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Accounting Services for Event Organizers/Event Management Companies

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.

Why Accounting is Essential for Event Management Companies

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: 

  • Client servicing
  • Creative
  • Human resources 
  • Production

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

Why outsourcing accounting services?

  • Maintaining of Inventory and Tracking of Sales: Maintaining inventory is very crucial for any event management companies. To know about how to maintain inventory, use inventory, keep track of your sales, and balance the cash for those who need an expert & professional team is required to handle all this. When you outsource an accounting professional, they will help you with all these and will also give guidance on how to run the events with maximum utilisation of the available resources
  • Controlling Expenses: Firstly each business needs to understand what is their current position on controlling expenses. By hiring an accounting professional, you can find out where your business position is standing and what all will help you to manage or control your both direct and indirect expenses wisely.

Benefits of Virtual Accounting for Event Management Companies

  • Accounting System: Bookkeeping and accounting are useless without a proper accounting system to record transactions. Every business has to set up a chart of accounts for recording transactions. 
  • Event wise billing: Event wise recording bills and invoices is very important in the event management business. Accounting software helps event management companies to generate event wise sales invoices and helps to know the business turnover and profits for a specific period of time.
  • Proper bookkeeping: Proper categorisation and maintenance of books, balancing the books are some of the major issues faced by every event management company. Virtual accounting companies help you to maintain the books of accounts, reconcile books of accounts and adjust your books of accounts using cloud-based accounting software.

How CDA helps you?

CDA offers quality accounting services for event management companies in Dubai and UAE. Our wide range of accounting services include: 

  • Chart of Account Management: Setting up the chart of accounts based on the transaction and which is easily understood by the management.
  • Inventory Management: Maintaining an inventory management system which also includes placing proper bin cards and a periodic stock count.
  • Billing and Invoicing Management: Which is also known as the raising of the Sales Invoices, it is to be done without affecting our cash inflow.
  • Payroll Management: Appropriate making the payment of the staff and booking the expense entries maintaining the loans and advance taken by the staff
  • Fixed Assets and Liability Management: Keeping track of the assets and liabilities of the company
  • Cash Flow Management: Keeping a track of the Cash Inflow and Outflow statement on a monthly basis so as to identify where the money has come and where all it has been utilised.
  • Bank Reconciliation and Account Reconciliation: Accounting Reconciliation Services helps to reconcile the bank accounts on a weekly or day to day basis also by dealing with the credit card transactions and how to allocate the payments to be made based on the credit periods.
  • Quarterly and Annually Financial Reporting: Submitting quarterly and annual reports to the management also providing additional customised reports as per the requirement of the management.
  • Revenue Reports: Providing the Income Statement report including the Event wise report to the management based on Direct and Indirect expenses which are the right proportion.
  • Internal Audit Services: Ensuring proper internal controls and frequent review of accounts with accuracy and materiality.
  • Tax Compliance Management: Giving an insight into the current tax laws relating to the event management company, and how to properly manage your tax returns by complying to all the tax rules and regulation.

CDA Client Portfolio

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.”

Cliff Townley

General Manager, Junction Event Management


Frequently Asked Questions on Accounting for Event Management Companies in UAE

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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