Author: Accountability Team

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5 Ways Agencies can Prepare for a Recession

As the economy shows new signs of slowing down, many businesses are wondering how they can prepare for a recession. While no one can fully recession-proof their agency, there are steps that businesses can take to weather the storm. Here are 5 ways that agencies can prepare for a recession.

1. Diversify Your Client Base (and nurture new revenue streams)

One of the best ways to prepare for a recession is to diversify your client base. Having a mix of different industries will help insulate your business from fluctuations in any one sector. For example, if you have clients in the financial industry, you may see a drop-off in work during a recession. However, if you also have clients in healthcare or education, you may not be as affected. diversifying your client base can help insulate your business during tough economic times. 

2. Build up Your Cash Reserves 

Another way to prepare for a recession is to build up your cash reserves. This will give you the financial flexibility to better weather any storm. Many businesses don’t make it through a recession because they run out of cash and are forced to close their doors. By building up your cash reserves now, you can ensure that your business will be able to survive even the toughest economic conditions. 

3. Cut Expenses 

When a recession hits, one of the first things businesses need to do is cut expenses. This includes less-essential costs like travel, entertainment, and marketing. By cutting these expenses now, you’ll be in a better position to weather the economic downturn when it comes. 

4. Improve Your Collections Process 

In order to prepare for a recession, it’s also important to improve your collections process. Get paid faster by implementing things like shorter payment terms and automated invoicing and payments. By doing this, you’ll ensure that you have the cash flow you need to keep your business afloat during tough economic times. 

5. Double-down on Operational Maturity

Finally, now is the time to make sure that your Agency examines its processes, operations, and technology. How much is your legacy system and processes really costing you? It’s imperative that you maximize your productivity so you can deliver more with less. None of this can happen if you’re still dependent on legacy software and manual processes. Preparing for a recession means having a plan in place for how you will deal with things like layoffs and reduced demand for your services. Your ability to make data-driven decisions and compete, especially in a down market, will be super charged if you’ve invested in better systems, software and processes today.

By planning ahead, you can ensure that your business is well prepared during an economic downturn. 

A recession can be a difficult time for any business – but by taking these steps now, you can ensure that your agency is prepared for whatever comes its way. From diversifying your client base to improving your collections process, these tips will help insulate your agency in an economic downturn – so you can come out on top when things turn around again.

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Celebrating International Women’s Day 2023 and Embracing Equity

International Women’s Day, celebrated annually on March 8th, is a time to honor and recognize the achievements of women worldwide. This year, the theme for International Women’s Day 2023 is “Embrace Equity.” This theme serves as an important reminder that we still have a long way to go in achieving gender equality in terms of rights and opportunity. 

What Can We Do to Embrace Equity? 

We can embrace Equity in our daily lives and communities in many ways. One way is by advocating for equal pay for women in the workplace – closing the gender wage gap – as well as investing in programs that promote female entrepreneurship and leadership development. Additionally, implementing initiatives such as flexible work hours or childcare support can make a big difference in helping working mothers stay employed while also caring for their families at home. Beyond these changes at an organizational level, individuals can also take action by educating themselves on social issues related to gender equality and supporting organizations that strive towards solving these inequities through donations or volunteering efforts. 

Embracing Equity is one of the main reasons Accountability launched a program for women returning to the workforce. “It was important to us to take action in creating opportunities for women,” says Joanne Miguel, Chief Product Officer of Accountability. “I know so many brilliant women who took a pause from work and are looking for opportunities to get back into the industry.” Accountability’s lean organizational structure is buoyed by a network of seasoned industry experts that add value throughout the customer journey. “This allows us to streamline operations without sacrificing expertise and skill. I’m really excited to work with our first group of women who have been accepted into this program.”

Selected participants can complete the certification requirements at their own pace. Once certified, participants join Accountability’s certified network of specialists and have the opportunity to support the financial transformation of innovative marketing and advertising agencies across the globe.

Certified Accountability specialists are carefully vetted and trained to ensure that Accountability clients get a consistent and high-quality experience throughout the customer journey.

If you are interested in getting certified or learning more about the program, click here.   

International Women’s Day 2023 has been designated with the very important theme of “Embrace Equity” – a reminder of how far we still have to go when it comes to achieving gender equality worldwide but also offering hope that progress can be made if each one of us plays our part in creating positive change through education, advocacy, activism, or investment in programs that strive for equitable outcomes for all genders alike! So let’s commit today — and every day — to embracing Equity and doing our part in ensuring all members of society have access to resources regardless of who they are or where they come from! Happy International Women’s Day! #IWD2023 #EmbraceEquity #WomenEmpowerment #GenderEquality

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How Agency CFOs Can Drive Growth

Agency CFOs are under more pressure than ever to drive agency growth while maintaining a strong financial position. In today’s climate of constant change this can be daunting. However, by utilizing a modern financial management platform, CFOs can gain the visibility they need to make informed business decisions, maintain greater control over their operation, and increase profitability.

