Just recently Mark Pritchard, senior consultant at Ungerboeck Software, led a great webinar on measuring financial performance of events. In his session, he illustrated why some organizations manage to be more efficient and successful than others and how a solution dedicated to the event industry can support event professionals achieve success.
Ideally, such a system produces and reports in real-time on financial transactions for each and every operation in the events business. Is your financial system capable of providing you all required information and functionality?
Making the Difference
Knowing your clients and their needs is essential in the events industry as this improves your relationship with clients and facilitates re-bookings. Is your financial software connected to your CRM system so that you are able get client history, bookings, preferences etc.? Generic financial systems usually struggle to process the many details and requirements that the event industry has. And what about invoicing information and dunning? Do your sales people know with which clients they should make business and which they should chase for unpaid invoices?
But there is more. If you are a venue you have your sales people on the one side of your business and obviously they need to sell - however, your inventory obviously is limited as you may run out of stock for particular items on particular days. You need to make sure that anything that is planned for an event is actually available. To do so, your inventory team must be informed that items are running low or out of stock and be able to raise purchase orders to your preferred suppliers.
In a next step you would ideally have your system process your suppliers' invoices data automatically, based on your purchase order data. Doing all of that in one integrated system dedicated to the event industry allows you to be efficient and avoids mistakes. And how do you report on financial performance?
Garbage in – Garbage out
Accurate numbers are important for internal and external revisions. You need accurate numbers that reflect your company's financial situation. If they have to flow through numerous interfaces or are manually re-typed into different systems, chances are they will be falsified at some point. Further, disconnected systems lead to disconnected reporting - so decision-making cannot be based on one, single source of truth.
Working with an integrated solution means all of your data is stored in real-time and all of your financial transactions flow together in one general ledger. This gives you the possibility to react very quickly to any sudden occurrence with regard to your profit & loss. You get that high-level information that you need, but at the same time the ability to drill-down into the details such as the event, invoice or order details.
Watch the full recording for more tips and details: "Webinar: Measuring your financial performance" or learn more about an all-in-one solution with seamlessly integrated financials that were specifically designed and built for the event industry.
You can also request a copy of our free ebook, "How Integrated Financials Help Event Professionals Achieve Success."