The Workamajig Blog

How to Choose the Right Revenue-Forecasting Technique for Your Agency

Revenue forecasting doesn’t just show you how much money you may make. It also indicates how much you may be able to spend. 

March 10, 2017       |       By Rod Ripley       |        Finance and Budgeting

8 Simple Hacks to Prevent Project Budget Overrun

In a creative agency, few problems can spoil your day like a blown budget. Exceeding your project’s budget erodes your client’s trust and your agency’s profitability. Like many kinds of trouble, budget problems are easier to create than to solve; you must keep your project within budget if you want to be successful. 

February 22, 2017       |       By Rod Ripley       |        Finance and Budgeting

Why Revenue Forecasting Makes Your Project Budget More Accurate

If you already use revenue forecasting, it is clear that there are a lot of factors that need to be considered. From accounting for different client requirements to adjusting for team size, there are a lot of areas that can make or break your revenue forecasting model. A lot of those are simple to factor into a revenue prediction and are pretty easy to remember to adjust as well. There are other factors that are less obvious and often overlooked, such as the market or staff experience. Take a look at these three areas that you should address when you’re setting up your revenue forecasting for the next period:

January 23, 2017       |       By David Arnold       |        Finance and Budgeting

Ditch Spreadsheets! The Case for Advertising Agency Accounting Software

Spreadsheets are a great starting point for anything dealing with agency accounting. In fact, you’ll probably find a few similarities between spreadsheets that you’re using and an agency accounting software suite. However, there are a handful of benefits to using the software that you won’t be able to tap into with a spreadsheet program alone.

January 17, 2017       |       By Mike Wang       |        Finance and Budgeting

The Best Way to Track Your Project Budget

Picture your project budget as a sandcastle. You shape it to be creatively pleasing as well as efficiently built.

Your project should please your client, but it should also be profitable for both your client and for your agency. Achieving these objectives, which can sometimes seem contradictory, requires you to create a project budget that can withstand the shifting pressures of the creative process, like unanticipated delays or resource shortages.

January 10, 2017       |       By Penny Kooy       |        Finance and Budgeting

Tax Prep Guide for Creative Agencies

Taxes are as much a part of business as selling projects and servicing clients. But unlike making sales and completing projects, accounting for and paying taxes is probably not at the forefront of your mind. You may even want to squeeze taxes from your thoughts altogether, merely deeming them something to be handled by someone else (i.e. your finance department). However, taxes can greatly impact profitability for projects and creative agencies. Thus, overlooking taxes is one of the most common budget mistakes that you’re probably making.

December 28, 2016       |       By Mike Wang       |        Finance and Budgeting

The 5 Worst Mistakes You Can Make When Planning Your Project Budget

The purpose of planning a project budget is to make certain that you’re prepared for all possible circumstances. Running out of money is not an option, any more than delivering an incomplete project is. If you do find yourself staring at a budget overrun, then most likely things started slipping well before you found out and could have been prevented.

December 7, 2016       |       By Penny Kooy       |        Finance and Budgeting

Keep Your Project Budget on Track: 5 Tools to Use

Establishing your project budget is a crucial step to successful project management. But a budget is only as good as your follow-through. A key component to following a budget is the proper use of tools. Some of these tools are pretty obvious, like revenue forecasting or reporting. But others might be a little more surprising.

November 21, 2016       |       By Penny Kooy       |        Finance and Budgeting

What You Might be Missing in Your Revenue Forecast

Managing the project financials is probably the most critical task that the project manager or creative manager performs on any engagement – after Job One which is effective and efficient communication.

November 3, 2016       |       By Brad Egeland       |        Finance and Budgeting

Don't Forget These 3 Things When It Comes to Ad Agency Accounting

Looking into your agency accounting figures and wondering where you could make some improvements? You’re not alone in that regard. There’s many ways to use metrics from accounting to increase efficiency. Here’s three things that you can start on to make a big impact right away.

October 18, 2016       |       By Rod Ripley       |        Finance and Budgeting
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