Travel Agency Accounting
You and your staff work hard through the day, sending clients off on a fabulous holiday break (which you could use yourself), or dealing with last minute changes, cancellations and airline strikes. The doors close, the lights are mostly off, the phones are blissfully silent… and you open your spreadsheets to analyse your figures, to fill in yet another BAS or to sort out the payroll. But first you need to get your head around the software. Perfect end to a perfect day?
Of course, it’s not always like this. But you may feel, as the owner or operator of a small or medium sized travel agency, in order to make yourself a successful operation you need to undertake the lion’s share of the work. This may extend to taking care of the travel agency accounting yourself rather than paying a professional. Which is entirely understandable.
The Costs of Doing Your Own Travel Agency Accounts
But what other costs does taking on this responsibility leave you with?
- Do you have the time to manage the parts of the business that are your core competencies?
- Have you allocated time to strategise and train your staff?
- Is the burden of your travel agency accounting lessening your joy for your career?
Here’s some food for thought: unless you have a solid understanding of the accounting and tax industry, as well as concessions specifically available to you, you may not be getting the best value out of your business. Having the financial side of your business enterprise running smoothly can pay dividends, both financially and in terms of stress, without compromising your bottom line.
If you’re up all night or spending countless work hours researching to ascertain which the most advantageous way forward is then you’re probably undervaluing yourself and your time. The travel industry is fluid and unpredictable enough without negotiating the minefield of the accounting side of the business.
Finding a trusted professional specialising in travel agency accounting to help you set up or manage a portion of your business could just make the vital difference. After all, you don’t go to a doctor to discover the hidden gems in Vietnam with tours through Laos and Cambodia, do you?
At Hillyer Riches we currently serve clients in the travel agency profession to ensure that their business is travelling in the right direction, as well as ensuring their hard earned cash is reaping the benefits for them.
Perhaps you’re considering joining the industry, purchasing a business or registering your own so this seems premature. Rest assured we are able to help you, at this conception stage, get your business off the ground.
Whether you’re an established travel agency, just starting out or somewhere in between we are experienced in offering a range of travel agent accounting services including:
- ABN Registrations.
- Business Name Registrations.
- GST Registrations.
- New Business advice / Startup advice.
- Purchasing or Selling a business.
- Business Structures for Travel Agents.
- Asset Protection.
- Strategic Planning & Management Accounting.
- Salary Packaging.
- Budgeting / Cashflow Forecasting for Travel Agents.
- Financial Statements.
- Tax Returns.
- Fringe Benefits Tax Returns.
- Payroll Tax Returns.
- Managing loans by shareholders and directors from your company.
- Objections to ATO assessments.
- Planning for retirement.
- Tax Planning and tax advice.
- Payroll setup, PAYG summaries and statement.
- Record Keeping for Travel Agents.
- Small Business Tax Concessions.
Take a well-earned break from the world of numbers and let us look after you. We may not have the top tips for round the world trips but we do know the top tips for dealing with travel agency accounting and all it entails. Call Travis Allen or contact us to take the next step.