Developing a Customized Tool for Event Management Business to Track Actual vs. Budgeted Expenses and Analyze Profitability

A few months ago, we onboarded a client who is in the event management business in Miami and was interested in tracking the profitability of each event. However, they lacked a tool or methodology to accomplish this. Typically, they would start incurring expenses related to an event a month prior and continue until a couple of weeks after the event, all while relying on our expertise in accounting in Miami.

For a recent event, they had prepared a budget for expected expenses but wanted to track the actual vs. budgeted expenses on a weekly basis. After a call with the client to understand their requirements, we developed a tool that would track the actual vs. budgeted expenses. We employed automation techniques to allocate expenses to respective expense categories automatically by having the client input their bank activity in an excel spreadsheet. The tool would then produce actual vs. budgeted numbers on a weekly basis.

By the end of the event, our client was able to analyze all the numbers, including actual expenses and profitability, which allowed them to identify areas where they could reduce costs and improve profitability for future events.

Overall, our tool helped the client track their expenses in real-time and analyze the profitability of their event. It was a great success, and we are thrilled to have been a part of it, supported by our bookkeepers in Orlando, Los Angeles, San Diego, and San Francisco.