Good financial
management is fundamental to the delivery of successful events. Our advice is
simple: plan ahead, be realistic, keep on top of your budget and implement
control systems that work for you.
Right from the start,
ensure that you set a realistic budget with inbuilt flexibility and identified
contingencies. If you are looking to raise public funds or sponsorship, don’t
approach a potential funder until you are able to present a realistic outline
budget.
Remember,
you need to convince yourself of the event’s financial viability before you can
convince others.
Transparency
Those applying for (and
in receipt of) public funds will be required to provide detailed financial
information about the event and wider company finances. For management and
reporting purposes ensure that you keep separate, or are able to separate, all
financial information to do with the event. Never try to ‘fudge’ figures or
provide misleading information. Funders will often require sight of your annual
accounts and may well reserve the right to carry out an audit to ensure their
funds have been used in the agreed manner. Aside from funders’ requirements it
is best practice to present and keep transparent accounts.
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