The Importance of Visibility

Access to real time data enables a CFO unbiased visibility into the financial health of his or her agency. An agency-specific financial management platform offers visibility by giving CFOs real-time insights into key metrics such as burn rate, margins, and project profitability. With this information at their fingertips, CFOs can identify areas of opportunity and take action to improve the bottom line.

Improving Agency Profitability

While visibility is important, it’s only part of the equation. To truly drive growth, CFOs need to be able to take actions that will improve agency profitability. For example, a modern financial management platform can help CFOs automate time-consuming tasks such as invoicing and billing. This frees CFOs, and their department, to focus on higher value, strategic initiatives to grow the business. Additionally, a financial management platform can help CFOs manage costs and optimize pricing models to improve margins.

Agency CFOs are under immense pressure to drive growth while maintaining a strong financial position. However, by utilizing a modern financial management platform, like Accountability, CFOs are empowered to make informed business decisions and increase profitability. With real-time insights into key metrics and the ability to automate time-consuming tasks, a financial management platform is essential for any agency looking to improve its bottom line.

Click here to schedule your demo today.

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A Guide to Celebrating the Lunar New Year

The Lunar New Year is a time for celebration and reflection. This is a time for families to get together, celebrate the past year, and make plans for the coming year. It’s time to start planning your celebrations! Here are some tips on how to make your Lunar New Year festivities extra special.

Set Goals for the Year Ahead
Before you can celebrate the new year, take some time to reflect on what you accomplished in the previous year and set goals for yourself for the new year. It could be something small like taking a walk each morning or something bigger like traveling around the world. Whatever it is, try to make it achievable so that you feel motivated throughout the year to accomplish your goals.

Create a “New Year” Playlist
Music has a way of setting the mood for any occasion, so why not create a playlist specifically for celebrating the Lunar New Year? Fill your playlist with upbeat music from different cultures that represent all of your friends and family members who are celebrating with you. This will help keep everyone in good spirits throughout the day!

Gather Your Friends & Family
The Lunar New Year is all about coming together with family and friends, so plan something special that everyone can enjoy together. You could throw a dinner party or plan an outing to somewhere fun like an amusement park or beach. Just remember that whatever activity you choose should involve quality time with those closest to you!

No matter how you choose to celebrate the Lunar New Year in 2023, just remember that it’s all about being with those who mean most to you and looking ahead towards what’s possible over the next 12 months. By setting meaningful goals for yourself, creating a festive playlist, and gathering your friends & family together – there’s no better way to ring in this special holiday! Happy Lunar New Year!

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Tips for Budgeting and Forecasting

As a creative agency, budgeting and forecasting can be tricky. It requires careful planning and analysis to ensure firm financials and growth projections that align with your goals. However, if done correctly, budgeting and forecasting can give you the data you need to make informed decisions about your business’s future. Let’s look at some of the key considerations for creative agency budgeting and forecasting processes.

Start With Your Big Picture Goals
Before beginning your budgeting process, it’s important to start by looking at the big picture. What are your long-term goals? What kind of growth are you expecting this year? Having a clear vision of what success looks like will help you set realistic goals and keep yourself on track while making important decisions. Additionally, it can also help you identify potential areas of opportunity or risk that may not have been previously considered.

Analyze Past Performance
Once you’ve outlined your overarching objectives, it’s time to dig into past performance. Analyzing past performance is essential for understanding how your business operates and can give insight into what areas may require additional focus or attention. This information can provide valuable context for both short-term decisions as well as longer-term strategic investments in order to position the company for continued success.

Forecast Future Performance

Now it’s time to turn those goals into reality! Using the data from past performance as well as industry trends, develop projections for revenue growth over a specified period of time (e.g., one quarter, one year). Aim for an actionable plan rooted in data rather than assumptions or guesses (which can often lead to missed opportunities or unanticipated costs). Be sure to factor in any seasonal fluctuations or one-time expenses that may occur throughout the course of a given year so that you are prepared for anything that comes up.

Budgeting and forecasting is an essential part of running any successful business—especially creative agencies! By taking the time to understand your goals and analyze past performance before developing forecasts based on data (rather than assumptions), you will be able to make more informed decisions about where best to focus your efforts. Investing resources with the best information gives you the best opportunity to maximie growth. Taking these steps now will pay dividends in the long run!

