The financial aspects of your conference commence with discussion about your goals in respect to the financial outcome of the conference. On appointment CMS will compile a detailed budget for the approval of our client. The budget will outline all known and expected expenses and revenue streams. Our knowledge of conference management will ensure that no budget line is missed to ensure that the budget we provide is as accurate as possible.
The budget preparation is fundamental to our clients so that break even points can be derived and profit margin maximised. We are committed to our client’s financial integrity. If numbers are down we will work to ensure that revenues are maximised and any potential loss mitigated by effective cost control. None of our managed events has ever ended in a loss situation.
- We will undertake negotiations with suppliers; using our relationships built up with our supplier network CMS will obtain the very best service at an economical cost. If required we will provide more than one quotation on event suppliers and products. We do not substitute quality or inferior service to obtain a cheaper price.
- Each event to us, is its own business and we will work tirelessly to ensure that budget and profit/break even outcomes are met.
- We regularly review of all cost and revenue lines. The budget produced will be a “working” document which will be updated regularly. Your conference manager will regularly report to you on the banking; cash flow and budget.
- We will also undertake risk assessments and co ordinate event and public liability insurance.
- The financial circumstances for each event are difference and where required we will work with our clients so that our management fees work in with the cash-flow of the conference.
- Our conference manger will supply comprehensive audit ready reports at the end of the conference. A final budget outlining actual to budget variance and if applicable notation as to reasons for such variance will be prepared.
- CMS works to transparent accounting principles. Should CMS manage the complete financial package we supply a copy of all contractor invoices referenced to the budget; we do not apply a service fee or mark-up supplier invoices.