Travel & Leisure Accountancy
At Barnes Roffe we understand your business!
Barnes Roffe has a thorough understanding of the travel industry which is why we now act for over 20 such companies with turnovers of £1m to over £70m.
Over the last 25 years we have worked for a large number of successful businesses involved in all aspects of the travel industry, from tour operators and travel agents through to incentive and executive travel providers. Whilst their basic accounting requirements may seem similar to any other business sector, there are some aspects which are particularly relevant to the travel industry.
Type of operation
- Agent or tour operator?
- Provision of corporate travel services.
- Provision of incentive travel services.
- Website based travel services.
Tough market with cut throat competition
- No restrictions as to who can set up a business in the travel industry.
- Tight margins.
- Internet driven competition and investment in own website development.
- Unpredictable fluctuations due to natural and environmental factors, airline security, as well as people issues, etc.
- Bonding and regulatory issues re ABTA, ATOL, CAA and IATA licensing.
International aspects of trading
- Exchange rate fluctuations and hedging.
- Numerous bank accounts in multiple currencies.
- Time Zones.
- Language issues.
- Cultural differences.
- Accounting software selection.
- Package costing and accrual recording.
- Timing of revenue recognition.
- Recording of deposits received and paid.
- Complicated management systems to report.
- Gross margins.
- Sales commission.
- Website booking systems.
- Management and efficiency reporting to corporate customers.
- Foreign currency reporting, accounting and disclosure.
- Identifying future commitments.
- Deposit management and trust issues.
- VAT issues.
- Tour Operators Margin Scheme (TOMS).
- Place of trade.
- Partial exemption rules.
- Green Taxes.
- Fuel surcharges.
- Airport duties.
- Direct staff or sub contract labour.
- Travel, subsistence and benefit-in-kind issues.
- International Taxes.
If you would like to arrange a more in-depth discussion with our team about our experiences in the technology sector and how we can help your business, please feel free to contact us at Barnes Roffe for more information.Talk to Barnes Roffe today Barnes Roffe has tried to ensure that the contents and information it provides in its website is accurate at the time of posting. Unfortunately it cannot guarantee the accuracy of contents or information contained in its pages and any person choosing to act on this information should contact a Barnes Roffe partner prior to taking any action