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 Bookkeeping of An Event Management Firm

Every event management firm carries out operations as per its business requirements. Usually, an event management business involves a huge number of transactions with several vendors. Therefore, clients as such, require an at-par level of security of transactions that is also helpful while importing the data to your accounting software. 

 

Challenges

  • Delayed posting of payroll reports.
  • Processing of overtime was being carried out ineffectively.
  • Duplicate entries were being posted which made it difficult to get an accurate financial picture.
  • Month-end bank and control account audits were being carried out at irregular intervals, making it difficult to reconcile. 
  • Petty cash expenses were being overlooked which resulted in incomplete financial data.
  • Improper data retrieval made taxation even more difficult.
  • Higher costs involved in hiring bookkeeping staff.

 

Solutions 

  • Mindspace made outsource accounting work easier by automatically fetching the latest transactions and sorting them into your accounting system.
  • Software accuracy – that helped save a tremendous amount of time that would otherwise be spent in reconciling and error-proofing.
  • Mindspace’s team organized the scanned data entailing all vendor transactions and customer orders into respective folders as per the client’s SOP.
  • The team connected remotely to clients via servers and the outsource accounting on QuickBooks so clients get any time access to their data.

 

Benefits

  • Payroll was posted on time, motivating employees towards productivity.
  • Overtime processed on time, encouraging employees and staff to work without worrying about being compensated.
  • Improved overall accounting performance by giving access to high-quality and error-free financial data that results in better decision making.