Whether you're hosting a fair, festival, game or concert, you want you make sure you make profit and reduce losses. You need to make plans on how you're going to handle money at the event. Failure to do so may result in chaos, theft and other problems. This article gives you advice on how to handle money at an event.
Keep Some Float
This makes it easy to give change. As a rule of thumb, the float should be about 10% of what you expect to get at the event.
Note down the amount of float issued and the recipient of the float. Also record and keep receipts of items you have bought in the course of the event.
Storage and Safety
Safety is a serious issue, especially if you are handling a significant amount of money. Create a barrier to separate the cash point from attendees. Keep the money between two cashiers. Avoid having large sums of money in the open, so as not to give people ideas.
Use cash boxes to cashiers for safe storage of cash. If you are handling huge amounts of cash, organize to have the cash hauled away to the bank in the course of the event. For extra safety, consider hiring an escort vehicle.
Reduce Cash Points
Have as few cash points as possible. This will keep to a minimum the number of people handling cash. Have at least two people manning the cash point.
This will ensure the second person is looking after the money in case the other person is distracted.
Issue Receipts for Cash Sales
Issuing paper receipts may be cumbersome but will help to keep records of transactions and note any discrepancies. It may be a good idea to use a cash register.
Put an ATM in Place
This will make it easier for people to get extra cash in case they run out. As a result, they'll most likely spend more at your event. There are a lot of ATM rental companies that will provide ATMs at your event.
Make provisions for non-cash payments. Non-cash transactions are more convenient and easier to track. They also minimize the chance of loss through theft or pilfering. Get a card reader for such transactions.
The way you handle money at your event can make or break your event. You can plan and host a grand event, but if you end up making losses then all your sweat and effort will have been in vain. Pay attention to record keeping, safety, and technology.