Super Bowl 50 might be taking center stage on Sunday, but what many people don’t realize is that this event has been in the making for two years with actual execution beginning to happen five or six months before the event. You can read more about this year’s show featuring Coldplay in the New York Times.
Whether it's a concert, race, awards show or professional sporting event, event planning companies/teams are busy producing events in different cities, featuring distinctive themes and hosting different attendees each time. These large-scale events have unique needs and require throngs of vendors and teams that are deployed each time to pull them off.
In order to pull off an event of this size and caliber, the planning process is lengthy and organization is key. Once a team hits operations mode, tracking is essential. This includes managing the budget which is sliced between multiple departments, including:
- event space
- talent or artist fees & handling
- vendor fees
- event rentals
Tracking who each dollar is going to and where it's spent could be a nightmare to reconcile with so many hands in the pot. We’ve talked about event planning finance tips before. Handing out corporate cards to hundreds of independent contractors, freelancers and volunteers is often not an option since in most cases, that same team won’t be in place for the next event and tighter controls are needed to stay on budget.
Many of our event planning customers, they use our PEX VisaⓇ Prepaid Card service and PEX Admin site and mobile app to manage and track funds in real time. The cards can be distributed to as many people as needed and money can be added or removed as necessary. Cards can also be activated and deactivated as teams change and grow. Often cards are given to manage catering, equipment rentals, and miscellaneous needs – everything from zip ties to water to kitty litter (believe it or not it's a great drying agent and can help soak up grease spills).
Learn more about how PEX addresses the unique needs of event planners, and what our customers say about PEX. Request a demo with our staff, or feel free to email us with any additional questions.