Simplify Your Accounting for Events.
No matter how you do your accounting it makes sense to simplify your accounting processes to streamline how everything is recorded specific to the events industry. The way accounting is done can vary from pen and paper to sophisticated accounting software but how can you make sure it works well with specific events requirements?
Accounting is simply double entry bookkeeping, there are a few accountants still using pen and paper ledgers but most modern businesses use an accounting software package. Probably the most popular accounting software packages include Sage, Xero and QuickBooks. Most are scalable so you can start with simple features and scale up to more sophisticated features as your business grows. Almost all offer free trials and are available on the cloud.
What are the important features to consider in a package relevant to the events industry?
As you are likely processing large volumes of ticket purchases make sure you have a system that can link to ticketing functionality. This can be an add on feature or if you use a third-party payments solution check that it is compatible, check their documentation and claims for use with specific payments solutions. You may be processing high volumes of transactions which can present issues when trying to record this in an accounting software system. Currently many events companies will create a single invoice to their third-party ticketing company and accept a single large payment. This is certainly worth exploring when considering compatibility of your chosen accounting software.
Invoicing vendors and sponsors should be fairly straightforward as invoicing is a fundamental element in any accounting system. Equally for artists there will be a function for making payments. When it comes to staff payments most accounting software companies will sell you an add-on package specifically for payroll at an additional cost. Alternatively, if you are using casual labour or paying expenses you could in theory use a petty cash system to log payments.
In running a large-scale event reporting is a key function that allows you to check on a regular basis where you are with cash flow. How much revenue is coming in from ticket sales, vendors and sponsors and how much is going out in expenses. Are you going to make a profit or a loss and what remedial action can you take to rectify any issues?
Another factor to consider would be currency capability, particularly in large international events where your ticket paying customers are coming from different countries or an artist that demands payment in another currency. What currency functionality do you have in your accounting software to handle this?
If you are using an event management software solution like FestivalPro you get great functionality built in for managing accounting. Specifically, for invoice generation and outgoing payments logging plus the comprehensive ticketing and reporting functionality. The guys who are responsible for this software have been in the front line of event management for many years and the features are built from that experience. The easy to use FestivalPro platform will guide you through every aspect that you are likely to encounter in managing your accounting requirements.
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