Event planning and management is another business where you see more of activities and less of accountability. The reason is not unconnected to the lack of basic accounting and bookkeeping system adopted by event planning business owners.
As more clients request for event planning and management services at the same with huge upfront payment, there is the need to ensure that funds are properly channelled to the appropriate units – from venue booking, ushering fees, catering charges, rental payments to other miscellaneous allocations – which gives rise to the quest for a customized accounting solution.
Accounting solution helps event planners track all cash received from clients and how profitability a job is.
This roundup presents the basic deliverables of accounting software designed for event planning and management business.
- You can create a job for each event with cash paid by clients.
- Accountant software tracks all cash disbursement for each event planning and designed staff assign with such responsibility.
- You can track your clients’ transactions and generate specific account statement that summarizes all invoices and payments received so far.
- You suppliers transaction is also not an exemption as the system monitors your cash disbursement for material suppliers
- The system tracks all wages paid to staff of different events so you have a clear view of staff salaries based on each event.
- You can also track all material purchases for an event, quantity purchased and usage rate.
- You can also view al overall material report (showing quantity available after an event)
- You can also setup your bank accounts balances, cheque payments transactions and deposit as well as reconcile any difference that arises.
- All VAT deductions and Withholding Tax can be tracked accurately alongside payments to relevant tax authorities.
- You can also set-up multiple users to work an accounting software solution which create room for each user to enter transaction he/she is assigned to do.
- For decision making, you can view your event management company snapshot showing your cash balances across all account heads (accounting receivable and payable balances, bank statement balances, cash on hand balances, etc), profit or loss by events, statement of financial position and cash flow.
While these tips can help you select the right accounting solution for your event planning and management business, you can connect with our support centre for more inquiries and implementation service.
Email: info@accountingsoftware.com.ng