The industry’s adoption of Xero has increased dramatically from 19% in 2013 to 49% in 2015, making Xero the number one choice of accounting software for creative agencies.
The mass migration to Xero is also reflected in the increased uptake of Xero-integrated applications for Project Management, such as Streamtime, Harvest and WorkflowMax.
Exciting times for 2015
The survey also found that UK creative agencies plan to hire more staff (68%), undertake more marketing activity (56%) and increase their prices (51%) in 2015.
There is also a changing attitude to growth. In 2014, 45% of UK agencies grew by no more than 10%. But this year, 77% of agencies say they are expecting to grow by more than this, and 68% are actively looking to recruit in 2015.
The third annual survey was completed by just under 300 agencies across the UK and was promoted by key industry associations: BIMA, the IPA, The Agency Collective and the Drum Network.
We also learned…
- 18% of agencies don’t know how much profit they’re making
- 43% rarely or never charge for extras or scope creep
- The average charge-out rate in UK agencies is £86 per hour