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The Scary Truth About Overworked Employees (and what to do about it)

The simple answer is that overworked employees puts your agency at risk. But the real, underlying answer is much scarier. The truth is that overworked employees can lead to disgruntled colleagues (which jeopardizes your client relations), Scope Creep, and a host of other problems. So, let’s look at each of these in turn.

Disgruntled Employees: When an employee is overworked, it’s only a matter of time before it impacts their work. And when a change in performance is reflected on a client’s project, it reflects poorly on the agency. Your best performers, when overworked, now become your agency’s biggest liability.

Scope Creep: Another big problem with overworked employees is that they’re more likely to engage in Scope Creep. Scope Creep is when an employee starts doing tasks outside their scope of work to try and meet an unrealistic deadline. This inevitably leads to even more work and lower-quality output overall. In the end, everyone loses. 

Turnover: Finally, one of the scariest truths about overworked employees is that they’re far more likely to leave an agency. This turnover can be incredibly costly, not just in terms of the money spent on recruiting and training new staff but also in terms of morale. When good employees leave, it can ripple effect throughout the agency, leading to even more turnover and decreased productivity overall. 

Accountability’s Integrated agency management lets you control your financial position and client profitability with comprehensive project financials, time tracking, production billing, and accounting capabilities designed exclusively for agencies. And by automating manual tasks, this frees up time for your colleagues to focus on higher-value tasks (the ones your clients really care about)!

The truth is that overworked employees are a massive liability for advertising agencies. To avoid these problems, manage your team’s workloads carefully and ensure that everyone has enough time to rest and recharge. Your employees (and clients) will thank you for it in the long run! 

See our platform in action and learn more about how Accountability can deliver strategic financial insights to drive profitable business outcomes. Schedule a demo today.  

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10 things we are thankful for this Thanksgiving

From daily brainstorming sessions to finding that perfect pixel, it’s easy to get caught up in the day-to-day grind and forget what we’re thankful for. So, this Thanksgiving, we’re taking a step back and reflecting on things that make us love our jobs (and agency partners). So here are 10 things we are thankful for this holiday season.

  1. Brainstorming sessions that turn into happy hours. 
  2. Our clients have become our friends. It’s always felt like a community and we know that’s rare.
  3. Really good coffee.
  4. The ability to work from wherever we want (thanks, laptops!). 
  5. Counting how many times someone has said “you’re muted” on Zoom calls each day. 
  6. Customer feedback that initiates new and exciting projects keeps us on our toes (and ahead of the competition). 
  7. Seeing the fruits of our labor come to life and knowing, together, we’re making a difference. 
  8. Starting the day in Mumbai and finishing in Shanghai.
  9. The work days fly by and our calendars are filled means we’re in high demand! 
  10. Most importantly, the relationships we’ve built with our clients and coworkers over the years—we couldn’t do it without you! 

From brainstorming sessions turned happy hours to relationships built over the years, we have a lot to be thankful for this holiday season! So, here’s hoping your Thanksgiving is just as full of things to love as ours is! 

Click here to learn more about us.

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Signs that your ERP is underperforming

There are a few key signs that your ERP system is overburdened and not performing as well as it should be. Here are some things to look out for:

  • Your system is slow or crashes frequently. This can signify that your system doesn’t have enough processing power or memory to handle all the tasks you’re asking it to perform. If this is the case, you may need to switch to a cloud-based solution.
  • You constantly must work around the limitations of your system. If you find yourself having to use Excel spreadsheets or other manual processes to combine data from your ERP with your project management system, it’s a sign that you have disconnected software. This inefficiency costs you time and money.
  • Your employees are unhappy with the system. If your employees constantly complain about your ERP system’s usability, this is a flag that requires some exploration. Is it a training issue? Or is the platform not meeting their needs? A sound ERP system should be intuitive; if yours isn’t, it may be time for a change.

Now that we’ve looked at signs that your ERP system may be underperforming let’s discuss how you can ensure it’s up to the task. Here are a few tips:

  • Don’t try to do too much with one system. No system can be the best at everything. You should consider best-of-breed solutions. Your ERP system should be focused on core business functions such as accounting, inventory management, and order fulfillment. Using one system for everything—including human resources, project management, and CRM—will inevitably disappoint.
  • Work with a reputable vendor. When choosing an ERP vendor, make sure you choose one with a good reputation and a track record of success. Avoid vendors who make promises they can’t keep or offer rock-bottom prices; these vendors are likely to cut corners and deliver subpar products.
  • Choose a specialist! Accountability works with agencies, period. Our sole focus is our core proficiency – providing the best financial accountability for advertising agencies. That’s what our ERP was built for and that’s what we support.

