Accounting Software for Travel Agency
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If you have been in the travel business for a while, you have no doubt noticed the increased interest in the travel industry in recent years. With more and more people booking air ticket, hotels, car services and signing up for tours through travel agents, you have a lot to track and at the same time be in control of your finance.
Accounting software provides a comprehensive toolset that enables travel agent to set-up airline ticket prices to the market, record all travel ticket sales via sales receipt and invoice windows, track account receivables and payables balances and payment transactions, and .reconcile their bank statement balances.
You can also run a real-time transaction reporting on a daily, weekly, monthly and annual basis.
In a nutshell, this is what a well-customized accounting software does for your business:
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- Accounting software tracks all revenue channels like local or travel ticket sales, hotel booking services, car hire or tour packages.
- All remittances to IATA for ticket issued and payment for annual subscriptions are accurately tracked as cost of sales or selse your pfoit will be reported wrongly.
- The system generates automated invoice on services rendered to a client and track progress payment as well as generate account statement on demand.
- It also tracks all expenses incurred for a specified period.
- If you pay with credit card, the system tracks all card payment and charges with exchange rate applied.
- The system also tracks all banking transactions and reconciles any difference that occurs at the end of the month.
- Since you don’t pay VAT on travel tickets, confirm that the software can also track on additional service like car hire services, hotel books etc
- The system can generate your profit or loss statement, statement of cash flow and financial position.
For more questions on how QuickBooks can be customized for your travel agency business, connect with our support centre:
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