Budget Spread Sheets

Budget spread sheets are the tracking breakdown for the event’s finances. They are the key to ensuring that the event does not become a financial disaster—regardless of whether or not the actual event is supposed to be an immediate revenue generator. They should be updated and reviewed individually on a daily basis, and reconciled every week against the total budget (or more frequently, as the event draws closer).

Currently, most spread sheets are electronic. Some people will feel comfortable using Excel to build their build their own tracking system, especially for a smaller event. Others will prefer to purchase a software program designed for the financial management of events. A quick online search will reveal many systems. They range in features, but should, at a bare minimum, include a spread sheet function with a registration link that automatically generates receipts and invoices and a secure online payment mode. When researching event financial programs, consider the following issues:

• How long has this version of the software been in use? New software (and even updated versions) is notoriously buggy. A critical event is not the time to be an inadvertent beta tester.
• Have events of a similar size with similar needs used the software? Ask for references and call the event coordinators to discover how satisfied they were with the program.
• Are the spreadsheets customizable and cross-linkable? For example, there may be several types of flower arrangements under the décor budget of an awards dinner that is part of a company sales training weekend. For example:
• Training Event > Awards Dinner > Décor > Florist
  • 1. Table center pieces
  • 2. Bouquets for awardees
  • 3. Entrance floral arrangements
  • 4. Plant rentals
• The software program should have the capacity for as many linkable subfolders as the event budget tracking requires.
• Can components of the program, especially registration, receipts, and invoices be customized so that they reflect the branding and marketing goals of the event’s host?
• Does the program have a full contact management system that links with both electronic and paper communications materials? Further, the contact list should be able to be assigned to multiple categories (e.g., Joan Smith is on the VIP list, the non-smoking list, and the Major Supplier list).
• Does the program generate SPAM compliant batches? To avoid being routed into SPAM mailboxes, electronic mail-outs may need to go out in batches of less than 20, for example.
• Does the program have automatic scheduling for financial reviews and invitation, confirmation, and reminder mail-outs, either electronic or paper? This will ensure that all finances are consistently reviewed and that potential attendees are contacted and kept in touch with.
• Is the program user friendly, especially the attendee interfaces? One of the initial contacts attendees may have with an event is the registration software. If it’s difficult to use and/or has an ugly visual interface, it creates a poor impression. It should not be assumed that everyone registering by computer is a sophisticated user, and the interface design should reflect this. For accounting purposes, are the spread sheets clearly readable, and can data be entered with a minimum number of click-throughs?
• Does the registration system have an automated secure payment method? A secure credit card payment link is a must and, more recently, online debit cards are becoming more popular.
• Does the program integrate with any travel and accommodation systems? If the event has a partnership with a travel company and/or hotel, it will be useful to be able to cross-reference the systems against registration.
• What are the standard reports and data analysis capacities? The more report options and data tracking capacity, the easier it is to adhere to the budget. In addition to the previously mentioned items, look for:
  • A summary of event costs compared to event revenue
  • The ability to track costs and revenues for single or multiple events
  • The ability to manage the budget by referencing it to the total, fixed budget
  • The ability to manage finances according to a cost per attendee model
  • The ability to view the history of payments to across multiple events (how much did meeting rooms at the Marriot cost so far this year, for example). This will enhance the chances of a discount based on spending history.
  • The capacity to chart and graph spending and revenue.

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