Why Event Management Companies should outsource accounting?
Keeping an Inventory and Tracking Sales Keeping inventory is very important for event management companies. But to know about the purpose of keeping inventory, use of an inventory, keeping up with inventory, keeping track of sales, balancing cash you need an expert and professional team to handle. When you outsource accounting to professionals, they help you with inventory management and tracking sales.
Controlling and Managing Expenses Every business needs to understand their position to control and manage expenses. By hiring an accounting company, you can understand you business position which will help you to manage your expenses wisely.
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Avoiding Illegal Accounting To avoid illegal accounting you need to follow proper accounting procedures and use GAAP measures. When you outsource accounting to an accounting company, they follow proper accounting procedures, use GAAP measures and help you to avoid illegal accounting.
Tracking & Reporting Taxes What are business taxes? How to report year-end taxes to the government? This is the main question comes in mind when you are doing business. When you hire an accounting company, they track all transactions, and close your book, maintain budgets and cash flow, and help you to file taxes. They also solve queries regarding accounting and taxes.
Assets Management Assets management is very important for all businesses. You need experts for proper assets management and long-term asset acquisitions. When you hire an accounting company, they provide you proper assets management services and help you with long-term acquisitions.
Balancing your payroll Balancing payroll is very challenging and it needs payroll expertise. Accounting companies provide payroll services including payroll data management like attendance, basic pay, allowances and payroll balancing.
Benefits of Virtual Accounting for Event Management Companies
Accounting System DevelopmentBookkeeping and accounting are useless without a proper accounting system to record transactions. Every company has to set up a chart of accounts for recording transactions. Few softwares have the industry-wise prebuilt chart of account templates which give you the basics of your accounting system.
The Accounting CycleThe accounting cycle is a long process and it takes time to perform manually. Full cycle of accounting includes Accounts Payable, Accounts Receivables, Journal Entries, Monthly Accruals, Reconciliation, and financial reporting. Virtual accounting companies helps you to perform a full cycle of accounting using cloud based accounting softwares.
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Event wise billingEvent wise recording bills and invoices is very important in event management business. Recording of all expenses on any event is required for billing. Accounting software helps event management companies to generate event wise billing and helps to know the business turnover and profits for a specific time.
Proper bookkeepingProper categorisation and maintenance of books, Balancing the books, and How to adjust entries? are some issues faced by every event management company. Virtual accounting companies helps you to maintain books, reconcile books and adjust your books using cloud based accounting softwares.
Services we provide for Event management companies
- Chart of Account Management.
- Inventory Management.
- Multiple Bank Accounts and Credit Card Feed Management.
- Payments and Deposit Transaction Entries with proper Categorization.
- Billing and Invoicing Management.
- Journal Entries Management.
- Payroll Management.
- Fixed Assets and Liability Management.
- Cash Flow Management.
- Data Migration Management.
- Bank Reconciliation and Account Reconciliation.
- Quarterly and Annually Financial Reporting.
- Revenue Reports.
- Tax Compliance Management. GST Reports, State Tax Report, VAT Report, etc.
What are the major responsibilities of Event Management Businesses?
Event Planning and Management
Meetings with Clients
Manage Budgets
Business and Marketing Plan
PR and Advertising
Bookkeeping and Accounting
Payroll Management
Tax Compliance Management
Softwares We use
What our Client Say
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