Are you in the position that you usually have to convince someone to make investments? This can be your boss, the board or other stakeholders that you need to ask for support when making new investments. The ROI (Return on Investment) is a common performance measure used to define the efficiency of an investment based on comparing costs against gains.
We have seen a trend in the past years that more and more event and venue organizations decide to integrate financials into their event management software. An investment – in the first instance as there is usually a financial system implemented already maybe even with an interface to the event or venue management software. How can this investment be justified and why do so many organizations choose to go one step further and use an all-in-one solution, specifically designed and built for the event industry?
Based on the e-book "How integrated financials help event professionals achieve success" that Ungerboeck recently published I would like to give you 7 reasons why investing in an integrated financial solution pays off:
1) All-in-one saves time and money
Integrated systems cover all business areas from CRM and sales to full financials. All data is stored in one central place, easily accessible for staff with the appropriate access privileges. No interface or maintenance of interface is needed. You invest in and work with one software solution only, giving you a single point of contact for customer service and support.
2) Industry-specific systems make a difference
General purpose CRM or financial software packages are ideal for organizations that follow a traditional sales funnel. Purpose-built CRM and integrated financial systems take the unique sales and invoicing process of events into account. The best example is last minute changes. As we all know this happens every day in the event industry. You need to be flexible and record actual products, service and work order items delivered in order to have quantities automatically updated on your customer’s final invoice.
3) Audit ready accounting
Make the auditors smile through accurate numbers: revenue, expenses, assets and depreciations, inventory valuation - all of your financial transactions flow together in one general ledger. Getting a good overview of your financial data will support you as well when it comes to budgeting, target-performance comparison, identifying KPIs (key performance indicators) etc.
4) Flexible and accurate sales proposals
Give sales the tools they need to reach their revenue targets. An integrated solution will enable them to send out proposals and invoices without re-keying data and allow them to view customer orders and payment status.
5) Inventory, purchase and supplier integration
Get a clear overview of what‘s in-stock and resource availability so you can quickly respond to requests and make sure that anything that is planned for an event is actually available. Raise purchase orders to suppliers, if needed and process your suppliers’ invoices data automatically.
6) Easy and efficient cash handling
How do you best handle cash and attain accuracy between cash balance and accounts? An integrated financial solution supports you to track how much money is coming in in chronological order before posting to the General Ledger, which invoices are paid, and simplifies bank reconciliation.
7) Real time controlling and reporting
Making well informed decisions based on accurate numbers that reflect your financial situation. If you want a 360 degree view of all your financial data with drill-down options into event or order details have a look at what integrated financial solutions can support you with. View profit & loss in real time, revenue forecasts based on open invoices, collected cash, unpaid invoices etc.
For more tips and details download the e-book: How integrated financials help event professionals achieve success. We have a complimentary live webinar coming up as well on Thursday, November 27, 1 pm GMT / 2 pm CET / 7 am CST.
Register now for the Webinar: How integrated financials help event professionals achieve success