Media Buying Best Practices for Agencies: Improving Financial Reporting

Media Buying Best Practices for Agencies: Improving Financial Reporting

From giant billboards on the side of the freeway to pop up digital graphics on your favorite website, advertising is everywhere. Agencies of all sizes can specialize in media buying, or the art of researching and buying ad space in both traditional and digital advertising platforms. Once the strategic work of buying ad placements and determining the best ad to run with is done, the challenging work of reconciling invoices and paying for the media spend begins.

How Media Buying Makes Financial Reporting Difficult

Slow, manual processes for handling data from spreadsheets or disparate media management tools can make reconciling financials painfully inefficient, resulting in a huge impact on cash flow. If teams have to stop to address errors or re-enter data, it can slow the process down even more. When time is money, it’s critical for media and finance teams to work together quickly to reconcile invoices to make sure the agency gets paid on time.

Tips for Improving Media Payments and Cash Flow

One of the most straightforward ways to improve tracking media payments and speeding up cash flow is to use an integrated software solution to automate many of the processes. By automating data sharing between media and finance, agencies can reduce costly inefficiencies and errors. Streamlining finance and media management agency-wide will also save time and money. A solution designed uniquely for agencies will help create greater transparency by accounting for media buys as part of the budget management workflow.

Make Media Buying More Efficient for Your Agency

Want to learn more about how to make the media buying process for your creative agency more efficient? Join us for a webinar on Wednesday, June 28th: Reconcile Media Payments and Improve Cash Flow in Real-Time with FreeWheel’s Strata and Deltek WorkBook. Find out how to manage billing and financials for all marketing campaigns, across media types, in one integrated solution. Register now to save your spot!

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