Top ad agency
iBP frees up leading Ad Agency CFO to focus on financial strategy
A top level financial brain in any business is best deployed plotting long term fiscal security and maximising profitability for the business. Whether it is the Head of Finance or the CFO, the worst case scenario is for a leading financial figure in a business being pulled back into a hands-on Accounting role. But it can happen, often due to a delay or back log of financial issues, or simply sheer accounting and admin workload and a lack of capacity.
One of Australia’s leading advertising agencies recently made an important decision that guarantees the agency’s leading financial figure, the CFO, will be free to focus on financial policy and achieve maximum profitability. Outsourcing the responsibility for all Accounts Payable and Accounts Receivable procedures and processes to iBP has allowed the business to plot a deliberate and careful financial path focussing on growth activities.
The support that is available via iBP is multi-faceted.
Upon line management approval, agency staff pass all Accounts Payable and Accounts Receivable documentation to iBP – and during each month all transactions are registered and set-up for monthly payables. Transactions are then checked, approved and actioned by the agency.
The General Ledger is reconciled each month, providing a clear, accurate picture of the agency’s assets, liabilities, owners’ equity, revenue, and expenses. Management of the agency receive a clear picture of the financial position, monthly.
This outsourcing route for financial management and accounting services can reduce costs by up to 60%, avoiding costs for data entry roles and overhead expenses such as holiday and other leave liabilities, payroll related expenses, and office/workstation and IT related costs. What it also avoids, is the misfortune of having the leading light in financial strategy and business diligence, being distracted from their key mission… leading and executing on the financial strategy of the business.
iBP provides financial management services to free up key people.