7 Reasons you need event budgeting software
Time to read: 4-5 minutes
Human errors are an inevitable part of budgeting within spreadsheets. In the event industry, the inordinate amount of money lost to agencies using spreadsheets for budgeting is shocking. Here’s our list of 7 reasons you need to let go of outdated risky spreadsheets and move onto something a little more orange.
The industry is rife with fractured and disjointed budgeting. The inability to collaborate with team members on projects within one platform isn’t something people should have to suffer through in the 21st century. It’s a shame that many companies are still using a digital spreadsheet with no project-wide integration or company-wide simultaneous collaboration. Being hosted on the cloud means everyone can collaborate on a project together. Moreover, when the pitch has been won and your project is up and running, Project Coordinators can raise POs directly from the budget and Project Managers can approve and modify any costs you raise within the system.
2) Instantly View Actual Costs
Budget overruns often happen because no one knows what’s really going on and where. How much have you actually spent? Today? Yesterday? With so much going on, it’s difficult to sit down and enter each penny spent as and when it happens into a spreadsheet. Event budgeting software helps automate this process. As each purchase order is raised, expense is entered and timesheet is submitted, the software provides instant visibility of all costs raised today, yesterday and beyond. You can immediately see how much you’ve spent and most importantly how much you’ve got left. Viewing actual costs against line items is an important part of cost control.
3) Less Risky…
For your budget. The number of incorrect figures running around most spreadsheets would awe you. Event budgeting software fixes this issue by providing checking systems. Red numbers alert you to negative margins and the software lets you compare your revenue against costs.
4) Automated Workflow
POs, invoices, resourcing, documentation and a whole plethora of features included in event budgeting software mean that once the budget has been created, everything can be automated from within it. Even billing schedules and reminders to invoice are automated from the budget.
5) No Duplicated Work
With integrated accounts and CRM packages, the software lets you send data from one place to the other without the hassle of creating it all over again.
6) Faster Response to Changing Circumstances
Ahh reconciliation. Only the ocean can boast more of a changeable nature than events. Event budgeting software will help you respond properly and effectively to changing circumstances. For example, if a freelance Project Manager takes an extra five hours to complete their task on a project, you’ll be able to see how much that’s costing you immediately and stop overspend before it happens rather than only finding out about it when the bill arrives. Event budgeting software also comes with automated client facing reconciliation documents.
7) Track and Monitor the Progress of your Event Effectively
Your margin is likely to go up when you can track your event properly. Employee time isn’t as easily wasted when you can see what has to be done and when.
Event budgeting software will dramatically improve your agencies life and profit margin. Book a demo to find out how Procim can revolutionise your budgeting system.