Written by Nils R. | Sep 14, 2020 7:00:00 AM
What are
Event Budgeting and Forecasting Tools
? Event budgeting and forecasting solutions are considered planning tools and are often used by accountants and event managers to estimate attendance, revenues and expenses related to events like games, trade shows, concerts and so on. Key functionality in this type of input form allows the user to enter statistical metrics along with revenue and expense drivers for each event. This includes attendance, ticket prices, sponsorships, equipment rentals, and so on. For repeat events, the form also displays historical data to provide easy actual-to-budget comparison. You will find an example of this type of form below.
Purpose of
Event Budget and Forecast Models Companies and organizations use Event Budget and Forecast Models to get a detailed picture of expected revenues, expenses and profit related to each specific event they put on. When used as part of good business practices in a Financial Planning & Analysis (FP&A) department, a company can improve its event profitability, as well as, reduce the chances of going over budget.
Event Budget and Forecast Model
Example Here is an example of an Event Budget and Forecast input form. [caption id="" align="alignnone" width="2560"]
Event Budgeting and Forecasting Example[/caption] You can find hundreds of additional examples
here.
Who Uses This Type of
Form
? The typical users of this type of form are: Event planners and budgeting managers.
Other
Form
s Often Used in Conjunction with
Event Budget and Forecast Models Progressive Financial Planning & Analysis (FP&A) Departments sometimes use several different Event Budget and Forecast Models, along with a corporate budget model and other management and control tools.
Where Does the Data for Analysis Originate From? The Actual (historical transactions) data typically comes from enterprise resource planning (ERP) systems like: Microsoft Dynamics 365 (D365) Finance, Microsoft Dynamics 365 Business Central (D365 BC), Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP, Microsoft Dynamics SL, Sage Intacct, Sage 100, Sage 300, Sage 500, Sage X3, SAP Business One, SAP ByDesign, Acumatica, Netsuite and others. In analyses where budgets or forecasts are used, the planning data most often originates from in-house Excel spreadsheet models or from professional corporate performance management (CPM/EPM) solutions.
What Tools are Typically used for Reporting, Planning and Dashboards? Examples of business software used with the data and ERPs mentioned above are:
- Native ERP report writers and query tools
- Spreadsheets (for example Microsoft Excel)
- Corporate Performance Management (CPM) tools (for example Solver)
- Dashboards (for example Microsoft Power BI and Tableau)
Corporate Performance Management (CPM) Cloud Solutions and More Examples
