Conference Financial Management
There’s nothing like hosting an event that everyone deems a success and covering your costs…
…apart from, of course, hosting a successful event and generating a profit.
Enlist the help of our financial experts, and you’ll find these goals in reach, with minimal effort by you.
Running the conference as a limited company or charity
As your expert guides, our first task is deciding how your finances will be handled. We can set-up your conference as a limited company, run it through an existing organisation or investigate the possibility of applying for charitable status – whichever is most appropriate.
Handling tax and insurance
We’ll create a dedicated bank account, organise VAT registration, and we’ll direct you through the tax and insurance you need to host your particular event. This includes all the form filling and phone calling that most people dread!
Company and taxation laws will forever change. We aim to keep our clients abreast of all the legislative minutiae that may effect them during their meetings' lifetime.
"The Tour Operators' Margin Scheme, Place of Supply rules? Yes, you will need to comply - No, you needn't worry. Meeting Makers will advise and manage all your compliance requirements."
Then it’s on to budgeting.
Predicting the income and outgoings
Income from delegates, sponsors, exhibitors and social programmes can all be forecast; it’s a delicate balance but we’re old hands at getting it right. We can accurately model various scenarios to arrive at the ideal mix.
Your conference manager will pinpoint all fixed and variable costs, so you have an accurate overview of your event’s outgoings.
Setting the best fee level
Once you have that insight, you can decide what to raise from sponsors and where to pitch fee levels; low enough to attract high numbers but high enough to break even or return a profit.
Modelling different fee scenarios
The structure you decide at this stage will be applied in the registration system we create for your event, which will let you monitor your event’s income real time.
Presenting a working budget to your committee
Once we agree we have a sound, working budget, this can be presented to your committee to discuss and, we hope, green-light.
And of course a detailed financial budget like this will form a solid foundation of any bid preparation.
Predicting cash flow and peak periods of expenditure
From your working budget our financial experts will predict cash flow and peak periods of expenditure for the whole run of the event, to enable you to have the funds available to meet the peaks.
Monitoring income and outgoings in real time
From the moment registrations begin, actual income and expenditure can be monitored using real time data gathered through our online registration system. This information will only be available to you, the conference organiser, and our financial experts, enabling everyone to hit that moving target of keeping everything on schedule and in budget.
Final accounts and winding it down
At the end of your conference, we will of course produce final accounts. We will also wind down any dedicated companies or charities and close their bank accounts.
Sharing the profits
Finally, if your event has generated a profit, we will handle a tax-efficient distribution of that profit to all interested parties.
If you want to talk about financial management of your next event call us now on +44(0) 141 945 6880 or email Meeting Makers here, and we’ll call you.
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Professor Richard Welbury University of Glasgow Dental School IAPD 2015 Congress Chair.