Budgeting is often done through internal accounting software but as a third party I often use either quickbooks lite or an excel spreadsheet to keep track of budgets vs. actuals. For a full example of budgeting please reach out to me.

During the budgeting process I always keep records up to date by the day. An example of some categories that would be used to separate expenses for a single event are:

• Venue

• Transportation

• Entertainment

• Staffing

• Food & Beverage

• Audio Visual

• Power

• Decor and Favors

• Marketing

• Registration

• Miscellaneous

Revenue Examples:

• Sponsorships

• In-kind Donation

• Ticket Sales

• Company Budget Allocation

I have found that the best way to keep stakeholders up to date on revenue, costs and current profit margins is to create a standing monthly meeting. This meeting covers any in progress or recently finished events and all stakeholders are welcome.

Snapshot slides can be one great way to showcase both budget and goal updates in a quick format during a meeting. They are also easily sent out to anyone that misses the content.

Tracking both the net profit and profit margins can be very telling for many event types. Making sure to keep track of these items but either including them in your tracking spreadsheets or pulling a report from your accounting software monthly will keep all parties informed.

The overall view can help to create opportunities to fine tune methods and adjust goals from the beginning to end of an event. Ultimately, almost all events have a financial goal even if it is to break even.