PromoTix University: Course 101 - Class 3 - Accounting Foundations for Event Businesses
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PromoTix University: Course 101 - Class 3 - Accounting Foundations for Event Businesses
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This class equips you with the financial foundation every event business needs to succeed. You’ll learn how to properly set up your accounting system from day one—starting with building a clear, organized chart of accounts to track income, expenses, cost of goods sold (COGS), assets, liabilities, and equity. You’ll understand how to categorize event-specific revenue streams like ticket sales, sponsorships, vendors, and merch, as well as the direct costs that determine your true gross profit for each event.
We’ll break down the difference between cash and accrual accounting, show you how to choose the right software (such as QuickBooks, Xero, or Wave), and walk through essential bookkeeping routines to keep your finances accurate and up-to-date. You’ll also learn best practices for reconciling accounts, storing digital receipts, separating business and personal finances, and forecasting budgets to avoid cash-flow surprises.
By the end of this class, you’ll have a complete framework for managing your books with confidence, understanding event-level profitability, and setting your business up for long-term financial health.
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