multiple vendors, tracking spend for each client, and managing it all via spreadsheets emailed back and forth can all be cumbersome. Add on top of that the difficulty in finding clarity around reporting and revenue, and the whole system can come crashing down with inefficiencies. Reconciliations that require manually checking data take precious time away from focusing on doing the actual work of placing advertisements in the right places. So what’s the best way to bring efficiency and reduce headaches?
How to Improve the Efficiency of Reconciliations
Automation is the answer. With automation comes end-to-end visibility, enabling easier reporting and auditing. An automated system is by nature more organized and easier to reconcile, and many software solutions even have the option to manage recurring payments, leading to faster and more accurate transaction processing. Software purpose-built for creative agencies will also streamline the invoice process and provide custom approval workflows, and will integrate project and financial data for easier revenue forecasting. As more of the workforce becomes more comfortable with digital processes, an automated solution will also make it easier to scale your agency for growth. And with 24/7 online access and real-time reporting, it’ll be easier to pay your suppliers on time.
Smarter Automation with Agency Management Software
The most effective way to bring automation to your creative agency and increase efficiency is to invest in agency management software that can do the job for you. Learn more about how Deltek WorkBook and FreeWheel’s Strata can help in our webinar: Reconcile Media Payments and Improve Cash Flow in Real-Time. Find out how to leverage an API integration between your media planning and buying system and your agency management solution, providing you with accurate and actionable financial data. Click here to access the recorded webinar!
You Might Also Like:
- [Blog] Media Buying Best Practices for Agencies: Improving Financial Reporting
- [Deltek WorkBook Customer Story] How OH Partners Improved Cash Flow, Efficiency, and Agency Visibility
- [On-Demand Webinar] Ensure Projects are Profitable and Accurately Forecast Revenue and Cash Flow of Your Agency