“There is only one thing worse than being talked about, and that is not being talked about.” Oscar Wilde, Author
A Public Relations (PR) firm specializes in digital, social and conventional communication campaigns in a unique, creative, and results-oriented way. Their work is heavily deadline driven.
PR firms face complex accounting rules with regard to matching revenues with applicable expenses. Since compensation is paid when the work is completed, job costing processes were needed for management to measure the profitability of each project.
Revenue and expense reconciliations as well as cash flow monitoring were required to keep projects on course and moving forward. For example, the process of characterizing and tracking entertainment expenses for the purpose of allocating them to the correct clients was not reliable.
Key Performance Indicators (KPI) needed to be implemented so the Chief Executive Officer (CEO) could see which client projects were more profitable than others and by how much. The CEO felt she was spending too much time on the details and was not able to analyze accounting reports in the format she needed them.
Pacific Crest Group (PCG) is in a unique position to provide both outsourced accounting and Human Resource (HR) management services. These two departments collaborated on streamlining the client’s accounting and HR processes so they were more in alignment with the company’s long-term goals.
PCG created a KPI process that shed more light on revenue and expense matching. It was found that “Cost of Goods Sold” (COGS) could be reconfigured so profitable jobs were more distinctly defined.
Accounts Payable was prioritized to better optimize cash flow. Billing software was upgraded to make paying vendors more efficient. Projections were made to determine what bills would be due and when. This has led to amounts owed being anticipated and better planned for in advance.
The company’s accounting roles are clearer. Detailed cash flow reports are generated and analyzed on a regular basis. More focus is put on collecting Accounts Receivable sooner so cash flow is maximized.
Accounting procedures were moved to the cloud so both the client and Pacific Crest Group personnel can access the files they need remotely and securely. This has significantly increased the availability, accuracy, and dependability of critical financial reports.
Weekly calls with the Chief Executive Officer make sure everything stays on target and serve as a constant source of support to the entire organization.
Celebrate the Rewards
The client enjoys three levels of assistance compromised of strategic planning, accounting, and HR services from PCG.
As a result of the new systems and processes, the company’s cash position has improved and stress levels have decreased.
The CEO has more time to spend on what she does best…bringing in high revenue clients. She now concentrates on defining the scope of the project rather than being involved in day-to-day operations.
How We Can Help You
Pacific Crest Group (PCG) provides professional services that keep your business focused on your critical objectives. We provide strategic Accounting and Human Resource (HR) services created specifically to help you meet your goals. Through exemplary customer service, clearly defined policies and procedures as well as a forward-looking perspective, we provide the outsourced solutions your business needs to grow. A PCG professional is happy to meet with you to discuss solutions for your unique requirements designed to maximize all of your business opportunities.