Control your financial position and client profitability with comprehensive project management, time tracking, production billing, and accounting capabilities designed exclusively for agencies. Download our product sheet here.

A connected ERP system is critical to the success of your organization; it handles all your data and drives your day-to-day operations. So, it’s essential that you invest in one that future-proofs your agency. Following the tips in this blog post, you can ensure your ERP system is running smoothly and efficiently—and keep your organization running like a well-oiled machine!

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A Time to Remember and Honor Those Who Have Served

Veterans Day

Veterans Day is an important holiday commemorating the service of men and women in the United States Armed Forces. It is a time to remember the fallen and honor those who have served our country.

The History of Veterans Day
Veterans Day was initially called Armistice Day and was established to mark the end of World War I. On November 11th, 1918, representatives from Germany signed an armistice agreement with the Allies in a railroad car outside of Compiegne, France. The agreement went into effect at 11 a.m.—the “eleventh hour of the eleventh day of the month.” In 1919, President Woodrow Wilson declared November 11th Armistice Day, a day dedicated to “the cause of world peace.”

In 1938, Armistice Day became a national holiday in the United States. In 1954, after veterans’ groups lobbied for the name to be changed to Veterans Day, Congress passed legislation changing the holiday’s name. Veterans Day is now observed on November 11th every year.

How to Observe Veterans Day

This Veterans Day, take some time out of your day to remember and honor those who have served. Visit a war memorial or cemetery, fly the flag at half-staff, or attend a local Veteran’s Day parade or event. Most importantly, if you know a veteran, thank them for their service.

National WWI Museum and Memorial Kansas City,MO

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From Certified Accountability ERP Specialist to Customer Experience Lead

At Accountability, our primary mission is to support the financial transformation of the most innovative agencies, while continuously looking for ways to empower and advance women’s leadership in the industry. Earlier this year, we launched a certification program exclusively for women looking to return to the marketing and advertising industry. Each candidate goes through each phase of the agency’s financial workflow while learning the Accountability platform and the company’s implementation process. Upon completion of the program, a candidate becomes part of Accountability’s certified network of implementation and support specialists. Unlike big-box ERPs, Accountability certified specialists are an extension of the Accountability team, ensuring a consistent customer experience.

We caught up with Jennifer Ventrudo, Director of Customer Experience, to learn more about her journey and how Accountability’s ERP Certification program has helped her confidently re-enter the industry after taking some time off to focus on her family.

Tell us a little about yourself. 

I am a mother of two wonderful boys, Vincent, and Luke. Being a mom is one of the best jobs I have ever had and seeing them grow into beautiful human beings gives me such joy. I started in finance as an accountant and got my CPA. Even when I took the time to raise my children, I was very hands-on with my husband’s business, handling all the finances.

Family, ERP Certification, Accountability
Jennifer with her husband and children

What made you decide to return to work?

After taking some time off, I realized I missed working in the industry. I loved helping streamline an agency’s financial operations through creative problem-solving and a best-in-class platform. I’m an accountant by trade but have spent over a decade implementing and supporting financial systems for holding companies, including a stint at Mediaocean, Grey, and Harris. However, I knew it would be challenging to re-enter the workforce after being out for so long. That’s when I heard about Accountability’s ERP certification program. 

Please tell us a little bit about the certification process.  

The certification process covered everything from financial accounting to project management. It was also very flexible, which was important for me since I still cared for my family while completing the program. The program allowed me to brush up on my skills and knowledge to hit the ground running when I returned to work. 

How has the program helped you?  

It has allowed me to hit the ground running and contribute from day one. Additionally, it has given me confidence in my abilities and made me feel like a valuable team member. In addition to having access to the Accountability platform to apply what I’m learning, I also had the opportunity to work on an actual client implementation while I was completing the certification. This hands-on approach was crucial. I’m now running a global implementation and having a great time!

Tell us more about the program

Accountability’s ERP Certification Program was designed to provide our agencies access to our company’s network of ERP specialists. The difference between us and our competition is that the specialists are hired by Accountability as freelancers or full-time employees. The program launched during International Women’s Day was focused on recruiting women who want to transition back into the workforce, so it was a safe space to learn with others who are in the same position.

To learn more about Accountability’s Certification Program, send us an email at info@counta.com and follow us on LinkedIn for an update on the next class.