How do you track event expenses and revenue?

1 Set up a budget template

Tracking event expenses and revenue begins with creating a budget template that covers all the possible income and expenditure categories for your event. You can use a spreadsheet software like Excel or Google Sheets, or a dedicated event budgeting software like Eventbrite or Whova. Your budget template should include fixed and variable costs, such as venue rental, catering, speakers, marketing, staff, and equipment; income sources, such as ticket sales, sponsorships, donations, and merchandise; contingency funds to cover unexpected costs or emergencies; and the profit margin, which is the difference between your total income and total expenses expressed as a percentage.

2 Track expenses regularly

The second step to track event expenses and revenue is to update your budget template with the actual costs and payments as they occur. You should track expenses regularly, preferably weekly or monthly, to avoid losing track of receipts, invoices, or contracts. You can use a cloud-based software to store and access your financial documents online, or a mobile app to scan and upload them on the go. You should also categorize and label your expenses according to your budget template, and use formulas or functions to calculate the totals and subtotals automatically.

3 Monitor revenue streams

The third step to track event expenses and revenue is to monitor your income sources and analyze their performance. You should track revenue streams such as ticket sales, sponsorships, donations, merchandise, etc., and compare them to your budget projections and goals. You can use a dashboard or a report to visualize your revenue data and identify trends, patterns, or gaps. You should also track key metrics such as conversion rates, average ticket prices, attendance rates, etc., and use them to evaluate your marketing and pricing strategies.

4 Adjust your budget and pricing

The fourth step to track event expenses and revenue is to adjust your budget and pricing based on your tracking results and feedback. You should review your budget and revenue reports regularly, and make changes as needed to optimize your profit margin and cash flow. You can adjust your budget by cutting costs, negotiating discounts, or finding alternative suppliers. You can adjust your pricing by offering discounts, bundles, or incentives, or by changing your ticket types, tiers, or categories.

5 Reconcile your accounts

The final step to track event expenses and revenue is to reconcile your accounts after the event is over. You should compare your budget template with your bank statements and financial records, and make sure that there are no discrepancies, errors, or frauds. You should also pay off any outstanding debts, bills, or invoices, and collect any pending payments, refunds, or deposits. You should also generate a final report that summarizes your event expenses and revenue, and shows your profit or loss.

6 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?