Monday, 27 September 2021 22:00

When will clients travel again?

When will the border open, and when will clients start to book international travel?

Many countries are well ahead of us.  According to a recent McKinsey and Company Report named ‘Rebooting customer experience to bring back the magic of travel’, North America is already back to 90% of 2019 travel figures.

As most travel and tourism businesses are in hibernation, they find it difficult to find staff. This situation presents an opportunity to move your business model from a high volume, low margin business to a lower volume higher margin business.

Published in Hot Topics

An accountant who specialises in the travel and tourism industries is urging agents and others in the trade to gain a good understanding of the recently announced Wages Subsidy and Resurgence Support Payment (RSP) even if at first glance they feel they may not qualify.

Paul Davies, director of OneTeam Chartered Accountants says if an agent’s actual or expected revenue is down by 40% or more due to the move to Alert Level 4 they can claim the wages subsidy for the two weeks commencing 17 August. 

‘The comparison is either with a typical 14-day period in the six weeks prior to 17 August. It is important to note that if your business is seasonal (which most travel businesses are) you can compare with 17-30 August in 2020 or 2019,’ says Davies.

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By Paul Davies, Partner, OneTeam Chartered Accountants

At OneTeam CA we are breathing a sigh of relief as we have just finished sending in most of our 31 March travel industry accounts to TAANZ Bonding for review.

As you can imagine the results were not great – most travel businesses had negative sales for the 2021 year. Most had a positive gross margin as they had received cancellation fees and credit support from the government.

Published in People
Wednesday, 30 June 2021 02:38

Are we future ready?

By Paul Davies, Partner, OneTeam Chartered Accountants Ltd

Every crisis brings about changes. Hardship separates those who love what they do and are prepared to adapt from those who are locked in old methodologies.

Published in Hot Topics
Tuesday, 11 May 2021 07:07

Restarting your business post Covid

By Paul Davies, Partner, OneTeam Chartered Accountants Ltd

You are down, but not out. Now you consider when and how to restart your business. What should you do?

Published in People
Monday, 01 March 2021 20:20

Where is the travel industry headed?

By Paul Davies, Partner, OneTeam Chartered Accountants Ltd

The good news is that consumers’ desire to travel is strong – something you probably already know from your own clients. Tony Alexander (ex BNZ economist) released the results of his recent survey in his report on Thursday 18 February.

Published in People

Kiwi travel businesses are doing a good job of adjusting to the ‘new normal’ of Covid-19, says Paul Davies, who founded Travel Accounting and a is now a partner at OneTeam Chartered Accountants.

Davies, a travel accounting specialist, says while Covid-19 has brought sudden and unanticipated challenges at a level never before experienced by the industry, businesses are drawing on

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Travel agents looking to survive through tough times with no fixed date of remedy are increasingly looking at putting their business into ‘hibernation’ and the various ways they can fund this.

Paul Davies, of Oneteam Chartered Accounts / TA Accounting, says agents are faced with making the tough decision between shutting down the business or keeping it in survival mode.

Published in Hot Topics

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