Audit Readiness for Event Management Companies in UAE

Our preparation process

Treating each event as its own project

Event companies tend to run one set of books while the work happens in separate bursts. The cleanest approach is to open a job code for every event before the first supplier is paid. Every quotation, deposit, supplier invoice, freelancer payment and client invoice then carries that code, and a profit statement per event comes straight from the ledger.

At the end of each event, hold a short closing review. Compare the approved budget with actual cost, list invoices still expected from suppliers, and note any items you will recharge to the client. Events that finish without this review are the ones that produce cost surprises months afterwards.

Deposits, advance billing and timing of revenue

Clients usually pay a deposit well before the event date. Until the service is delivered, that money is a liability, not income. Keep a deposits schedule showing client, event date, amount received and amount recognised. Move amounts to revenue when the event takes place or as agreed stages are completed.

Cancellations need a rule written down beforehand. If the contract allows you to keep part of a deposit, record the amount retained with the clause that supports it. If a refund is due, book the credit note in the same month as the cancellation notice.

Supplier and freelancer payments

Events rely on short-term suppliers: venues, sound and lighting, catering, transport, security and temporary staff. Obtain a written quotation or purchase order for each. Get a delivery note or signed completion confirmation, and match the final invoice to both before payment.

Day-rate workers need particular care. Keep signed timesheets, rates agreed in advance, and proof of payment. Decide with your accountant whether each person is an employee, a freelancer or supplied by an agency, because the paperwork differs. Cash payments on the day should be listed with the recipient's name and a receipt.

Equipment, props and returnable items

Reusable stages, screens, furniture and branding materials are assets if they will serve more than one event. Keep a register with purchase date, cost and storage location. Record hire-out income separately from event fees.

Items hired from third parties should be tracked until returned. Unreturned or damaged hire items create a liability that is easy to forget until the supplier invoices it.

Set a rule for small items such as cables and signage. Expense them when bought, and keep a storage list so that reusable stock is not ordered again by mistake. Log each equipment hire, the return date and any damage charge, and keep photos taken at handover and return.

Paperwork worth keeping tidy

• Event register with contract value and status
• Deposit ledger by client and event date
• Supplier prepayment schedule
• Event cost sheets compared with budgets
• Accrual workings for unbilled supplier costs
• Petty cash and cash handling records for on-site spending

Risks to watch in event management company books

The limits of our service