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How to Manage Event Budgets Online

how to manage event budgets

The key processes of online management of an event budget include defining tasks, setting tasks for people, monitoring execution, charting financial performance, etc. All of this is necessary to rule the mobile and online events. Therefore, GEVME provides functions for both task management and budget management for event organisers.

About the Event Budget

The event budget is a projection of the income the event will earn and the expenditures that it will incur based on plans made and information gathered. The preparation of a budget is an essential part of event management. You can apply event budget management software to project event budgets.

How to create your event budget

Get started on creating your event budget:

  • Use an online event budget planner.
  • Add line items for every single detail.
  • Know your deadlines and when payments are due (being late could incur extra costs).
  • Add expected amounts and actual costs so you can see if you are over budget.
  • Ask for an event budget template, or develop your own templates to use to optimise the process.

How to research event budget costs

Be realistic while estimating the costs and managing an event budget.

Take yourself through the lifecycle of your event: What are some of the things that could cost you money along the way? Don’t stop at just the big-ticket items like your venue, food and beverages, and AV equipment (although these do make it on the list).

Estimating the costs

What’s needed to estimate the costs? A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost-estimating process. The cost estimate has a single total value and may have identifiable component values, which should be reflected in the budget planning process.

Key expenses

 Make sure to include the following items in your event budget plan:

  • Event planner fees
  • Part-time and temporary employees
  • Office supplies
  • Communication costs
  • Travel expenses

Analysing ROIs

Look at the many different forms of determining, measuring, and analysing event ROI. Event management cannot exist without first analysing expenses and the ROI expected from the event. For events aiming to turn a profit from their ticket or registration sales, calculating ROI is very straightforward. Simply subtract the total cost of your event from the total sales revenue, and then divide by the total cost of the event. The result is expressed as a percentage, which you multiply by 100.

Creating an event budgeting strategy

 When making up a strategy to manage your event budget, take the following steps:

    • Outline the event planning expenses.
    • Question your clients concerning their needs.
    • Build a basic budget for an event.
    • Calculate event planner fees.
    • Trim event costs.
    • Control audio and visual expenses.
    • Find low-cost marketing options online.
    • Use event budget planner software.
    • Use templates to succeed.

 

Event budget templates

Find and download customisable templates that can help you plan for and track expenses for any event, no matter how simple or complex.

 

Reasons to manage your event budget and event ROI online

Budget management systems are about more than just financial accounting. These can provide the answers to important financial questions in real time: a plan of income for the period, major expenses, approval of payments, profitability of event projects or directions, availability and forecast of working funds, real profit, etc. In parallel with the budget of the business, you can also construct personal event budgets.

A functional budget and effective time management are possible for each event project with professional event management platforms:

  • Set a budget time as per event category.
  • Control the time of work of users, and obligate them to indicate the time spent in various categories of activities being budgeted for.
  • Visually monitor the actual time spent and the pledged time using the dashboard.
  • Export time data in an Excel file for analysis and more.

Why is an event budget and its planning so important?

All planned and actual operations entered at any time can be displayed in the form of a budget plan or report. You only need to perform the setup once, and once you know how to manage event budgets, it will be easy to collect this or that budget from the tasks. To do this, use the GEVME dashboard. Under event expenses and operations for the task, there will be corresponding items of budget expenditure.

Another great benefit is that the budget data may always be presented in the Google Spreadsheet format. When managing event budgets online, the ability to easily copy and edit the data is also a priority. All tables and their budgets may be transferred and stored on your Google Drive in addition to any other documents you are allowed to create in the service.

While managing an event budget, executed materials are transferred and stored in the archive. Archived budgets are always available for viewing and analysis. Therefore, use specialised software while planning an event budget, and your event organising work will be done quicker and more effectively.

Ways to manage event budgets online

Managing event budgets online with the help of step-by-step tips is something that every EO should learn to do.

If you want to know how to manage an event budget, namely, how to start using budgets in an online service, you need to go to the company settings and enable the specific system you need.

If the budget system is disabled, then the service will not show all the related functions: entering financial transactions, a list of budgets and their settings, etc.

Next, you need to determine the range of users involved in the budgeting process. To do this, you must enter the list of users and include your financial operations for the necessary events, as well as that of the event users. With the majority of modern online software, an easily recognisable icon in the form of a dollar sign appears.

You will find the list of your event budgets right next to the username, which means that the chosen users have become financial or transaction budget editors for the event you’ve created.

The sum of expenditures should be clearly reflected either in your account or specifically counted and provided by the personal manager via email in case you require some special large-scale event with special demands outside the standard list of event organisation services provided on site.

Your budgets will be available on the corresponding lists, along with budgets created by other users if they have shared the data in their budget with you. You can easily add, change, delete, transfer to archive, or retrieve from the archive the lists of your budgets. You can also copy all the budgets you see and paste wherever you need.

There is nothing complicated when using professional online services and expert help for your event budget planning.

GEVME for online event budget management

Discover how to manage event budgets and how to plan a budget, and get tips to store and analyse event budget data with the GEVME event budgeting software. Choose online event finance management from GEVME with configurable tickets, taxes and fees, multiple payment options, and more.

How to start

When creating a budget for an event, in order to succeed with your event campaigns, contact the GEVME team for a thorough consultation on the platform and the full functionality of the budgeting features.

Call to action

Create your event budget with GEVME right away, and get the ROI you want.

Conclusion

To ensure a better customer experience, it is important to use a unified approach when planning a budget as well as when interacting with the customers and the team. For this, it is necessary to combine all possible communication channels and all processes of working into a single system and a single information environment. GEVME allows it all!

To increase sales performance, wisely calculate event budget and event ROI, and improve performance for each employee and the company as a whole, it is essential to gain control over the communication funnel and event sales processes. When it comes to this, GEVME is your best assistant, without a doubt.

Learn more about how to plan an event budget online. Feel free to leave your suggestions in the comments below.

GEVME is the fully integrated platform that makes your event lifecycle happy. With advanced apps for each event management process, the platform helps you craft a custom event toolkit. Request a DEMO to experience the automation of website development, online registration, onsite check-in and related services.

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