5 minute read
When you’re running a travel company, keeping the finances in order is probably something business owners look forward to the least. Raising invoices, recording expenses, reporting, and data compliance don’t really compare with planning inspirational, unforgettable journeys! Luckily, Traveltek have developed a travel-specific back-office solution to keep your travel business in check. iBos is a cutting-edge, mid-office system that seamlessly integrates with a travel agent’s accounting software, as well as search and booking tools.
iBos is great for automating travel-related financial workflows like bookings, commissions, supplier management and invoicing. It provides administration and financial support to help agents concentrate on core business activities.
Why Good Financial Management Matters
Operating a successful travel agency requires several crucial qualities.
- First-class customer service.
- In-depth knowledge of destinations and products.
- Excellent communication skills.
- Tech savvy.
And of course..
- Good Financial Management
Travel agency back-office software ensures you have the information to hand to keep your business running smoothly. You can track customer receipts and supplier payments to maintain a healthy cash flow, and extract financial reports to monitor key elements within the business. Being organized and efficient in the office projects a professional image to your network. It improves decision-making and supports growth and expansion. With robust financial management processes, travel agents can focus on what they enjoy most – creating unforgettable journeys for their clients.
The right back-office software saves time, streamlines financial tasks, reduces errors and helps agencies focus on growing their business.
Why Back Office Software is Important for Travel Agents
Travel-specific back-office software is essential for travel agents because their financial operations are more complicated than those of many other businesses. A travel agency generates multiple revenue streams from flights, hotels, tours, and commissions. Each booking encompasses a complex network of smaller transactions, in several different currencies and each with its own data trail.
Administration and accounting within a travel agency are extremely challenging!
Complex Transactions
Flights, hotels, tours, car rental, insurance, expenses, transfers, luggage, meals…and that’s just one booking! A single trip can encompass a variety of smaller transactions, each with its own distinct pricing structure and commission. A travel-specific back-office tool organizes these transactions into a unified platform.
Multi-Currency Payments and Receipts
With worldwide clients and suppliers, travel administration software must be capable of handling transactions in multiple currencies to perform accurate conversions.
Commission Calculation and Reporting
A substantial part of a travel agent’s income comes from commissions paid by airlines, hotels and other travel providers, so financial software must be able to calculate, record and report on commissions earned.
Financial Reporting
Travel agent administration tools like iBOS group the complex tapestry of travel transactions into a single platform, where the data can be analyzed and reported on. This is vital for business owners to make decisions and plan for the future.
Cloud-Based Travel Agency Accountancy Software
Travel businesses are increasingly reliant on cloud-based technology to deliver powerful search and booking programs, itinerary planning, AI automation, and machine learning capabilities, among other benefits. So it’s no surprise that the administrative and financial aspect of travel is following suit. With solutions like iBos, travel agencies can utilize API technology to integrate their accounting software into their core operations, thereby reducing manual time and creating a single, efficient data platform that is completely aligned with their business.
In today’s competitive travel industry, strong financial management is just as important as great customer service. Travel agency accounting software gives agents the clarity and control they need to run a profitable business. Explore iBos from Traveltek, our powerful mid-office system that elevates your business to a new level of efficiency. Become more streamlined and customer-focused with iBos
Frequently Asked Questions
How do travel management systems work?
Using powerful API technology, travel management systems integrate with accounting software and other systems to enable financial tracking, automated invoicing, expense reporting, and other real-time financial insights. Travel management systems significantly reduce manual entry and errors.
Does iBos integrate with accounting software?
Yes, iBos integrates fully with accounting software. It also consolidates data from multiple GDS channels into a single centralized platform. It features a powerful reporting function, enabling you to schedule both standard and bespoke reports tailored to your business’s specific needs.
What is expense management?
Expense management in the travel industry refers to the process of tracking, controlling and reporting on all costs related to corporate travel. Typically, this will involve pulling data from multiple GDS systems to provide dynamic, real-time administrative support.
How is AI used in the travel industry?
Artificial Intelligence and machine learning are used extensively in the travel industry. Travel technology uses AI and machine learning as a tool to predict traveler bookings, personalize experiences, customer service, dynamic pricing, inventory management, enhanced security and more.
Do travel management systems incorporate accounts payable and receivable processes?
Some advanced travel management systems incorporate accounts payable and accounts receivable, managing the complete flow of financial data related to business travel.
Can I book an iBos demo?
Yes, booking a demo of Traveltek’s award-winning iBos system is easy. Just click the ‘Contact Us’ link.
