The media sales landscape looks drastically different today than it did even 5 years ago. A changing advertising market, a booming subscription economy, and a global pandemic have all spurred media organizations to transform their sales packages and processes so their businesses can remain competitive and profitable.
To excel in the current media industry, publishers must eliminate legacy systems that can’t handle modern sales—or risk squandering valuable time, and in worst-case scenarios, damaging customer relationships. In this article, we’ll dig into why having a media sales solution that offers invoicing flexibility is essential to your business.
The problem with legacy financial systems
Legacy systems were not designed with modern selling practices in mind, particularly when it comes to digital invoicing. This has led to media companies’ finance staff spending countless hours on manual workarounds, like creating invoices in Microsoft Word every time a customer wants to customize their purchase.
However, some organizations are still hesitant to adopt modern accounting practices. Among the businesses that don’t use accounting software, 38% are concerned about security, 35% are worried about higher costs, and 18% feel the technology is too complex to learn, according to GoRemotely.
Yet, sticking with outdated manual accounting processes can result in security issues if you misplace an invoice with customer information. Legacy systems also create inefficiencies and leave room for error if you manually enter a number incorrectly. They can even put your reputation at risk by making you look disorganized in the eyes of your customers, potentially costing you money.
This article by Oracle NetSuite paints a grim picture of what can go awry when using legacy systems: “Get it wrong and you won’t get paid, or you’ll get paid late for your products or services, which really impacts your cash flow. When you don’t get paid, you can’t compensate your employees or cover your overhead.”
Leverage advanced billing technology
Media companies can reduce time spent on accounting administration and increase billing accuracy by using an automated financial system. Today, nearly 75% of accounting work can be automated with software, according to GoRemotely. In addition, automation can save publishers at least $16 on every invoice.
Digital invoices are easy to organize, store, and back up. They’re also quick to reference if you need to find out whether you’ve billed a customer, if you need to send a reminder, and if there’s a payment dispute. The key is finding the right solution for your organization—one that’s flexible and user-friendly.
It’s crucial to look for software that can process orders from various media channels easily within one campaign, enabling you to eliminate complexity from your company’s invoicing practices. Your finance tech should also give you the ability to schedule invoices by payment instalments, specific media channels, or campaign delivery stages, depending on your customers’ needs. This kind of functionality will improve your cash flow and customer relationships. And, it’s all possible with Lineup Systems’ Adpoint Finance cloud solution.
It’s no surprise that 95% of accountants have switched to cloud accounting, especially considering that businesses with cloud accounting systems have 5x more customers than organizations without, according to GoRemotely.
Benefits of a flexible cloud accounting system
If you’re feeling frustrated by your legacy technology, it may be time to consider an update. Even if your media organization is already using modern finance tech, it’s worth looking into whether your solution can complete all of the tasks you require—and whether it can adapt as your business grows. With Adpoint Finance, you can navigate the following scenarios with ease:
- invoicing in line with ad delivery, or on a different timeline as needed
- billing for digital ads according to booked/1st party/3rd party numbers
- scheduling invoices at the order or contract level to achieve equal monthly invoicing, regardless of how ads are delivered
- accounting for any difference between invoicing and revenue recognition, thanks to built-in accruals/deferrals functionality
It’s also important to find an accounting solution that will provide you with detailed insight into your sales and revenue performance. This can help you identify new revenue opportunities for your company to pursue.
Explore Adpoint Finance
Adpoint Finance streamlines the billing, collecting, and reporting process for all of your orders, providing a single source of truth for your media organization’s financial data. This frees up your time to focus on building customer relationships that drive revenue. Find out how Adpoint Finance can help your media company save time and money.