Accounting & Finance
Managing the finances and accounting at a travel business is an intensive task. As a travel company you operate on high turnover and low margins, so even the smallest mistakes can cost you dearly. It is therefore not surprising that travel organisations invest heavily in ensuring they have a highly competent accounts team. With the advances in technology however, the volume of human resource can be significantly reduced with an effective technology solution.
Invoices generated by suppliers must be reconciled against the pricing data in the back office system. We have various interfaces to simplify the process of reconciliation. We also provide a mechanism for dual checking whereby 2 separate individuals reconcile an invoice before payment is initiated.
Whilst invoices can be generated manually, our travel technology solution allows you to automate invoice generation based on the rules and criteria you set.
- Auto generate invoice to agent/client immediately upon confirmation
- Send an automated reminder for any Invoices that remain un paid 3 days prior to the payment due date.
- Alert accounts staff if any invoice remains outstanding the day after payment due
- Send the client an automated reminder the day after payment is due and then every day it is late thereafter
- Allow clients to view invoices online using your B2B or Client Self Service portal
- Your clients will be able to view all their statements online.
- Statements can also be generated periodically based on the rules you set.
- Clients will be able to click on an entry on the statement and directly view the detailed invoice and booking records relating to the statement entry
The system allows you to define credit limits and payment terms for all clients. Once these criteria have been set, the client will only be able to interact with the platform and make bookings whilst they remain within their credit limit. As soon as they reach their credit limit, the system will no longer allow them to make or confirm new bookings. Any staff making bookings on the phone for a client that had breached their limit will be alerted. Depending on their permission level, staff members can override the restriction.
Xero, Sage, Quick Books
Our travel technology systems have been designed to interact with the three main accounting software packages. You can export from the travel platform to the accounting packages and import data from them.
If you have another accounting software package, talk to us as we will generally be able to build interfaces into most technology platforms, provided it is allowed and supported by the software provider.
Foreign exchange is a daily part of any travel business given the vast amounts of transactions taking place with foreign suppliers. We have thought about many of the FX nuances that impact on travel businesses and have developed the travel technology platform to support all of the following:
- Forward Contracts
- Exchange rate gains/losses
- Automated currency pricing
- Currency management
Deposit Balance Collections
You can set various rules with regards to automating balance collections. For example, you can set a rule so that the system sends the client a reminder 5 and 10 days before the balance is due. Reminder messages can be sent by email or SMS text message and the client can be sent a payment link to make payment by card online if that is your process.
For wholesalers, DMCs and Tour operators, the system can automate Direct Debit statements and then submit the statement balance for direct debit collection.
Every vendor payment made can be automated or processed manually through the system. The payment amount will link to individual items and bookings the payment is made for and the supplier will receive a remittance advice breaking down which supplier invoices the total payment relates to.
Your accounts department will be easily reconcile payments made for management and annual accounts.
The mark-up module is highly complex and allows for margins to be set by various methods. In addition to obvious methods which include fixed mark ups, minimum mark ups and percentage mark ups, you are able to do all of the following and much more:
- Value: set different mark ups based on the cost price of the item
- Agency/client: Allow different clients to benefit from higher or lower mark-ups
- Destination: You may want to set mark-ups for holidays to the Indian Ocean at a higher percentage then holidays to Europe
- Hotel: Mark up hotels where you have exclusive rates at a higher level than other hotels
- Room type: Reduce or increase mark ups on higher value suites
- Airline: Differentiate the mark ups on different airlines to different routes
- Class: Set different margins for premium, business and first based on airline and/or destination