Accounting Services for Advertising Company
Featured Review- Accounting Finance & Accounting Outsourcing (FAO) Fractional CFO Services
- Confidential
- Jan. 2022 - Ongoing
5.0
- Quality
- 5.0
- Schedule
- 5.0
- Cost
- 5.0
- Willing to Refer
- 5.0
"Nicole excels in delivering financial items on time, with attentiveness, and in a manner that responds well."
Feb 1, 2024
COO, Version2
Shane Taylor
Verified
- Advertising & marketing
- Las Vegas, Nevada
- 11-50 Employees
- Online Review
- Verified
An advertising company has hired Avenues Financial for accounting services. The team handles monthly financial reports, annual budget forecasts, financial strategies, and file audit and compliance reports.
Avenues Financial’s work has led to year-over-year growth in revenue, net profit margins, EBITDA, and cash flow. The team deeply understands the digital advertising industry, allowing them to provide tailored advice and solutions that benefit the client.
The client submitted this review online.
BACKGROUND
Please describe your company and position.
I am the COO of Version2
Describe what your company does in a single sentence.
Programmatic Advertising
OPPORTUNITY / CHALLENGE
What specific goals or objectives did you hire Avenues Financial to accomplish?
- Bookkeeping
- Financial Controller
- Consulting
SOLUTION
How did you find Avenues Financial?
- Referral
Why did you select Avenues Financial over others?
- High ratings
- Great culture fit
- Referred to me
- Company values aligned
How many teammates from Avenues Financial were assigned to this project?
1 Employee
Describe the scope of work in detail. Please include a summary of key deliverables.
- Key Responsibilities:
- Financial Oversight and Management Oversee all financial operations, including accounts receivable, accounts payable, payroll, and bank reconciliations.
- Develop and maintain financial policies and procedures that comply with regulatory standards and best practices.
- Manage cash flow and forecasting, implementing a robust financial management/planning system.
- Ensure accurate and timely financial reporting, including monthly, quarterly, and annual reports.
- Budgeting and Forecasting Lead the budgeting process, working with department heads to prepare the annual budget.
- Monitor spending against the budget, identifying variances, and implementing corrective actions as needed.
- Provide financial modeling and forecasting to support strategic decision-making.
- Audit and Compliance Coordinate and lead the annual audit process, liaising with external auditors and internal teams.
- Ensure compliance with local, state, and federal government reporting requirements and tax filings.
- Implement and maintain internal controls to safeguard the agency's assets.
- Strategic Financial Planning Contribute to the development of the agency's strategic goals and objectives from a financial perspective.
- Evaluate and advise on the financial implications of long-range planning, new programs/strategies, and regulatory action.
- Team Leadership and Development Manage the finance team, setting clear objectives, evaluating performance, and supporting professional development.
- Promote a culture of high performance and continuous improvement that values learning and a commitment to quality.
- Stakeholder Management Communicate financial metrics to senior management, providing actionable insights and recommendations.
- Work closely with other departments to ensure financial strategies are integrated into broader organizational plans.
- Technology and Process Improvement Assess and optimize financial software and systems for efficiency and accuracy.
- Drive process improvements in the finance department to streamline operations and improve service delivery.
- Deliverables:
- Monthly financial reports and dashboards.
- Annual budget and quarterly forecasts.
- Comprehensive audit file and compliance report for the fiscal year.
- Strategic financial plan aligned with the agency’s goals.
- Reporting: The Financial Controller will report directly to the Chief Financial Officer (CFO) or equivalent senior executive.
- Key Performance Indicators (KPIs):
- Accuracy and timeliness of financial reporting.
- Compliance with audit and regulatory requirements.
- Effectiveness in budget management and cost control.
- Contribution to strategic planning and decision-making processes.
- Qualifications:
- Bachelor's degree in Accounting, Finance, or related field (Master’s preferred).
- Certified Public Accountant (CPA) or equivalent qualification.
- Minimum of [X] years of experience in a financial management role, preferably in the advertising industry or a related field.
