You're used to being "out there" while running a public relations firm. That fast-paced business model you're following doesn't leave time for sitting in the office to mull over public relations firm accounting. Let's see what a smart plan for growth, expense management, payment management and public relations firm tax planning might look like from the perspective of a public relations firm financial adviser.
Your goal is probably to be the biggest and best PR firm in the city. That means you need to focus on building your talent pool of PR specialists. The reality is that hiring a full-time public relations firm CPA probably isn't the best allocation of your finances right now. However, that doesn't mean you should just let the chips fall where they may for your public relations company bookkeeping. What's the solution?
Outsourcing your public relations firm accounting on an as-need basis is smart. That means you're getting a professional eye on your books without paying a full-time salary that has nothing to do with what your firm actually does. However, you shouldn't stop at simply bringing in a human expert.
What does your accounting platform look like today? Are you using scattered spreadsheets, paper receipts and multiple payment channels? It's time to look into getting everything streamlined and unified on a single platform. Yes, you may even be able to upgrade to a cloud-based program that fully syncs with QuickBooks. What that means is that you can track accounts payable, accounts receivable and employee hours using a single platform that’s accessible from your phone.
Why Tax Season Is the Event of the Year for PR Professionals
You're used to busy event and awards seasons. However, you may be overlooking tax season as the most important event for your business. It turns out that the miles you travel to visit clients, the equipment you buy for your team and the office space you run everything from could significantly reduce your tax obligation. Have you looked into the upgraded and adjusted tax breaks and deductions for businesses of your size? You may be able to increase profitability for the year without even landing a new client if you utilize smart public relations firm tax planning.
Why Last Year's Financial Statements Are This Year's Best Assets
It's easy to fall into the assumption that the growth of a PR firm rests solely on your ability to land newer and bigger clients. However, you can't forget that growth also stems from managing your assets properly enough to be able to afford marketing and hiring efforts that will attract those new clients. Don't consider last year's books closed! You should be working with a public relations firm financial adviser to gain insights for benchmarks, ratio analysis and growth indicators based on detailed financial reports.
The good news is that you're probably only a few changes away from increasing your firm's profitability. At Fusion CPA, we know you don't have time to be your own public relations firm CPA when you have high-profile clients depending on you. That's why we offer public relations firm CFO advisory services designed to streamline operations.
Improve Profitability For Your Firm
The good news is that you're probably only a few changes away from increasing your firm's profitability. At Fusion CPA, we know you don't have time to be your own public relations firm CPA when you have high-profile clients depending on you. That's why we offer public relations firm CFO advisory services designed to streamline operations. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.