Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person
Monthly Bookkeeping, Payroll, Financial Statements & Tax returns for Travel Planners and Tourism Industry
Quality Driven Approach
QuickBooks And Xero Certified Experts
50% Reduction
In Costs
Part Time / Full Time Resources For
- CPA Firms
- Bookkeeping Firms
- Business Owners & Startup Companies
Starting from AUD 700 for 40 hours months
Starting from AUD 2100 for 160 hours months
Hire Remote Team
Bookkeeping software expertise
saasu
intuit QuickBooks
netsuite
wave
Freshbooks
odoo
Xero Gold Partner
zoho books
simply accounting by sage
yendo
Our Services
We are a group of professionals who offer accounting and bookkeeping services to our clientele across the AU. We offer standard as well as tailored accounting and bookkeeping solutions based on the specific requirements of our clients, ensuring them the best results with our services.
Setting up Xero/Quickbooks
Fill out our checklist to complete the Setup of your Cloud Software in a day. We provide step by step guidance.
Day to Day Bookkeeping
We will ensure that your books are upto date on the daily/weekly basis so you can stay on top of the Financial position.
Year End Finalisation
We shall provide you complete Financials which can easily be used in preparation and completing Corporate Tax Return.
Payroll Setup and Processing
This covers filing your Payroll through Single Touch Payroll system, TFN Declaration, Superannuation Return filing, Installment Activity Statement filing & PAYG Calculations.
GST in Australia
We shall reconcile your GST input Credit account and Output liability account.
Monthly Management Reports
We provide customized reports based upon client requirement. (Sales Perfomance, KPI’s, Overheads reporting, etc)
Bookkeeping for CPA's
We provide end to end bookkeeping solutions for CPA’s and bookkeepers in the AU.
BAS Returns
We deal with BAS very closely for our clients to ensure that GST claim is correctly calculated and Submitted Timely.
Annual Company Tax Return
We shall do your Individual & company Tax filing through your ATO login.
Why are we the 1st choice of AU Businesses for Accounting & Tax Return Preparation
Reduce 50% in Current Costs
You will see a Cost reduction of at least 40-50% as compared to local Bookkeeper or Accountant.
Self Hosted PMS
Our standardized processes and decent Project Management system helps to communicate with you clearly and efficiently.
Faster Turnaround
We generally reply to every emails same day or within maximum 24 hours.
Starting from
US $10 Per Hour Bookkeeping service
Detailed & Regular Work Updates
We send emails that carry all the necessary information you need to carry out business operations.
Monthly Meetings with CPA
We conduct monthly meetings with CPA’s for effective communication and understanding client needs.
Meeting Deadlines
We finish all our work prior to deadlines to prevent any kind of chaos during finalization. .
Detailed Checklists
We prepare a well-defined checklist of all the requirements for you so that you don’t have any confusion.
High Quality of Work
Our Standardized Procedures and Checklists will ensure error free work. .
Cloud AddOns Expertise
Hubdoc
With Hubdoc, you can automatically import all your financial documents & export them into data you can use.
Gusto
Gusto offers fully integrated online payroll services that includes HR, benefits, and everything else you need for your business.
Spotlight Reporting
Attractive performance reports quickly and efficiently. Ideal for organizations that need deeper insight and analysis.
Receipt Bank
Receipt Bank converts those annoying bits of paper – receipts and invoices – into Xero data!
AutoEntry
AutoEntry captures, analyses and posts invoices, receipts and statements into your accounting solution.
Shopify
Connect Shopify and Xero to effectively manage your online sales, inventory and accounting requirements.
Accounting and Bookkeeping for Travel and Tourism Industry in Australia
The Travel and Tourism Industry in Australia stands as a vibrant and dynamic sector, contributing significantly to the nation’s economy and cultural landscape. This industry is surrounded by attraction and dynamism. But, maintaining accurate and transparent financial records is very important in this industry.
Effective accounting and bookkeeping practices ensure not only regulatory compliance but also contribute to strategic decision-making and sustainable growth. Let’s understand the core aspects of the Travel and Tourism Industry in Australia, the specific requirements of accounting and bookkeeping within this sector, and the specialized services provided by Meru Accounting to meet its unique demands.
