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WorkFront: Improving Marketing Firm Budgeting & Cost Tracking

Workfront is an enterprise-level work management and project management tool that can simplify the daily tasks of your marketing firm. While Workfront is primarily designed as a tool for larger enterprises, there are a number of small to medium-sized businesses that take advantage of marketing firm bookkeeping features of this platform.

Powerful Resource Management Tool For Your Marketing Firm

WorkFront’s Research Management feature is meant to help you manage your organization’s resources and assign them correctly. Some of these resources may include materials, team members, and capacities. Workfront simplifies resource management by providing a clear insight into current employee tasks, actual worked hours, task priorities, and real-time task progress. This feature is designed to help you maximize the efficiency of your team by helping you to harness the power of your people, saving you energy, time, and money. It can also help you create better decisions based on its clear reports and insights.

Budget & Track Costs

Designed to streamline marketing firm accounting tasks, Workfront makes calculating planned costs of any project easier. It follows a simple formula where the planned project cost is the total of planned labor, expense cost per task, and expense costs of the project.The budgeted cost of the project is the total cost associated with the project based on the estimate that you create when you launch the project. The budgeting feature of WorkFront is distributed under multiple tabs. Under the Expenses Tab of a task, your various expenses such as your marketing costs. On the finance tab, you can select the hourly cost type that you prefer. You can choose the user who is assigned the task, choose their hourly rate, and choose the number of hours that they are assigned to do the said job. These will be totaled to give you your planned cost.

With WorkFront, you can specify your planned expenses for a project in advance. Additionally, when new expenses arise, you can also assign those to new projects or new tasks. Accurately monitoring and recording labor costs and expenses makes your marketing firm tax planning more organized.Tracking costs in Workfront follows a simple formula. It is cost equals labor cost plus expense costs. In this formula, labor costs are the hours spent on tasks and projects multiplied by the cost per hour for the manpower needed for each job. Expense costs are any additional expenses needed for the task or project.

Workfront includes budgeted labor and expense costs, plus the fixed costs of the project. The calculation of budgeted labor costs makes your marketing firm tax planning easier. It also calculates all cost information using the assigned currency for the project. However, if multiple currencies are used, there is a feature to change the currency calculations to match the currency received. You can also track and calculate actual costs, as well as modify cost types for individual tasks using WorkFront. Our team of marketing firm CPAs is able to provide you with accounting services including bookkeeping, tax planning, and CFO advisory services to help streamline your marketing firm’s financial operations. Our marketing firm financial advisers can help you integrate Workfront into your daily operations. We can also help you and your employees learn how to use the software effectively. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!

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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.