Six Ways to Streamline Agency Finance with WorkBook

Posted by Teresa Robbins and Katie Garrison on August 26, 2019

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Agency finance often gets a bad rap. Because they’re responsible for closing out the books every month, keeping cash flow positive and managing the agency’s overall financial health, they often get stuck in the minutia. When finance processes are left until the last step in the project lifecycle, it’s no wonder they often get relegated to the “back-office” when it seems like they’re always asking about missing timesheets, open invoices and late payments. But when finance is integrated into every step of the job, it no longer feels like a speed bump in the creative process and annoying follow-ups become a thing of the past.

Enter WorkBook.

WorkBook brings truth to the adage “Work Smarter, Not Harder” by integrating financial management with resourcing and project management to streamline the entire project lifecycle. By sharing accurate data from end-to-end, your agency gets greater visibility into job progress and budget status at any time, which allows your agency to manage financial processes in real-time, rather than having to catch up at month’s end.

Here are six ways WorkBook can help you streamline agency finance:

Streamline Revenue recognition

Ensure that you’re recording revenue accurately by automatically notifying your Project Managers to review their jobs so that they can inform the percentage of completion. Within the Adjustments tab of the Jobs module, Project Managers can share the current status of the milestone, task, or job in order to feed more accurate information into the financial funnel. Once the adjustment step is finished, approval workflows ensure that completion percentages are accurate and that the agency is hitting their overarching revenue targets.

Streamline Proactive Project Management

Agencies move at the speed of light, which means that a job could fall off the rails in a matter of minutes. So it’s important that agencies be able to anticipate issues and take proactive action before it’s too late. WorkBook’s Jobs List with KPIs acts as your agency’s crystal ball by predicting where the job is expected to land financially.

Based on the job’s schedule, budget, incurred costs and expected costs, WorkBook calculates the expected over or underspend ahead of time so that you can take action before anything can negatively impact the bottom line. This powerful metric can therefore ensure that you’re looking straight ahead at job profitability rather than in the rearview mirror.

Streamline Pipeline Management

More than half of all agencies are managing operations with a number of software solutions, including disparate CRM tools. The result is that prospects and opportunities are tracked over here, while jobs in progress are managed separately over there, which leads to issues with workload balance, resource planning and revenue forecasting.

WorkBook’s CRM module integrates pipeline management with the rest of the project lifecycle to give agencies a comprehensive view of incoming and current work all in one place. From the perspective of the Pipeline Forecast, not only is the sales funnel clearly articulated, but also its impact on agency resources and expected net revenue as well.

Streamline Resource Planning

With the rise of project work, agencies need to be more nimble when it comes to addressing ever-changing client demands. As priorities shift all day every day, so do schedules, workloads and resource availability. That’s why it’s important that agencies have transparency into resource availability and capacity in real-time. Not only must they be able to shift allocations now, they need to be able to plan ahead to be able to make more strategic decisions around staffing and hiring.

WorkBook’s Capacity Status Graph takes into account current as well as potential resource allocations to show tentative, fixed, on hold, overbooked, free capacity and PTO bookings up to 12 months in advance. That way you know ahead of time when it may be more cost-effective to start the hiring process, require more flex time, or bring in a few freelancers to bridge the gap.

Streamline Retainer Management

Because a retainer agreement might be signed months before the first day of work, a lot can change after the first brief and the creative process gets rolling. Because WorkBook allows your agency to share and store any client and job-related files within the Resource, Job or Task itself, it’s easy to store a Master Service Agreement where it can be referenced so that everyone knows what is and isn’t included in the retainer’s scope. And when the client makes requests for work that isn’t in-scope, you don’t have to worry about absorbing the cost. WorkBook makes it easy to create price quotes on delivery jobs that capture and automatically generate invoices for these out-of-scope activities.

Streamline a Single Source of Truth

The value of bringing the entire project lifecycle and every user together into the same agency management tool runs deep. Not only will you be saving time by reducing redundancies, but you will also be adding valuable efficiencies that make a tremendous impact on the agency’s bottom line. Streamlining agency management into the same tool allows your agency to manage profitability and control costs in real-time. And with a single source of truth into every aspect of your agency’s performance, you can take meaningful action now AND make strategic plans for the future.

Set your agency up for success by establishing a trustworthy foundation of operational processes that will scale with you as your agency grows. By integrating financial management throughout the project lifecycle, WorkBook saves your Finance Team valuable time that can be spent on more worthwhile tasks, while streamlining the agency management process in just the right places to make the most financial impact.



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