Core Aspects of the Travel and Tourism Industry in Australia
The travel and tourism industry in Australia is a vital sector that contributes significantly to the country’s economy, cultural exchange, and global recognition. Known for its diverse landscapes, unique wildlife, rich indigenous heritage, and vibrant cities, Australia has become a desirable destination for both domestic and international travelers. Let’s have a look at some core aspects of the Travel and Tourism Industry in Australia:
- Economic Impact: The travel and tourism industry is a cornerstone of Australia's economy. It generates billions of dollars in revenue annually, providing jobs and supporting various sectors. In 2019, tourism contributed AUD 60.8 billion to the nation's GDP, employing over 666,000 people across a wide range of roles, from hospitality to transportation. The revenue generated from tourism helps stimulate other industries, such as hospitality, retail, and transportation, making it a crucial driver of economic growth.
- Popular Attractions: Australia's diverse attractions draw travelers from around the world. The iconic Sydney Opera House, Sydney Harbour Bridge, and the stunning beaches of Bondi and Manly attract visitors seeking both cultural experiences and natural beauty. The Great Barrier Reef, a UNESCO World Heritage Site, is another major drawcard, offering unparalleled opportunities for diving and snorkeling. Uluru (Ayers Rock) and the Kata Tjuta rock formations hold immense spiritual significance to the indigenous communities and are popular destinations for both cultural and adventure tourism.
- Challenges: Despite its many advantages, the Australian travel and tourism industry faces several challenges. One such challenge is the country's geographic isolation, making air travel the primary mode of international access. This can lead to higher airfares, which may be a concern for budget-conscious travelers. Additionally, Australia's distance from major markets like Europe and North America can result in longer travel times, potentially affecting the decision to visit.
- Environmental Concerns: The environmental impact of tourism cannot be ignored. Australia's delicate ecosystems, such as the Great Barrier Reef and national parks, are vulnerable to over-tourism, pollution, and habitat destruction. The government and industry stakeholders are increasingly focused on promoting sustainable tourism practices to minimize these negative effects. Efforts include eco-certification programs for accommodations, wildlife protection initiatives, and raising awareness about responsible tourism among visitors.
- Indigenous Tourism: Australia's indigenous culture is one of the oldest living cultures on Earth. Indigenous tourism offers travelers the chance to learn about the country's original inhabitants through guided tours, cultural performances, and visits to significant sites. This type of tourism provides economic opportunities for indigenous communities and helps preserve their heritage. However, indigenous tourism must be conducted with respect for cultural sensitivities and in collaboration with the communities involved.
- Digital Transformation: Like other industries, the travel and tourism industry is also having digital transformation. Online platforms and mobile apps have revolutionized the way travelers research, book, and experience trips. Accommodation booking websites, review platforms, and mobile navigation apps are essential tools for modern tourists. Australian tourism businesses have embraced this trend, using social media and digital marketing to reach potential visitors and enhance their experiences.
- Promotion and Marketing: Tourism Australia, the government agency responsible for promoting the country internationally, plays a vital role in attracting visitors. Its "There's Nothing Like Australia" campaign showcases the country's diverse experiences, landscapes, and attractions. Social media influencers and content creators also contribute to promoting Australia as a travel destination, leveraging their large followings to showcase the country's beauty and culture.
Requirements of Accounting and Bookkeeping for the Travel and Tourism Industry in Australia
The travel and tourism industry in Australia is a significant contributor to the country’s economy, generating billions of dollars in revenue each year. Just like any other sector, accounting, and bookkeeping play a crucial role in ensuring the financial health and success of businesses within this industry. Let’s go through the unique requirements of accounting and bookkeeping in the travel and tourism sector which will give you a clear understanding of industry-specific intricacies, regulations, and best practices:
Accounting for revenue and costs in the travel and tourism industry can be complex due to the timing differences between when services are booked and when they are delivered. Airlines, hotels, tour operators, and other businesses in this sector often receive payments in advance for services that will be provided in the future. Properly recognizing this revenue and allocating associated costs in the appropriate accounting period is crucial. Australian Accounting Standards (AASBs) such as AASB 15 provide guidance on revenue recognition, which must be followed to ensure accurate financial reporting.
