Excel is a very practical tool for managing budgets and creating estimates and invoices for events. However, it can happen that mistakes are made in the calculation formulas, or that certain elements are not taken into account, which can be costly in terms of time and money.
What’s more, it’s becoming increasingly mandatory to use certified billing tools that guarantee the inalterability, security, preservation and archiving of data. (Not to mention the obligation to switch to electronic signatures between 2024 and 2026)
In this article, we’ll take a look at the most common errors encountered when using Excel to manage event budgets, quotes and invoices, and show you how Lab Event can help you avoid them.
✖️ The most common errors in Excel
The most common error is the misuse of calculation formulas, which can lead to inconsistent results. This can happen when formulas are entered incorrectly, or cells are deleted without updating the corresponding formulas. Calculation errors can lead to variances in planned budgets, as well as errors in quotations and invoices.
1️⃣ Line not included in total :
It can happen that certain lines are not taken into account when adding up the total, which can have a significant impact on the overall budget. This can happen when calculation formulas are not correctly applied, or when cells are omitted during data entry. Mistakes of this kind can lead to substantial financial losses..
2️⃣ Miscalculation of margins :
It’s important to calculate margins accurately when creating estimates and invoices for events. Calculation errors can lead to costs being underestimated or overestimated, which can have an impact on the event’s profitability. Errors can also lead to significant financial losses.
💡How Lab Event can help
Lab Event is a software package dedicated to event professionals, enabling them to manage budgets, estimates and invoices accurately and efficiently. Thanks to its advanced features, it helps you avoid the most common errors encountered with Excel.
🧾Automatic calculation of formulas :
Lab Event automatically calculates formulas, eliminating the risk of human error. It also makes it easy to check and correct formula errors.
Lab Event allows you to validate the data you’ve entered, thus avoiding data entry errors and guaranteeing the accuracy of your calculations.
💲Precise margin management :
Lab Event allows you to precisely manage margins, guaranteeing the profitability of your event. It also provides a detailed overview of costs, all in real time.
🚀 In short, thanks to Lab Event, no more budgets, estimates and invoices on Excel, everything is integrated into the software. 👨💻