Accounting for Travel Agents
Running a travel agency sounds glamourous when you hear about the hotel visits, restaurant evaluations and resort stays. Unfortunately the reality for most travel agents is long hours, weekend work and difficult clients. In addition, you have to contend with the global financial crisis, plane strikes, a fluctuating Australian dollar and compliance issues associated with your trust account.
Being a retailer with virtually no stock makes it challenging not to mention sophisticated software like Galileo, Sabre or Amadeus. Your clients expect you to know everything about transportation, accommodation, car rentals, tours and tourist attractions. On top of that you also need to deal with usual small business compliance issues associated with GST, BAS, PAYG and superannuation.
Here at Suntax we understand the travel agency business. In fact our team of accountants have mentored dozens of travel agents through the various stages of their business life cycle, from start up right through to sale. The team offer you experience and an intimate understanding of your industry.
Thinking of Starting or Buying into a Travel Agency?
As a business start up specialist we can provide you with a comprehensive range of accounting, tax and business coaching services. To help you make the right opening moves in your travel agency business we have created a number of practical tools including a comprehensive start up expense checklist. This tool is designed to help you identify all your potential start up costs broken down into categories including leasehold improvements, IT, marketing, furniture & fittings, professional services, licenses and working capital. These figures then automatically feed into an integrated cash flow budget to help you identify any finance requirements and this can then tuck neatly into your business plan.
We are recognised by our clients and peers as a business start-up specialist and can offer you advice on a range of issues including site selection, tax and business registrations, insurances, HR matters, payroll and the preparation of a business plan. On an operational level, we understand what is required for a successful opening and we can even assist you in executing the successful launch of your travel agency. Our brief includes helping you save money and it starts with the right tax structure and accounting software. We’ll factor in tax considerations, asset protection and future discount capital gains tax concessions because we believe you need to start with ‘the end in mind’. Next, we will help you select the most appropriate accounting software for your travel agency business and factor in your business needs and level of accounting skill.
Through our affiliate partners we can help you source funding to finance your purchase, shop fit out and motor vehicle. We can even help you access a fleet discount on your new car that could save you thousands of dollars. That’s really just the beginning because as accountants we can offer you advice regarding business insurances and prepare some ‘what if’ financial scenarios so you know your business’ best and worst case profit scenarios.
Marketing Your Business
For a travel agency, marketing could be the difference between success and failure. It all starts with branding and we can help you with the development of your business name, logo and slogan. Next we’ll offer you advice regarding your website’s colour scheme, skin, functionality and content. We have worked with dozens of clients and liaised with graphic artists and our affiliate website development team to create inexpensive but quality websites for clients. If you need help with your corporate brochure, newsletter or want to harness the power of social media we can also provide advice and direction. We believe our marketing skills set us apart from other accounting firms.
Grow Your Profits
All travel agents want to grow their business, their profits and their wealth. For that reason we strive to help you ‘know your numbers’ and that includes understanding the 4 Ways to Grow Your Business. If you understand the key profit drivers in your business we can talk you through profit improvement strategies and quantify the profit improvement potential in your business. Using industry benchmarks we can analyse the performance of your travel agency and compare it against your competitors so you understand what is working in the business and what needs working on.
Our unique business approach is all about fast tracking your business success and the team of specialists at Suntax offer travel agents the full range of accounting, taxation and business coaching services including:
- Start-Up Business Advice for Travel Agents
- Advice regarding the Purchase or Sale of an Agency
- Spreadsheets and Tools including a Start-Up Expense Checklist, Business Plan Template and Cash Flow Budget
- Provide Advice and Assistance with the Establishment of Your Business Structure (sole trader, company, trust, partnership etc.) taking into account issues like Asset Protection and discount Capital Gains Tax Concessions
- Registrations for Business Name, ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Income Tax Returns and Tax Planning Strategies
- Marketing Audit including an evaluation of your branding, brochures and website
- Advice and Assistance with your Website Development, Content and SEO
- Wealth Creation Strategies and Financial Planning Services
- Industry Benchmarking and KPI Management
- Business Succession Planning
- Vehicle & Equipment Finance (Chattel Mortgage & Lease)
- Advice & Assistance with Claiming Motor Vehicle Costs
- Recession Survival Strategies
- Advice regarding Employee Relations and Workplace Laws
- Business & Risk Insurances
We are so much more than just tax Accountants. We are business and profit builders who genuinely care about the success of your travel agency business. We service the needs of a number of travel agents and offer you strategies to grow your business, your profits and your wealth. If you’re looking to get your travel agency off to a flying start or want to grow your existing business, contact us today on (03) 9740 9989.