Event budget management software

Without constant monitoring, it was hard to ensure Vicky was getting the best room rates for guests. The volume of attendees at these investor meetings can fluctuate, and ensuring the right discounts based on volume was time consuming. To solve for this, Vicky employed a venue sourcing tool that allows her to take in multiple proposals, negotiate room rates effectively and show the cost savings on hotels room blocks.

Poor registration processes, which hinder visibility and accountability for the sales team, lead to high no show rates. Using an end-to-end event management software to organize all the marketing and communication efforts around events, Vicky is able to track her event outreach with integrated reporting features on each personalized email sent. As a large organization, Vicky did not have direct insight into every event that other internal meeting planners were organizing. She believed that across meetings, the planners were not enabled to negotiate the best rates on meeting room rentals because they lacked benchmarks and comparisons.

With the sourcing tool that Vicky implemented and putting an eRFP process in place, planners now had insight into what venues had been booked in the past and the value of each.

An often-overlooked aspect of controlling events costs are concessions. Through her sourcing tool, she set specific concessions to auto populate on every eRFP that was sent through the system. Some attrition is inevitable. Paying for that attrition is not. For additional safeguards, they lock in no walk and resell clauses into all eRFPs.

When Vicky reviews registrations vs. It had to be repeatable and scalable for a growing planner team. It had to drive a more sophisticated approach to negotiation that could save millions of dollars a year.

In short, Vicky needed an event management platform to manage and monitor all of these moving pieces in order to realize the savings. Recommended Resource: Did you know for many companies, meetings and events comprise one of the biggest categories of unmanaged spend?

Learn how to maximize savings, minimize risk and improve service to attendees with our guide on how to Gain Control of Unmanaged Meetings Spend. On college campuses around the world, event teams are hindered by primitive systems, siloed decision making, and shrinking budgets. Heidi set out to analyze three key costs to reduce:. The entire campus was all over the place with the technology they used for events and a unified process needed to happen.

With different contracts in place across campus, and different event processes working out of different budgets, bringing them all together seemed an impossible task. Along with a singular event management platform, Heidi took the opportunity to create standard event planning and execution processes across campus.

She hosted numerous trainings on the new processes for the hundreds of planners working at her university to further guarantee success. The university gave all event planners 12 months to migrate to the new event platform. Heidi worked with her IT department to determine the cost that went into maintaining the current proprietary systems. Between security enhancements, system upgrades and server capacity constraints, Heidi was able to identify hundreds of hours of IT maintenance.

As she considered options to manage her processes, the ability to "outsource" this work to a trained team of professionals seemed like a no brainer. Plus, the professional services teams that came with their event management platform would be more responsive and knowledgeable of the system than a typical IT department. Being able to accommodate these custom workflows was essential to any solution.

Cost savings on event enhancements are both tangible and intangible. Labor hours are reduced and results are delivered more quickly. This cuts enhancement costs almost completely. And often, these custom workflows impact the experience of students, university guests and delegates, and alumni.

Heidi was able to build a powerful case for an event management platform that brought the university into the modern age.

When software, maintenance and enhancement costs were considered, the CFO was able to understand the business case and feel comfortable making a decision. Providing the tools and information to help the university realize extreme cost savings allowed her to invest in an end-to-end platform that has led to better events managed more efficiently. Recommended Resource: Events are used at colleges and universities to create an engaging environment on campus, to increase revenue and fundraising efforts, and, most importantly to build life-long relationships with students and alumni.

Our free eBook Your Event Essentials: Higher Ed Edition show you how the latest technology can make a world of difference for higher ed planners.

Effective event teams have the best people, while efficient event teams have the right people. Terry was tasked with developing a people plan for the event team in their mid-market technology company. One of the first key insights as Terry began to develop the people plan was that the team that drove success was wider than simply just the event team. He first established a full roster of roles that impacted the exhibits, user groups and tech conferences that drove their events business.

He then considered all the costs associated with each role:. Front line event planners are the most important role in the event team. Terry first determined the competencies that his tech company required from their events team. He assessed his event planners on communication skills , problem solving, creativity, time management and attendee-centric approach.

Terry then identified the tasks event planners were executing to determine which ones were valuable and fit the competencies. In some cases, it allowed the event team to consolidate as team members left for other opportunities.

Terry found that for every six event planners across the organization, one support team member was required to handle logistical and administrative tasks. The cost savings were multiplied when fewer event planners were required, and support team members could serve more events at any given time.

With complex systems in place, technical roles were required to investigate bugs and user errors. These technical specialists bounce around the organization and have a general understanding of all of the company systems. In addition, user productivity can go up as they spend less time waiting for, and working with, technical support.

With more event planners comes more trainers. These trainers need to ensure new event planners are brought up to speed quickly. They ensure that they receive continuing education, best practices and tools. We want to connect with you! Contact Us. Event Budget Management Effortlessly manage event finances without being an expert.

Control and track event expenditure, revenue streams and overall financial performance. A straightforward financial tool to input expenses and track revenue against real-time registrant data to ensure you know the return on your events. Manage Your Event Budget Efficiently. Eliminate the Guesswork of Tracking Expenses Design and manage an event budget that aligns with your organization and events - clone and modify for repeat events.

Organize and track expenses by categories, vendors, taxes, and GL codes. With support for international registrations, select from over 60 currencies. Intelligently Stay on Track Throughout Every Event Stage Stay on track at all times with automatic updates of revenue and expenses throughout the planning and registration process.

Track projected versus actual budget anytime and automatically calculate variable costs to see your remaining budget. Review planned versus actual budget and generate variance reports. Thought Leadership from the Event Professionals. Read Now. White Paper Gain Control of Unmanaged Meeting Spend We unveil the three main challenges for strategic meetings management and how to solve them.

View all Resources. Standardize categories, subcategories, taxes and GL codes to accurately track and report spend across meetings and ensure data integrity. Track budget line items in local currencies and establish exchange rates to convert items to a base currency for better reporting. Analyze key spend metrics through robust reporting engine i. Integrate or transfer your data between Cvent and other systems like Concur's Expense module or QuickBooks.

Analyze event success with standard or custom reports in real time and export into common formats. Skip to main content. Event Budget Management Software Managing your event budgets has never been easier. First Name. Last Name. Work Email. Phone no dashes or spaces.