Budgeting for your meeting

Successful financial management requires a budget that accurately reflects the entire meeting process. While only an estimate, a budget provides important financial control and accountability -- as long as it is well defined and effectively managed.

With each budget "line item," describe what the line item includes and define your calculations. If you have held a meeting that is similar to the one being planned, start with the earlier meeting's budget: Identify any unexpected revenue and expenses and include these items within your new budget. Looking back on each line item and examining trends in each income and expense category should make your next budgeting effort more accurate.

Click here for a planning form listing standard expense and revenue items found in a meeting budget.

For internal Meeting Planner - Budgeting For Your Meetings, budget line items should reflect the same account number, cost centers, etc. used within your internal accounting system. Check with your comptroller, accountant or finance group to obtain the account numbers. Using accounting categories, codes and account numbers will also help external Meeting Planner - Budgeting For Your Meetings properly group and manage the event's finances.

Here are some crucial accounting formats for keeping on top of your meeting:

- When listing items, separate direct income and expense items from indirect items -- those involved with the planning and managing of the meeting. An example of an indirect cost would be salaries and other administrative overhead.

- Expense items should include room taxes, state and city sales taxes and gratuities broken out as expense line items. If paid waiters and bartenders are involved in dining and entertainment line items should reflect these costs as sub account line items.

Budgeting and Reporting
- Provide sufficient lead time to develop a proper budget. The task requires collecting information and input from a great number of people. The budget should be developed during the prior year's planning process, or when management or a client requests that the meeting be held.

- Many budgets reflect both dollar and volume figures. For example, when budgeting room expenses, indicate the expected number of attendees. Keeping tabs on the non-dollar items, such as room pick-up and attendance patterns, will provide the planner with excellent information.