- Strong leadership skills and experience managing a team.
- Proficiency in financial software and advanced Excel skills.
RESULTS & FEEDBACK
What were the measurable outcomes from the project that demonstrate progress or success?
- Financial Metrics Budget Management: Adherence to budgets with minimal variances demonstrates effective planning and control. This includes managing operational budgets, campaign budgets, and capital expenditures. Revenue Growth: Year-over-year growth in revenue, possibly segmented by different services offered (e.g., PPC, social media advertising, content marketing) to identify high-performing areas.
- Profitability Metrics: Improvement in net profit margins and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) indicates efficient management and cost control. Cash Flow Management: Positive cash flow from operations, with a focus on minimizing cash conversion cycles, ensuring the agency can cover its liabilities and invest in growth opportunities.
- Cost Efficiency: Reduction in non-essential expenditures without compromising output quality, including more effective use of ad spend, technology, and vendor contracts. Operational Metrics Financial Reporting Accuracy and Timeliness: Regular delivery of accurate financial reports (monthly, quarterly, and annually), including income statements, balance sheets, and cash flow statements.
- Compliance and Risk Management: Adherence to financial regulations, timely tax filings, and successful navigation of audits, reducing legal and financial risks.
- Investment in Technology: ROI on investments in ad tech or financial software that improves efficiency, reporting, and analytics capabilities. Client Profitability Analysis: Analysis of profitability by client or project, which helps in making informed decisions about which clients or types of projects are most beneficial.
- Strategic Metrics Strategic Financial Planning: Contribution to long-term business strategy with financial insights, including market expansion, mergers, acquisitions, or new service offerings. Financial Forecasting Accuracy: The accuracy of financial forecasts in predicting agency performance, aiding in strategic decision-making and resource allocation.
- Employee Productivity and Utilization Rates: Effective management of agency resources, ensuring that talent is being utilized efficiently without burnout, contributing to both employee satisfaction and project profitability. Stakeholder Satisfaction Internal Stakeholder Satisfaction: Positive feedback from agency management and departments on the financial controller's support in budgeting, financial insights, and strategic planning.
- External Stakeholder Satisfaction: High satisfaction levels from clients, investors, and financial institutions regarding financial transparency, reporting, and management.
- Innovation and Improvement Process Improvements: Implementation of new financial processes or systems that lead to cost savings, efficiency gains, or improved financial control.
- Professional Development: Investment in continuous professional development for the finance team, keeping them updated with the latest financial regulations, technologies, and best practices relevant to the digital advertising sector.
Describe their project management. Did they deliver items on time? How did they respond to your needs?
Nicole excels in delivering financial items on time, with attentiveness, and in a manner that responds well to business needs. She embodies a range of professional competencies and personal attributes that make her an invaluable asset to any organization.
What was your primary form of communication with Avenues Financial?
- Virtual Meeting
- Email or Messaging App
What did you find most impressive or unique about this company?
- Specialized Expertise in Digital Advertising- Nicole demonstrates a deep understanding of the digital advertising industry, including its unique revenue models, cost structures, and financial challenges. Her specialized knowledge enables them to offer tailored advice and solutions that significantly benefit the agency
- Advanced Technology and Tools- Nicole utilizes cutting-edge financial software and tools that integrate seamlessly with the our agency's platforms, automating data entry, invoicing, and other time-consuming tasks. This not only increases efficiency but also reduces the likelihood of errors, providing real-time financial insights that help in strategic decision-making.
- Proactive Financial Management- Nicole goes beyond traditional record-keeping by offering proactive financial management. She regularly analyzes financial data to identify trends, opportunities for cost savings, and areas for financial optimization, helping our agency to maximize profitability.
Are there any areas for improvement or something Avenues Financial could have done differently?
No areas of improvement.
RATINGS
5.0
-
Quality
5.0Service & Deliverables
-
Schedule
5.0On time / deadlines
-
Cost
5.0Value / within estimates
-
Willing to Refer
5.0NPS
