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Save Money and Time with Expert Hospitality Accountants for Travel Companies
- Maximizing Your Travel Business’s Profitability
- Harnessing the Expertise of Tourism Hospitality Accountants
- Let MMBA hospitality accountants make your travel experience better
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Travel Accountants - Experience you can trust
As a travel industry professional, you’ll know that having the right financial advice and expertise on your side can save you both time and money.
We act for clients operating across the whole travel, hospitality and tourism sector spectrum, including travel companies, tour operators, independent hotels, golf clubs, hotel groups and more.
Dealing with the financial and legal complexities within the travel industry needs an experienced and proactive partner, with the specific travel credentials to provide you with peace of mind and confidence.
MMBA Accountants has just that level of in-depth experience, from being able to provide you with ATOL, IATA & ABTA Applications, (including new applications), to helping with making changes to an existing ATOL Licence and much more.
The ATOL Reporting Accountant’s Scheme
Since 1 April 2016, only ATOL Reporting Accountants (ARA) can be responsible for ATOL returns work and for approving the Annual Accountants Report submitted to the CAA.
The CAA’s website states that: “The ATOL Reporting Accountants’ scheme has been developed by the CAA in order to help improve the standard of ATOL reporting and to provide assurance that financial information which is submitted on behalf of ATOL holders is accurate. The Scheme is designed to ensure that designated accountants of participating bodies are sufficiently knowledgeable about both the industry and specific requirements of ATOL to provide the required assurance needed by the CAA.”
As a useful addition to our core travel accountancy services, we can also provide Staff Training on Licensable and Non-Licensable turnover for ATOL Reporting purposes. We will, if required, also provide assistance in setting up accounting software specifically designed for Travel Sector.
Travel Accountancy Services
See the list below of specialist services MMBA we can provide to your travel, hospitality or tourism business:
- Setting up the legal structure
- Help in obtaining Financial Security Bonds for ATOL & IATA
- Assistance in all types of ATOL Regulatory Returns
- Registration & Implications of VAT, TOMS etc
- ATOL Reporting Accountants’ (ARA) Scheme (we are ATOL Approved Reporting Accountants)
- Principal v Agency Status In relation to Revenue Recognition
- Statutory Audit Service, if required by the Regulator
- Dealing with Corporation & Personal Taxes
- R&D Tax Relief for travel businesses
MMBA Accounting Experts for Hospitality Businesses
Accounting has its own set of challenges and specific accounting principles for hospitality businesses like new restaurants and hotels. MMBA provides excellent accounting services for hospitality and tourism businesses, which are part of the leisure industry.
Following are MMBA accounting experts’ guidelines for accounting principles and best practices for managing the financial aspects of a hospitality business:
- Set up a well-structured chart of accounts that reflects the unique aspects of your hospitality business. You should tailor your revenue, expenses, and assets according to your unique set of needs.
- Revenue recognition is very complex in the hospitality business. It involves recognizing revenue as service charges over time as services are provided.
- Track and control costs related to food, labor, and other expenses and regularly compare their costs with budgeted figures.
- To help prevent theft and waste for better profitability, maintain strict inventory controls for restaurants and bars.
- Schedule your staff efficiently and consider cross-training employees for multiple roles to monitor labor costs because that can be a significant expense in the hospitality industry.
- Ensure tax compliance, especially for hospitality business’s specific tax requirements.
- Cash flow management, i.e., keeping a close eye on accounts receivable and accounts payable, is crucial for the hospitality business.
- Regularly reconcile your bank statements to ensure that your records match your actual cash position to help identify any discrepancies or errors.
- Your business should have appropriate insurance coverage.
- Seek professional help from expert accountants like MMBA travel accountants.
MMBA Accountants- The Travel Industry Experts
The travel companies and industry is a vast and diverse field. It encompasses various experts, professionals, and stakeholders. MMBA accountants have the expertise to serve travel companies by ensuring that the businesses in the sector maintain sound financial practices and comply with accounting and taxation regulations. Here are some roles and areas where our expert accountants provide essential services to the travel companies and industry:
- Travel Agency Accounting
- Tour Operator Accounting
- Hospitality Accounting
- Airlines Accounting
- Cruise Line Accounting
- Travel Taxation
- Financial Analysis
- Cost Control and Budgeting
- Travel Insurance Accounting
- Revenue Management
- Audit and Compliance
- Consulting Services
- Government Compliance
MMBA Hospitality Accountants in the UK Who Can Help Your Hospitality Business Thrive
It is crucial for hospitality businesses to select the best accountant to ensure proper financial management, tax compliance, and overall business success. These accountants work with hotels, restaurants, and travel and leisure companies. They offer expert advice on VAT, payroll, corporate finance, corporate tax matters, auditing, tax and advisory services like tax planning and business advisory services, consultancy, financial management, and business growth strategies.
