How do you track and report conference budget performance and variance?

1 Define your budget categories and items

The first step is to define your budget categories and items based on your conference objectives, scope, and expected costs and revenues. You can use a conference budget template or create your own spreadsheet to list all the budget categories and items, such as venue, catering, speakers, marketing, registration, sponsorship, etc. For each item, you should estimate the budgeted amount, the actual amount, and the variance, which is the difference between the budgeted and actual amounts.

2 Monitor your budget regularly

The second step is to monitor your budget regularly and update your actual amounts as you incur expenses and receive income. You should also compare your actual amounts with your budgeted amounts and calculate your variance for each item and category. This will help you see how well you are sticking to your budget and where you are over or under spending or earning. You can use a conference budget tracker or dashboard to visualize your budget performance and variance using charts, graphs, or tables.

3 Analyze your budget variance

The third step is to analyze your budget variance and understand the reasons behind it. You should look for any significant or unexpected variances that may indicate issues or opportunities. For example, if you have a positive variance in your registration income, you may have attracted more attendees than expected, which is a good sign. However, if you have a negative variance in your catering expenses, you may have overspent on food and beverages, which is a problem. You should also consider the impact of your variance on your overall budget and conference goals.

4 Report your budget performance and variance

The fourth step is to report your budget performance and variance to your stakeholders, such as your management, sponsors, or clients. You should prepare a clear and concise budget report that summarizes your budget categories and items, your actual and budgeted amounts, your variance and percentage variance, and your analysis and recommendations. You should also highlight your achievements and challenges, and provide evidence and explanations for your budget performance and variance. You can use a conference budget report template or format to present your budget information in a professional and consistent way.

5 Adjust your budget and plans

The fifth step is to adjust your budget and plans based on your budget performance and variance report. You should review your report and identify any areas where you need to make changes or improvements. For example, if you have a negative variance in your marketing expenses, you may need to reduce your advertising or promotional activities. Alternatively, if you have a positive variance in your sponsorship income, you may want to invest more in enhancing your conference experience or value. You should also update your budget tracker or dashboard with your revised budget and plans.

6 Evaluate your budget outcomes

The sixth step is to evaluate your budget outcomes after your conference is over. You should compare your final actual amounts with your final budgeted amounts and calculate your final variance for each item and category. You should also measure your budget outcomes against your conference objectives and indicators, such as attendance, satisfaction, feedback, impact, etc. You should then reflect on your budget performance and variance, and identify your strengths and weaknesses, lessons learned, and best practices for future conferences.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?