As an event planner, proper financial management is crucial for your business. Accounting services can help you significantly by managing your expenses and revenue effectively. Primarily, they provide real-time oversight of your financial position, making sure you are always aware of your income, outstanding invoices, and pending payments.

A quality accounting service will also assist with budget planning and financial forecasting to ensure your events are financially feasible and profitable. By analyzing trends in income and expenditure, accounting services can offer informed suggestions for improving your financial performance.

Additionally, accounting services can help you with tax planning, ensuring you claim all legitimate expenses and are tax compliant. This means avoiding any penalties or interest payments for late or incorrect filings, which in the long run can save you substantial amounts of money.

In summary, as an event planner, accounting services are an essential part of keeping your business financially healthy, allowing you to focus on the core task of delivering exceptional events for your clients.

The event planning industry requires certain specific bookkeeping considerations. Firstly, it’s important to accurately track and classify various event-related expenses like venue rentals, decoration costs, entertainment booking, and catering services. Secondly, it's also crucial to keep track of multiple income streams such as ticket sales, sponsorship payments, or concessions revenue. Thirdly, monitoring and adjusting for outstanding payments and receivables from various vendors and clients can often be a complex process. Lastly, given the project-based nature of event planning, it's critical to implement a system for job costing to ensure the profitability of each individual event. Bench Accounting understands these unique needs and offers tailored bookkeeping solutions to effectively manage your event planning business finances.

A dedicated bookkeeper can be a game changer when it comes to managing the financial aspects of organizing multiple events. They can handle the complex and time-consuming tasks such as managing budgets, tracking expenses, processing invoices, and ensuring timely payments. Their assistance can be invaluable in forecasting potential costs, identifying areas of overspending, and keeping your events profitable.

Moreover, with regular financial reporting, a bookkeeper can give you a clear picture of each event's financial performance, helping you make informed decisions when planning future events. This allows you to focus on the core aspects of the event planning process, knowing that the financial details are being professionally managed.

Lastly, a dedicated bookkeeper is also instrumental during the tax season. They can diligently account for all taxable incomes and deductible expenses related to your events, ensuring that you are in compliance with relevant tax laws and regulations while maximizing your tax savings.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.