Accounting for travel agents

Accounting is recognized as a technical information system which is designed to communicate the right fiscal information to the internal as well as external users. Any professionally operated business house in travel business accounting is one of the key departments since it not only gives the indications as profitability but will also provide data for making right decisions. Today accounting for travel agents is a must as it records, and summarizes the incomes and payments plus gives the correct picture of Travel agents financial well being.

It is essential for travel agents for making strategic planning for future growth and expansion. Accounting basically is keeping records of every little to large operations, transactions, customer statistics etc it is the insights of the business. A travel agent has to maintain accounting for its income from sales proceeds, be it inbounds travel or out bound travel and will also have to maintain its payments to various service providers, for accommodation, transport, guiding services etc. A travel house can achieve efficient accounting process by either manual book keeping or use of technology and use accounting software.

In the manual book keeping system of accounting a travel agency have to maintain at least a sale book, cash and bank book, debtor’s ledger and creditor’s ledger. There are number of accounting software available in the market for travel agency accounting. Most of this software is travel ticketing software, central reservation systems, inventory control systems or CRM. Mostly travel agencies pick up CRM systems with built in basic accounting features which in most of the cases do not suffice. Some of travel B2B houses have come up with their systems brings together the travel agents and other travel service providers, but have nothing to do with accounting. Hence, a travel agent has to choose wisely to see the accounting features and the check out the CRM side of the software.

Read full article at: https://www.tourgenie.com/travel-diaries/travel-blogs/accounting-for-travel-agents

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