"We threw such a big event, but did we make any money from it?"
"How come we double-booked the team on the same day? Now, we are short-staffed for both events!"
"It's like every event’s a big jigsaw puzzle. Who is keeping track of who's doing what?"
"Where did that guest list go? And, who has the final draft of the schedule? Why's everything so scattered?"
These pressing concerns are all too real for anyone entrenched in the world of event management. We do not intend to sound theatrical, but event management really is a vibrant dance between creativity and chaos. While we often stress about thinking outside the box, sometimes the ingenuity lies in thinking ‘within the box’. Or, more aptly, within Meetingbox, where concerns are not merely addressed, but also transformed into efficiency and profit.
Drawing on Succevo's extensive 40-year history in the events industry, over the past 10 years, the Meetingbox platform has been shaped by the wisdom of professionals, who have orchestrated events of all sizes, whether global, local, large, or small. Designed by industry veterans, Meetingbox’s PWM (project workflow management) empowers event managers, businesses, and agencies to effortlessly fine-tune their event strategies.
A typical event project journey involves numerous steps, including brainstorming, budgeting, scheduling, resource allocation, stakeholder communication, on-the-day execution, and post-event analysis. Picture this, instead of managing various aspects of an event from disparate platforms, you have a singular, streamlined dashboard — a nerve centre that orchestrates every beat of your event.
Here's just a snapshot of Meetingbox’s capabilities:
Think of Meetingbox’s PWM as a grand stack of boxes made of Lego. Each box contains unique Lego pieces tailored for different aspects of event management. Every box in the Meetingbox collection serves a specific function, ensuring no piece is ever out of place. Today, we're diving into a particular box that is all about the numbers, the Finance sub-module, and specifically, the crucial element of cash flow management.
The Finance sub-module, which is housed within 'Projects', facilitates comprehensive commercial management of a project. It is equipped to handle offers, budget estimates, cost sheets, invoicing, payments, and much more.
Key Features of the Finance sub-module:
Offers: Tailor and send client-specific offers.
Estimated Budget Sheet: Access and export your project's estimated budget.
Cost Sheet: Review and extract project costs.
Proformas: Create, manage, and dispatch proformas.
Invoices: A comprehensive invoicing system.
Payments: In-depth management of incoming and outgoing payments.
Cash Flow: A transparent view of financial inflow and outflow.
Cancellation: Effective cancellation and agreement management.
Contracts: Inclusion of contracts or amendments.
PO: A robust purchase order system.
The Lifeline of Businesses: Cash Flow in Event Agencies
Cash flow, whilst a financial metric, is the backbone of the event management industry. Agencies often manage multiple events, each with varied financial engagements. A steady cash flow ensures commitments, such as vendor payments and venue reservations, are met. Any deviation could lead to missed opportunities or strained relationships. A robust cash flow is not only about solvency but also reflects the agency's fiscal health, strategy effectiveness, and future vision. In a nutshell, it is a key determinant of an agency's capacity to thrive amidst market volatility.
Projects >Finances sub-module>Cash Flow tab
The cash flow tab within Meetingbox’s PWM offers a panoramic insight into every financial transaction associated with a project.
With its intuitive design, managing and monitoring both incoming and outgoing payments has never been easier. Whether you are adding or removing payments, uploading pertinent documents through a simple drag-and-drop interface, copying files from other payments, or designating payment modes like bank transfers or cash, everything is at your fingertips. The clarity this feature brings allows for the following:
Anticipating Financial Dynamics: Proactively manage and foresee upcoming financial requirements.
Monitoring Profit Margins: Gain immediate insights into profitability by juxtaposing expenses against revenues.
Efficient Vendor Management: Ensure vendors are paid punctually, setting a precedent for favourable future negotiations.
ROI Analysis: Accurately measure the return on your investments by aligning payments with client commitments.
Integrating the cash flow feature with Meetingbox's expansive toolkit guarantees that your events, as well as being flawlessly executed, are also poised for financial success.
In the world of event management, Meetingbox stands out. Meetingbox makes tasks simpler, boosts profits, and lets professionals focus on creating standout events. Check our cheat sheet below or book a demo. Our experts are here to guide you.