In the event industry, money changes hands long before services are rendered. Down payments and security deposits come in months before the event, final invoices only afterward, and cancellation fees become due when guests cancel. If you don’t keep these clearly separate, you’ll see high revenue in the spring and losses in the fall, even though the events went well. That’s why we allocate payments to the individual events.
An event often consists of several services: venue, equipment, food, beverages, staff, and admission. These components may be subject to different VAT treatments. The tax advisor determines which tax rates apply and whether the venue and catering together constitute a single service. We post the items separately, just as they appear on your quotes and invoices.
Anyone who books artists, emcees, or musicians may be required to pay the artists’ social security contribution, and fees are due to GEMA for music. We collect the relevant invoices and reports to ensure nothing is overlooked.
Behind every major event are many helping hands: temporary staff in service, coat check, and setup. Short-term employment, mini-jobs, and student workers have their own rules for social security and notifications. Seasonal peaks make cash flow planning crucial, especially when deposits have already been spent.
Many event venues work with regular partners: caterers, technical service providers, DJs, and decorators. Sometimes you bill your clients for the partners’ services; other times, the partners bill your clients directly and pay you a commission. Both practices are common but are accounted for differently. We set this up according to your contracts so that commissions and services passed on to clients are clearly identifiable.
