Accounting Services for Tourism Operators
Is this a business area you see growing over the next 10 years?
Yes our accountants in Mooloolaba, Noosa & Mitchelton Brisbane see this as a growing area - despite the fact it has been a tough environment particularly since the GFC in 2007, the impact on domestic sourced tourism from the high value of the Australian dollar, and the lower cost of international travel.
It has in our experience always been a very competitive environment and we have been privileged to work for some very competitive tourism operators in Queensland.
The tourism business is obviously cyclical and is also competing in a global market and as a result we have found businesses in this sector have to be run by very good business people to be successful.
Based on your experience assisting these sorts of businesses, what services do you think are necessary for Tourism Operators to remain sustainable businesses through the business cycle?
Chief Financial Officer / Commercial Accounting Services
- Strong Activity Based Costing Information - essentially so that the operator really knows their costs and just how much money is being made at each price level used throughout the season / cycle. It is often necessary for an operator to maintain capacity utilisation and business by pricing at different levels throughout the year. Knowing how much money is made or even lost at each price point is critical to ensure cash flow can be managed and solvency maintained.
- Cash Flow Modeling through the year showing different cash flow impacts in each season including well founded estimates of service volume and this costs.
- Financial Management Reporting that allows the operator to monitor the progress of each business area in the operation - consolidated whole of business reporting is not enough to know how the business is performing and take action as needed where you have more than a single business process. Each business process or value chain being sold to customers needs its own financial management reporting.
While these capabilities need to exist and be continuously developed and adapted within a Tourism Service, Ascendia Accountants has the commercial accounting services experience and expertise to assist your operation to establish these monitoring and reporting systems.
We have Chief Commercial Accountant experience on our partnership team.
Detailed Tax Advice
There are specific provisions relating to many tourism operators that can assist with the tax expenses of these businesses. Advice for an operator should consider the specific circumstances of the operation. There are so many different types of tourism operator with so many different exposures and technical tax opportunities and issues.
Areas that have been relevant to operators we have advised in the past include the:
- Diesel rebate availability and record keeping
- Equipment leasing treatment,
- Equipment depreciation treatment related to specialised equipment,
- Building depreciation,
- Asset protection and equipment registers / PPPR register and ownership
- Subcontractor provisions and agreements, payroll tax, work cover etc.
Why should I as a Tourism Operator consider Ascendia Accountants Mooloolaba, Noosa or Brisbane (Mitchelton) as my financial accountants, business and tax advisers?
Ascendia Accountants Sunshine Coast & Mitchelton have acted for some of the large tourism operators in Australia. We are experienced in advising clients who have had to develop in how to deal with the commercial issues as well as the tax issues.
Get in touch with our Mitchelton Brisbane, Noosa and Mooloolaba accountants to discuss your needs and find out more about how we can help you.