In Australia, the Goods and Services Tax (GST) is a value-added tax of 10% that applies to most goods and services, including those offered in the travel and tourism industry. Businesses in this sector need to accurately calculate, collect, and remit GST to the Australian Taxation Office (ATO). Maintaining thorough records of all GST transactions is essential for compliance and accurate reporting.
Tour operators and accommodation providers in the travel and tourism industry need to manage a variety of financial aspects, including reservations, cancellations, refunds, and no-shows. Proper tracking of customer payments, refunds, and adjustments is necessary to ensure accurate financial statements. Automation through accounting software can streamline these processes, reducing the risk of errors and improving efficiency.
The travel and tourism industry often deals with international customers and transactions, which introduces currency exchange rate fluctuations. Businesses in this sector need to properly account for these fluctuations when converting foreign currencies into Australian dollars. Accurate record-keeping of exchange rates and currency conversion processes is vital to avoid misstatements in financial reports.
The industry employs a diverse workforce, including part-time, full-time, seasonal, and casual employees. Managing payroll effectively involves adhering to Australian employment regulations, superannuation requirements, and tax withholding obligations. The use of accounting software can help automate payroll calculations and ensure compliance with labor laws.
Hotels and other businesses in the travel and tourism sector often have significant inventories of goods, such as linens, toiletries, and food supplies. Proper inventory tracking is essential to manage costs, prevent theft or losses, and accurately value assets. This becomes especially important during audits or when preparing financial statements.
Accounting and bookkeeping in the travel and tourism industry are not only about compliance but also about using financial data to make informed decisions. Generating regular financial reports and conducting in-depth analyses can provide insights into business performance, enabling management to identify trends, optimize pricing strategies, and allocate resources effectively.
Given the complexities of the industry, accounting software can be a valuable tool for businesses in the travel and tourism sector. Advanced accounting software can automate processes, integrate various financial functions, and enhance accuracy in tracking and reporting financial data.
Meru Accounting's Specialized Services for the Travel and Tourism Industry
- Tailored Financial Reporting: Meru Accounting recognizes the distinctive demands of the travel and tourism sector. Our services include customized financial reporting that provides insights into revenue streams, cost structures, and profitability across different services. This empowers businesses to make informed decisions aligned with their strategic goals.
- Cash Flow Forecasting: Our specialized forecasting tools help predict cash flow patterns based on historical data and industry trends. This enables businesses to proactively manage cash reserves during lean periods and seize growth opportunities during peaks.
- Regulatory Compliance Expertise: Understanding the complexities of regulations can be a challenging task. At Meru Accounting, our team of seasoned experts is dedicated to relieving businesses of this burden. We specialize in ensuring that businesses not only adhere to taxation laws, reporting norms, and industry-specific regulations but also shield their reputation and maintain their financial well-being. With our comprehensive range of services, your business can thrive without the worries of regulatory non-compliance.
- Technology Integration: Recognizing the pivotal role of technological progress in optimizing financial operations, we at Meru Accounting understand its necessity. We specialize in the seamless incorporation of many accounting software, carefully customized for a variety of the travel and tourism sector. This integration not only elevates precision and efficiency but also establishes a robust foundation for data security, thereby amplifying the overall operational prowess of your business.
Conclusion
The Australian Travel and Tourism Industry’s importance and complexities demand careful financial management. Effective accounting and bookkeeping practices not only ensure compliance but also offer insights critical for sustainable growth. Meru Accounting’s specialized services are tailored to meet the unique challenges of the sector, providing businesses with the tools they need to navigate the financial landscape and begin a journey toward excellence. If you are having a business in the travel and tourism industry of Australia, you must partner with Meru Accounting for professional accounting and bookkeeping services to ensure sustainable growth and success.
CONTACT US FOR ANY QUESTIONS
Our Office Address
AU Office
Level 8/350 Collins Street, Melbourne VIC 3000, Australia
902, Shivalik Tower, Nr. Panchvati Cross Roads, Ahmedabad, Gujarat 380009, India
