Smooth Sailing in Event Finance: Sorting the Smallprint for Success

At ExecSpace, we’re known for our venue finding expertise. But successful events require more than just finding the perfect venue. You also need a team that can handle the less glamorous – but equally important – financial and administrative tasks.

We’re fully aware of the complexities of payments, contracts and compliance. The process and finance aren’t fun, but if it’s not taken care of, it can be a headache. We thought we’d share exactly how we can support you in getting the smallprint stuff sorted…

Venue Finding

Which venue is right for you?

For Event Managers, our venue finding service puts the ‘you’ in venue. We’ll find the perfect location to host your professional event.

Whether it’s for finance, legal or another professional sector, stage one is all about supporting with:

  • Ideas bursting from our experience and expertise.
  • Relationship and knowledge of the sector you can’t find on Google.
  • Site visits to secure the right venue.
  • Negotiation to make sure you’re getting maximum value.

 

This is the bread and butter. The part you love. The bit that sparks your imagination and gets you excited. The stuff we share on Instagram!

Finding the perfect venue is the first stage of our service. You know how seriously we take it from the amount of work we put into even shortlisting and visiting venues (see our blog Six Ways Site Visits Secure the right venue). However for some venue finding businesses, this is the end of their service – a choice made, and you’re left to navigate the business side of the deal.

ExecSpace never leaves our clients to negotiate the finer points of payments, contracts and compliance alone. You can lean on our experience and existing relationships with venues at any time and we’ll bring business expertise to your team. Working with us you can stay focused on planning the perfect event… and as a bonus, it’ll be impossible not to pick up some new knowledge along the way.

Contract Management

Who doesn’t love small print?

OK, that might be going a bit far, but we know how important it is and that you’ve got enough to be thinking about.

Contracts can vary massively from event to event and venue to venue. Working with us you can breathe easy knowing:

• Contracts will be checked for details and pricing before you receive them.
• We’ll make sure venues add any customisation, such as signatory boxes for multiple authorisers.
• We’ll ensure venue documentation relating to health and safety, insurance and risk assessments all comply with current laws and guidelines.
• We’ll ensure payment compliance so that buying aligns with your M&E policy.

In the professional services environment, it’s even more important to get these details right so we’ll be on hand for advice all the way through – no question is a silly question! If you’d like to know more about contracts see our blog here – Top Tips for Managing Hotel Event Contracts.

Payment

On to the actual cash. Once you know the contract details and what you’re agreeing to, it is time for money to exchange hands and this is where our contracted clients can benefit from the seamless ExecSpace Billback Service.

It’s a service that keeps you compliant, keeps the accountant happy and makes sure money gets to the right people at the right time.

We’ve summarised the most common questions we’re asked about the bill-back service:

  1. How does it work?
    ExecSpace will pay for a venue on your behalf and invoice you directly following the event.
  2. Can you include my coding on the invoice?
    Yes, we tailor the invoice to your requirements and capture any coding at the time of booking.
  3. What about different types of invoices?
    We’ll match your business processes and will always include event details and your company coding on the invoice. Rest assured we can send one invoice per event, which works best when you have individual PO numbers for a set amount. Alternatively, we can send one invoice to cover multiple events, which works best when you have a blanket PO number or several coding requirements.
  4. What are the benefits of invoicing from ExecSpace, not the venue?
    Your time and energy are valuable, which is why clients trust us to remove the need for you to set up and liaise with multiple suppliers. We also check and liaise with your venue to address discrepancies and remove unexpected costs.

Virtual card payments

Once you’ve tried it, you’ll love it. We couldn’t share about the finance side of our service without giving virtual card payments a nod.

Again – here are a few common questions:

  1. What is a virtual card?
    A card generated via an online portal –works the same as a normal credit card without the need to keep something physical.
  2. How does it work?
    A credit account is set up. ExecSpace will then raise virtual cards for your events and reconcile all your monthly statements.
  3. Why would I use them?
    Virtual cards offer slick, simple and streamlined transactions and recording. Each card is unique to an event. We capture your coding when raising the card so it’ll all show on your statement. The risk of fraudulent activity is reduced as each card has an agreed funding limit and becomes redundant after the event and you’ll also benefit from extended payment terms.
  4. Who is the account holder?
    You’ll be the account holder with ExecSpace as the named payment agent. You’re still in control.
  5. How is the payment made?
    Payment is made by direct debit. ExecSpace will fully reconcile your statement before your direct debit is taken so you’ll see and know every bit of your spending

Are these services available to all ExecSpace clients?

We work closely with and support all our clients, whether under contract to ExecSpace or not. We love what we do and are solely focused on supporting you to plan the best possible event. However, contract management, billback and virtual cards are services we extend to our contracted clients only.

Some businesses are not in a position to commit, but we do tend to find over time most see the massive benefits of contracted work with us.

If you’re not in that space yet you can choose to settle your account. If this is the case you’ll receive the invoice directly from the venue to you for payment and liaise with them directly about questions.

Go on, tell us the truth… this was more interesting than you expected, wasn’t it?

While it isn’t necessarily exciting to talk through payment, contracts and finance we do understand how even the most successful event can be overshadowed by missed details or non-compliance. By working with us you can achieve finding THE perfect venue for your event and keep your boss, your clients and your accountant happy.

And that means you can breathe a huge sigh of relief and focus on what you do best.

If you have questions about payments, bill back, virtual cards or something else do get in touch and the team will be happy to help.

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