Page 129 - DMGT304_EVENT_MANAGEMENT

Event Management

Notes Payment is approved.
Accounts are paid.
Incoming revenue is checked and banked.

Revenue total are recoeded correctly
Debts are met
All transactions are recorded and balanced
Taxation requirements are met.

Financial mattersaare corrected reported to stakeholders
What defines a successful event? The effective communication of important ideas to a responsive
audience? Efficient organisation within agreed deadlines? An inspiring, well-equipped venue?
They’re all vital, but without efficient (and profitable) financial management, even the best-
conceived and most stimulating conference or other event can turn into a commercial flop –
along with your reputation.

Helping you to manage your event finances

From the development of realistic event budgets to the post-event financial analysis that measures
your success, it is being tried to manage your event finances with a comprehensive suite of
services including the following:
Creation of an appropriate event budget – utilise our experience to make sure that nothing
is omitted

Management of your finances in line with expectations – we’ll help you keep to your
allocated budget and ensure an accurate audit trail for all income and expenditure

Accurate accounting for all income and expenditure and provision of updated accounts
whenever required by you or your financial colleagues
Fast, efficient processing of delegate and sponsor registration fees (cheque or credit/debit
card payments)

Timely payment of all event expenses

Payment of event profit to your nominated budget code
Other financial services – we can also advise on associated services such as the negotiation
of event insurance cover.

5.8 Panic System

This unusual accounting term is not exclusive to the event industry,but this industry is one in
which inflated panic prices are often paid.In an ideal world,the event manager has all quotes
sewn up and the the budget locked in long before the event. There should be few unforseen
contigencies, but don’t forget this in budget. In reality, murphy law dictates that something will
always go wrong.And the closer it is to the event the more difficult it is to negotiate a reasonable
price for what you required to put it right. Infact, if it is a last minute crisis, it could easily lead
to a price with a high premium,a panic payment. Essentially the supplier has the event manager
over a barrel. Careful planning and detailed contract negotiated well in advance can prevent
this situation from occuring.

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