Accountancy Fees for Travel Businesses

Accountancy fees for Limited Companies

Travel business owners usually wonder what the accountancy fees for travel businesses are. The truth is prices vary greatly and the cost of hiring an accountant will always vary from business to business. As with everything else, there are people for whom the price of a product or service that they need to buy is the determining factor in going ahead and actually buying it. However, for many people like myself, price is not the determining factor, rather the quality of the product or service I am looking to buy is. When it comes to accounting for travel businesses, you are most likely looking for an accountant who specialises in the travel accounting, who knows the compliance requirements, who understands about specific schemes for the travel industry, like TOMS, and who is able to help you not just stay compliant but also maximise your profit.

A wise man once said that “we are too poor to buy cheap things”. Though we have a prosperity mindset, we value this wise man’s nugget of wisdom that focusing on quality when you buy a product or a service ensures that you don’t have to buy it again too soon, you don’t have to spend money repairing it, you don’t have to stress out over bad service, and so on, I’m sure you got the picture.

Back to accountancy fees for travel businesses, there are several ways to establish a rough price of how much an accountant will cost:

  • The services you need, for example: Bookkeeping, VAT returns, Payroll, End of Year Accounts, Taxes, Advisory
  • VAT registration and compliance: is this where you are at ? is this where you will be very soon ?
  • TOMS registration and compliance: do your services qualify for TOMS ?
  • Bear in mind your current level of transactions
  • Assess what state your accounts are in

How much are the accountancy fees for travel businesses going to cost ?

You should know right from the start that at LAS Accounting we operate with clear and consistent pricing. This means that you know right from the start how much the service will cost, you see exactly what you are paying for, what those services include and how your fees will change as your business grows (we love supporting growth as this is one of the greatest rewards a business owner gets from all their hard work).

We don’t believe in hidden fees, quantification over hours resulting in unexpected amounts you would have to pay in the end of the month and in confusing accounting jargon. Our pricing process is detailed and completely transparent, so you know from the start exactly what services you need for your business and how much they are going to cost. Our accountancy fees for travel businesses are made clear and transparent for you.

Accounting services are complex to price.

Let’s make it simple.

We do not bill based on time like a traditional accountant. Instead, we use a much more efficient and accurate way to produce quotes based on three simple pricing factors:

1. Turnover

Your Accounts & Corporation Tax returns, VAT Returns, TOMS and Management Accounts fees are based on your annual turnover and on whether we do your bookkeeping, too. Turnover is a key pricing factor because it is revealing of the complexity of your accounts. Even if we don’t do your bookkeeping, we expect some ‘tidy up’ work, which is all incorporated within this part of the pricing. Moreover, since your business is in the travel industry, monitoring your gross profit regularly is essential to make sure you know when you are close to reaching the VAT threshold and must register for TOMS.

2. Transactions and their frequency

Your Bookkeeping fees are based on the number of monthly transactions that you have and on how often you would like them processed to see the data: daily, weekly, monthly or quarterly. The fee for daily bookkeeping is higher than quarterly bookkeeping because of the amount work we do to process the figures against tighy deadlines. But the upside of this is that being on top of your bookkeeping is a total game changer particularly for growing travel businesses who want a regular insight into their numbers. If you’re a new business, we can guestimate how many monthly transactions you’ll have and review your real-time data in three month’s time.

But let’s be honest: at the end of the day, you don’t care how long it takes us to reconcile X number of bank transactions. You just want to know that we’re taking care of those bank transactions on time every time with no surprises.

3. Number of employees

Your Payroll fee is based on the number of employees you have, on how often you pay them (weekly, fortnightly, monthly), on the type of pay (fixed – consistent salary with no variations or variable salary which requires more communication and work from both sides). If you are the director of a limited company, even though you don’t employ anyone at the moment, you still need payroll done for your director’s salary.

Don’t worry: we don’t do surprise bills !

Often, surprise bills are the beginning of the end of any business relationship. That’s why at LAS Accounting we don’t believe in them. With the LAS Accounting pricing structure, there won’t be any unexpected bills hitting your inbox. As your business grows and you require additional pieces of work such as a mortgage reference or more detailed tax advice, this price is agreed on upfront, so you’re fully aware and can give us the thumbs up before it lands in your inbox.

What does this all mean in reality ?

Your package would be set to run in line with your company’s current year-end, so at year end you have paid your accountancy fees already (see, no surprise bills!).

If you’re super keen to join us and want to come onboard part way through your financial year, there is a catchup fee to align your fees with your year-end. For example, if your company year-end was 31 December (your month 12) and you came onboard in March (your month 3) of that same accounting year, you would pay two months (January to February for your months 1 and 2) as a catch-up fee; this is because we need to bring your bookkeeping up to date. You have the option to pay this at the start as a one-off or spread it evenly across the remaining months of your financial year, the choice is yours.

Your itemised monthly bill gets emailed on the 1st of the month for that month, payable by direct debit around the 15th of the same month. We use a pretty cool app, Crezco, for managing your recurring payments. If your bank does not support Crezco, we will set you up on GoCardless.

Our services were set up like this to have less of an impact on your cashflow, with no lump sum needed when paying out for taxes (which won’t be a surprise because you would have had all the data). We’ll also regularly review your fee to ensure you’re getting the right level of service. This allows you to turn services up or down depending on changes in your business, like winning a large contract, switching from monthly to daily bookkeeping, or to accommodate a reduction in your transaction numbers.

How can LAS Accounting help you ?

We have built a pricing system that makes accountancy fees for travel businesses transparent. You deserve to know exactly where you stand with your finances. To feel excited about the future, not anxious. We’re here to support your growing business in any way we can. With our pricing method, you can be confident that your accounting is an investment into building the travel business of your dreams. To start turning those dreams into a reality get in touch with us.

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