Special Event Analysis By Finance
Purpose of Special Event AnalysisAnalysis is the assessment of the flow of information and services of a specific property to determi...:
Special events are a great way to boost a company’s profile and engage with clients and customers on a more personal level. However, they can also be quite costly, and it is important for businesses to carefully track their expenses and revenue when planning and executing these events. This is where a standard operating procedure (SOP) for finance and accounting comes in handy.
An SOP for finance and accounting in special event analysis should include guidelines for budgeting, tracking expenses, and analyzing the financial impact of the event. It should also outline procedures for calculating return on investment (ROIReturn on Investment (ROI) is A measure of a company's profitability; expressed in percentage as net...) and identifying areas for improvement in future events.
One key aspect of special event analysis is determining the success of the event. Success can be measured in various ways, such as increased revenue, positive feedback from attendees, or increased brand awareness. By carefully tracking expenses and revenue, businesses can determine whether an event was successful and make informed decisions about future events.
Overall, an SOP for finance and accounting in special event analysis is a valuable tool for businesses looking to host successful and financially responsible events. By following established procedures and analyzing the data, companies can ensure that their events are both enjoyable and profitable.
A P&L analysis must be prepared BEFORE accepting any heavily discounted rooms business and BEFORE beginning any special programs or promotions. It is the responsibility of both the General ManagerManager is a person in the hotel operations who is assigned to manage or supervise a group of employ... and ControllerThe financial Controller�manager is in charge of all accounting functions of a hotel. Duties inclu... to ensure that the proper analysis has been prepared before rooms are booked or promotions are begun.
Special Event Analysis SOP Procedures:
All analyses must show expected revenues and all incremental costs, including both one-time costs and ongoing costs. In addition, analysis for any promotion must calculate a break-even point so that we know exactly when a situation becomes uneconomical.
Both the General Manager and the Controller must sign the Special Event Analysis. All analyses should be kept on file and the Controller must do a quarterly analysis of actual compared to analysis. The objective of this analysis is to expand successful promotions and eliminate unsuccessful ones.
The following information must be included in all Special Event Analyses as applicable:
- Contract or Promotion Description
- Assumptions
- Revenues Projected
- Displaced Revenues
- Costs:
-Direct Costs
-Labor Costs
-Credit Card Commissions
-Fees
Training Summary Questions:
Q1. When should a P&L analysis be prepared?
Q2. What is the General Manager’s role in the analysis process?
Q3. Who must sign the Special Event Analysis?
Q4. What information should be included in all Special Event Analyses?
Patreon Only SOP Download
SOP Number: Finance and Accounting SOP – 18 Department: Financial Control Date Issued: 8-Aug-2021 Time to Train: 25 Minutes
