Planning an event is a crucial task because it requires great amount of money therefore everyone tries to search different ways to save their money and plan event within their budget. If you want to do this then you has to think smartly while spending money on different arrangements of event. In order to arrange a well organized event with all entertainments and facilities then you have to design an event budget. Event budget is the only way to manage everything according to your wishes. Without an event budget you cannot manage your party expenses and these can go beyond your funds. It is perfect way to plan a fantastic event even with limited resources. It is really easy to design an event budget by your own. You can do this with some brainstorming and planning skills.
Event Budget Format Guidelines
Event budget planning is crucial for all types of event therefore you have to design it on your first preference. In order to entertain you, today I will share some tips to design an effective event budget:
- In first step, you have to know the nature of event you have to organize to determine what kinds of skills, finances, venue etc. are required. You have to make sure that you can properly hand this job within given time frame according to the required theme.
- Open word processing program and write down all those areas that require proper finances such as supplies, food, decorations, sitting arrangement, DJ Band etc. You have to think about everything either small or large in order to prepare a detailed and well structure budget. You can delete some unnecessary areas later but initially you are required to include all.
- Estimate how much finances you have to arrange for this event and then estimate your expenses to find out either these expenses are sufficient for you or not. Clearly write all important activities of event and write estimated amount required to plan this activity.
- After planning for initial step, it is time to estimate how much time you have to plan your event. Tackle the big areas first and assign duties to those persons who are willing to help you. Designate specific amount of funds to each area but do not forget other parts of event planning.
- Plan everything in advance to save your time and efforts. Stay organized from step one because it will make your work easy. Perform each task before sufficient time according to its requirements such as arrangement of food, seating arrangement, tables and decorations should be done before last few hours.
- If you have more than one person involved with you in the preparation of event then prepares their list to have proper record of their name and designated task. Finances should be managed by one person only because more than one person handling finances can cause conflicts.
Free Event Budget Templates
Here are previews and download links for these 10 Free Event Budget Templates mostly in MS Excel format.
A Budget Spread Sheet is a file prepared in MS Excel and widely used in businesses. The sheet is prepared in a way that it automatically adjusts the figures in the “Balance” column. The two main components of the Budget Spread Sheet are the income and the expenditure. A budget must be prepared in a systematic order to get a clear understanding of the break-up of various components. A simple budget is always prepared in Excel to make calculations quick, easy and accessible. Almost all companies follow the budget planning guidelines to make their forecast accurate.
A Budget Spread Sheet can be prepared easily and the format is also not complex. But usually finance experts handle this department. If the company is small or in a start-up stage, there might not be many employees and the departments might not be separated; hence, any employee may be asked to prepare a Budget Spread Sheet. Therefore, the below mentioned guidelines will solve your purpose.
Planning Expense for an Event
The company’s income and expenditure are the only two elements to be considered while preparing a Budget Spread Sheet. Hence, start with the income component. You must know all the components that contribute to the income (investment returns, shares, operating income, rental income, other returns, receivables etc). Add up all the components to get an estimated figure of the income.
Below the income component, mention all the components contributing to the expenditure. Include all kinds of bills, taxes, interests, payables, rents, transportation, salary, raw materials, operating cost etc. Add up all of them to get an estimated annual expenditure.
Do not forget to make two separate columns for both income and expenses. These would be named as actual and estimated. Also, calculate the difference between the actual and estimated using the “difference” formula in MS Excel.
Thus, your Budget Spread Sheet is ready with all major components included. To give it a better and professional look, highlight the difference column viz.; if the actual income is greater than the estimated, highlight the number with green. Similarly, if the actual cost is less than the estimated cost, highlight the number (difference) with green.
The above tips can help you in preparing Budget Spread Sheet. Ensure that you keep the previous year’s budget along with you because those figures will be your starting point for this year’s budget. The biggest advantage of using a spread sheet is that all calculations are chained with one another. This reduces manual work and makes our task easy and also error-free. The file can be saved and sent via email to any employee for business purpose. The digital media offers numerous advantages and thus, companies tend to use them very often. The Budget Spread Sheet must be updated monthly to enter the figures (income and expenses). It is better to compare the estimated and actual numbers once in a month to test the accuracy of the budget. If the difference is too large, changes must be made immediately to run the company and its operations smoothly.