How to create an event budget
Are you planning a company event?
From team-building seminars to product launches, trade shows, and board meetings, most organizations plan corporate events from time to time.
These events have numerous benefits: they can help you motivate high performers, reward teams for a job well done, build relationships, work on projects, develop skills, and more.
In-person meetings and events can be the “glue” that holds a company culture together… even for remote and hybrid teams.
But planning a great event costs money. Finance managers, event planners, and event managers will be familiar with the challenges of creating an accurate event budget.
There are many expenses to take into account during the event planning process. Most event budgets include line items like:
- Travel and accommodation for team members coming in from different places
- Travel costs (train/plane/bus tickets, rental car fees and gasoline, etc.)
- Accommodation costs (hotel fees, apartment rentals, etc.)
- Venue booking fees
- The fixed cost or cost-per-head of booking a venue
- Food and drink costs
- Event catering services (cost-per-head or fixed cost)
- Other food costs (e.g. restaurant meals for traveling attendees)
- Activities and entertainment
- Fees for speakers, musicians, comedians, facilitators, etc.
- “Swag” and gift bags
- Gifts to use at the event or take home
- Event marketing and social media costs
- Equipment rentals (e.g. video equipment)
- Photographer or videographer fees
- Promotional costs
- Miscellaneous event expenses like permits, decorations, etc.
The estimated costs for an event can vary a lot, depending on factors like attendance—so it’s important to ask for RSVPs and get an accurate headcount.
Keep in mind that last-minute changes or emergencies, such as flight rebooking or cancelations, could lead to higher actual costs than expected. You’ll need to include a contingency fund in your budget to give yourself some extra runway and avoid overspending.
If you’re just getting started with budget planning for your next event, our free event budget template is a great resource to have. Just open the worksheet in Excel or Google Sheets, then fill in the blanks to get started.
While a budget spreadsheet is a great way to get started with your planning, in the long run, you may prefer an easier solution for keeping track of your event budget. That’s where budgeting software and event apps come in.
To get started with expense tracking, check out our list of the 10 best expense management software solutions. These apps and software packages integrate with our travel booking and expense management software, TravelPerk.
Using the TravelPerk Events module, event organizers can easily manage the event travel planning process from start to finish—including budgeting. No spreadsheets or budget planners needed.
Our sophisticated reporting solutions give you access to key data on travel spending, all organized in one single visual report. At a glance, you’ll understand who’s booking what, the types of transportation being booked, booking types, cancellations, recoverable VAT, and more.
If you’d like to try out TravelPerk Events, contact us today to schedule your live, personalized demo. Otherwise, have a look at our printable event budget template to create a simple event budget for any type of get-together.