When it comes to accounting it has widespread branches like HR Accounting, Managerial Accounting, Airline Accounting, Insurance Accounting, with each industry forming its own accounting practices. Below are some of the benefits of proper accounting for Event Management Companies:
* It helps in decision making regarding the price of the tickets.
* Helps in ascertaining the increase or decrease in the ticket prices.
* Forecast the budget of the event.
* Preparing appropriate quotes for the clients.
* Maintaining cost centres to keep track of the cost incurred for each event.
* Shows how to keep track of their day to day finances including cash flow management service.
Accounting for event management companies does not always require any kind of in-depth knowledge of accounting. A basic knowledge will help in the maintenance of the books of accounts. Having a specialised person in doing the accounting benefits the event managers in the production side, However, executives should also possess a few skills in order to negotiate better with the suppliers. Primary factors which are a must is to know what is the approximate price of a product and its current market value for achieving maximum gains out of it, and this is exactly where accounting comes in place.
There are numerous departments in event management:
In the scenario, event management companies have reached a stage to outsource a few of the things in parties and functions with some themes selected by the client. However, we can say that it has travelled a longer distance during the last decade
CDA offers quality accounting services for event management companies in Dubai and UAE. Our wide range of accounting services include:
Our client portfolio is evidence of our excellent accounting services for event management companies.
“The team is wonderful and darn nice to their work. I could really appreciate their efforts and excellent work pattern. We maintain a good liaison with CDA professionals and wish to continue their services in future.”
General Manager, Junction Event Management
Our Accounting systems are based on CDA specialised software and Quick books also. Depending on customers preferences and needs we work with other systems too.
Our consistent reach to customers service requirements and prioritised decision making helps in business success. Our expert team and their proactive business advice on accounting and tax compliance make us unique in this arena.
As a business you can choose to have an in-house system for accounting, we are open to working with any accounting system as the basics of accounts are the same for all the systems. We also provide you with a choice of maintaining your accounts on our accounting systems. At the reduced cost and also less time involved in regular back-ups of your accounting data.
Production includes all of the staff and funds required to plot and accomplish the event. These expenses begin from the moment the event is imagined up and remain through the post-event paperwork. In short, this group represents the cost of organizing the event, attracting more people, and handling the administrative essentials.
The event rentals consist of linens, table skirting, chair covers, tents, staging, amusement attractions and physical items not provided by venue.
Accounting services are purely based on the volume and complexity of transactions that a business has.“one size fits all” motto is not apt for all businesses. We fix standard rates and premium rates based on the work involved for the services.
Yes, our team is well experienced in accounting systems followed in event management companies along with the latest market trends in this sector.
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