MMBA’s Hospitality Accountants Support
It is crucial for hospitality businesses to select the best accountant to ensure proper financial management, tax compliance, and overall business success. These accountants work with hotels, restaurants, and travel and leisure companies. They offer expert advice on VAT, payroll, corporate finance, corporate tax matters, auditing, tax and advisory services like tax planning and business advisory services, consultancy, financial management, and business growth strategies.
- Financial Management
- Cost Control
- Tax Planning and Compliance
- Inventory Management
- Payroll Management
- Pricing Strategies
- Liquidity Management
- Financial Reporting
- Business Expansion and Acquisitions
- Compliance and Regulations
- Capital Expenditure Planning
- Customised Financial Solutions
- Cutting edge Software and Technology Integration
- Risk Management
- Mergers and Acquisitions
Talk to MMBA’s Expert Travel Accountant
We have one of the best Travel Accountants. Feel free to speak to our expert travel accountant and get in touch for easy, affordable, and excellent travel accounting services
Travel Tax Implications on Travel, Tourism and Hospitality Industry
There is a significant impact of various tax regulations and implications on the travel companies, tourism, and hospitality industry. These tax implications are for government, businesses, and travelers alike. Some key implications are
- VAT and Sales Tax
- Tourism Taxes
- Airport Taxes and Fees
- Corporate Tax
- Tour Operator’s Margin Scheme (TOMS)
- Local and Municipal Taxes
- Environmental Taxes
- Customs Duties
- Digital Services Taxes (DST)
- Cross-Border Taxation
- Transfer Pricing
MMBA’s Team of Advisors for Tour Operator’s Margin Scheme (TOMS):
In the UK, businesses that provide travel and tour services use the tour operators margin scheme (TOMS) as a special VAT scheme. These businesses can often account for VAT differently than standard businesses. A tour operator’s VAT liability is determined by the profit margin rather than the full selling price of the tour while operating under TOMS. The tour operator requires an established team of advisors with expertise in various areas. MMBA’s team of advisors for TOMS consists of tax advisors, accountants, legal advisors, UK compliance experts, up-to-date technology and software experts, travel industry experts, customer service and sales teams, auditors, and trade associations and industry groups. All our clients are highly satisfied with our services.
MMBA’s Travel Accountant Reserves and Knowledge Base
The MMBA Accountant offers a fantastic opportunity to stay updated with the most recent news and guidance
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MMBA Startup Accountants FAQs:
What is hospitality accounting?
The specialized branch of accounting that focuses on the financial management and reporting practices specific to the travel industry is referred to as hospitality accounting.
What is the role of an accountant in the hospitality industry?
The role of an accountant is multifaceted. It includes financial management, record keeping, tax compliance, cost control, inventory management, financial reporting, payroll and employee benefits, cash flow management, revenue management, audit, and risk management.
How to do bookkeeping for a travel agency?
Bookkeeping for a travel agency involves many steps. These steps are setting up an accounting system, making charts of accounts, recording financial transactions, bank reconciliation, managing payroll, managing travel agency commissions, tracking client payments, maintaining vendor records, budgeting and financial analysis, tax compliance, document management, periodic reconciliation, seeking professional assistance, and staying informed to tackle financial concerns.
Name some travel accounting software
The accounting software helps travel agencies, tour/independent operators, travel agents, and other travel industry related businesses manage and finance their operational and financial needs. There are many such software like QuickBooks for Travel Agencies, Xero, Travel Works, TravelAgent Anywhere, and Dolphin Dynamics
Does MMBA offer hospitality audit services?
Yes, MMBA offers hospitality audit services, including financial, operational, compliance, revenue and expense, internal control and risk management, guest experience, food safety, security, and technology audits.
What are the benefits of availing expert hospitality tax advice?
Availing expert hospitality tax advice has several benefits for the hospitality industry. Some advantages are tax efficiency, compliance, cost reduction, strategic planning, asset management, cash flow management, audit support, risk management, improved financial reporting, and access to industry knowledge.
What’s the contribution of the hospitality industry sector to the UK’s economy?
Key contributors to this industry are employment, revenue and GDP, tourism, investment and infrastructure, export earnings, local economics, VAT and tax revenues, innovation and technology, and cultural and social contribution.