Paul is co-founder and CEO of Literal Humans, delivering high-quality growth strategies for tech-for-good startups and nonprofits.
Running a successful marketing agency is like juggling flaming swords while riding a unicycle on a tightrope—exhilarating but also complex. Amid the hustle and bustle, how well you handle your finances can make or break your agency’s success. Per the Digital Agency Guide to Business Accounting, the typical agency struggles with overdue accounts, incurs penalties due to rudimentary tax filing oversights, and fails to harness the strategic potential hidden within its financial statements.
Overcoming these challenges requires strengthening your agency’s accounting function, but not through the DIY route—it calls for professional accounting services. And when it comes to choosing an accounting firm, it’s imperative to pause and consider how your decision can significantly impact your agency’s growth, stability and overall success.
Having gone through the accounting firm selection process not too long ago, here are some valuable insights I picked up along the way so you can make the path to financial stability and growth a smoother one for your agency.
Assessing Your Agency’s Needs
Before diving into vendor selection, assessing your agency’s unique setup is essential. Consider the maturity of your agency: Is it a startup, in a growth phase, or an established agency? This will help you identify scalability considerations that align with your agency’s current stage.
Then, pinpoint your agency’s specific accounting needs. Do you require basic bookkeeping services or comprehensive financial management? Understanding these needs will serve as the building blocks of your vendor selection process, so get them right from the start.
Price And Budget Considerations
While price shouldn’t be the sole deciding factor, setting a realistic budget is crucial. Evaluate the pricing models offered by potential vendors, keeping in mind that some firms bundle many