Client Background
A wedding and event planning company that managed luxury weddings and corporate events was struggling with tracking deposits, vendor payments, and profitability per event. The owner needed organized financial records to ensure the business remained profitable. The client hired Development Theory to help with bookkeeping for an event planning business.
The Challenge
Client Deposits Not Properly Tracked: Many clients paid deposits months in advance, making it difficult to match income with expenses.
Vendor Payments & Reimbursements Issues: The business paid deposits to florists, caterers, and venues, but tracking which payments applied to which event was chaotic.
Unstructured Expense Categories: Travel, entertainment, and marketing expenses were not categorized correctly, leading to tax filing issues.
Profitability Per Event Unclear: The owner wasn’t sure which types of events were most profitable.
Our Approach
Deposit & Prepayment Tracking System: Created a system for matching client deposits with event expenses.
Vendor Payment Workflow Implementation: Designed a tracking method for vendor invoices and due dates.
Expense Categorization & Reconciliation: Ensured all expenses were correctly categorized for tax deductions.
Profitability Reporting Per Event: Set up a reporting structure to analyze event costs vs. revenue.
Monthly Bookkeeping Support: Provided ongoing reconciliations and financial reports.
The Solution
Ensured client deposits were tracked correctly, preventing cash flow gaps.
Improved vendor payment tracking, avoiding duplicate or late payments.
Categorized all tax-deductible expenses, reducing tax liability.
Provided profitability insights per event, helping refine service pricing.
Results & Impact
Revenue tracking improved by 85%, making financial decision-making easier.
Identified high-margin event types, increasing profitability by 20%.
Reduced bookkeeping time by 10+ hours per month, allowing the owner to focus on clients.
Ensured tax-ready books, avoiding IRS penalties and last-minute filing stress.
Client Feedback
"Before, I had no idea which events were making me money. Now, I can see exactly where my profits come from, and I feel in control of my finances!"
Development Theory Can Help Business Owners Like You
Struggling to keep your books in order? Accurate bookkeeping is the foundation of a healthy business—it helps you track cash flow, manage expenses, and prepare for tax season without stress. At Development Theory, our Bookkeeping services ensure your financial records are organized, accurate, and up to date, so you can focus on growing your business instead of worrying about spreadsheets. Whether you need monthly reconciliations, financial reporting, or QuickBooks support, we’ve got you covered.
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