How theatres can financially recover from the pandemic
Theatres and Performing Arts provide vital conversations and entertainment, and are embedded in the culture of the United Kingdom. Unfortunately, there is no doubt in saying theatres took a huge hit when the pandemic started, and throughout. Theatres felt forgotten and financially devastated during the highest Covid peaks but are already making significant comebacks.
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One of the biggest priorities theatres are implementing for their recovery is strategic financial management. UK Theatre’s Business Plan 2021-2022 (uktheatre.org) has listed pandemic recovery as their first action point, including these two long-term objectives:
Reflect on lessons learned and formulate a business continuity plan for future pandemics and similar world events.
Consider what other forms of financial support might be needed as pandemic outcomes change.
To continue to succeed theatres need to take hold of their budgets, arts funding and expenses for increased security. Theatres can streamline their financial processes through adopting an all-in-one accounts payable automation system to fit their needs. Here’s what theatres can achieve with an AP solution:
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Gain clear visibility of all project spend
With multiple productions running in a theatre season with in-house and touring shows, it is important to have visible budgets that are easily viewed and managed. An AP software such as Zahara allows spend to be associated with budgets or projects, giving strong control over history and forecasting of spend.
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Differentiate departments
Having clear departments goes hand in hand with managing budgets. In Zahara, ‘divisions’ can be made for various departments in a business. Stage management, box office, set design, marketing and others can have designated divisions for customised approval workflows. This ensures spend is approved by the correct people and is adapted to each division’s needs for maximum control.
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Remove paper processes
One of the most transformational benefits of an automated system is just that, it’s automated. This means no more paper flying around theatre offices or manually keying invoices, saving valuable time and ensuring nothing is ever lost. Making the most of an accounts payable solution can prevent loss of money for theatres as they can track any duplicate or fraudulent invoices, as well as overseeing every department’s spend. It can even improve supplier relationships, as users of Zahara have increased their on-time supplier payments by up to 15%.
Gaining control and visibility of spend is a natural progression for theatres to take in order to increase the longevity of their security and success. Find out more about how Zahara helps theatres to streamline their processes, or book a free 1:1 demo at a time that suits you.
