Whether you like numbers or not, a lot of your business success depends on the way you manage your financials. Running your events business successfully means effectively measuring your financial performance and clearly identifying where the profit is coming from.
Software solutions can truly help event professionals measure their financial performance. But how will a financial system harmonize with your event software? And why do organizations use integrated systems?
Good financial reporting – good decisions
Making well-informed decisions has to be based on good financial reporting. Especially if you run a convention center or a venue, your business has a great impact on the local community and economy. Investors want to know about the economic situation today and in the future. Transparency is key in order to maintain good relationships with stakeholders.
Powerful reporting tools can help you report on owner return on investment and the overall economic impact of the venue – but it can also help you make realistic forecasts on items like expected revenue, for instance. Knowing which events are particularly profitable allows you to check conflicts and decide which event should have a higher priority if numerous bookings are requested for a specific date.
Three systems? Two systems? How about one integrated system?
So how can venues and event companies efficiently manage the finance part of their business? While it certainly is a common practice to interface existing event management software to a single-purpose financial system, there are some clear disadvantages to this option that you should take into consideration.
Just think about the maintenance expenses for two systems at the same time – wouldn’t it be much easier to have one robust system to cover each aspect of your business? If you need assistance, would you prefer to call different support numbers for separate IT companies or have one contact for one system instead?
Industry-specific solutions can save you a lot of time. In fact, many successful and well-performing convention centers rely on all-in-one software solutions with seamlessly integrated financials that were specifically designed and built for the events industry.
So why do they choose an industry-specific all-in-one systems over a generic finance system? Well, a system that was built for the events industry comes with all the coveted event-specific functionality and allows for a great amount of flexibility – whether you need last-minute changes on invoices or varying tax schemes when holding events in different countries.
Make sure you don’t spend time and money on disconnected systems that were neither built for the events industry nor designed to work together. Consider investing in one integrated solution that is able to cover both the event management side of your business and the financial processes.
I’m curious: How do you manage your finance processes? I’d love to hear about your experience. Send me an email or join the discussion on LinkedIn, Twitter, and Facebook.