Budgeting is hard. Or should I say, sticking to a budget is hard.
No one likes being the one who gets blamed when too much money is spent. However whenever a group comes together & things don’t quite work out the way it was intended, someone is bound to become the scapegoat.
Luckily there are ways to minimize the likelihood of casting blame & one of them is communicating!
When multiple people are in charge of handling an event’s monetary funds, things can get out of control very quickly.
Use platforms that have real-time updates where individuals can enter any incoming and outgoing monetary amounts. Also make sure that everyone who has access to the event accounts also has access to the platforms, this way everyone will be on the same page when it comes to knowing how much money is available to use.
Regularly monitor the entries and check them against bank statements to ensure they match. Nothing is worse than realizing that the amount of money you thought you had is nowhere near what is actually available.
It may also be a good idea to assign just one person to track all the money coming in and going out. That way you can be sure that you never go over budget and that your event accounts are always watched over.
Handling these issues are tough but it can be done. Open dialogue and a clear understanding is key. Repeat things until they stick. And then repeat them again and again. Have regular team-wide conversations so no one is left in the dark or confused.