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Management Accounts, Business Consultancy, Specialist Travel Sector Advice

Case Study: Management Accounts, Business Consultancy, Specialist Travel Sector Advice

Whichever industry you are in, we make it our business to understand yours. Here are just a few examples of how we’ve helped our clients.

How we took a struggling travel company to where they wanted to go

A niche-sector travel company established in 1997 with a staff of 12 was struggling to produce management accounts on time. Despite a healthy turnover, cash flow was poor.

The company bookkeeper was not a qualified accountant and management accounts provided little useful information.

 

Tear up the paperwork

Morgan Berkeley were invited by the managing director to improve their systems.

We immediately identified the company’s reliance on outdated and inefficient paper-based systems, which took up valuable staff time to implement. We also identified a potential non-compliance problem with Tour Operator Margin Systems (TOMS) for calculation of VAT.

 

New IT, new bookkeeper, new improved business

We recommended a new database to replace paper-based systems as well as a new accounting process. We also briefed the managing director to recruit a suitable bookkeeper to manage day-to-day accounts with the latest IT.

 

The way forward is clear now

Accurate management accounts made it clear that the ratio of employer costs to turnover was excessive. By achieving efficiency gains across the company, it was able to reduce staff to an affordable level.

Now the books are in good order and company accounts are finalised within four months of year end, giving the business time to address any inefficiencies it may find.

 

Up to speed and up to date

The company is well capitalised and now fully compliant with TOMS regulations.

Following our advice the managing director has also introduced a new database system, fully integrated with their accounting and customer information systems – making operations more efficient and customer processing more effective. A full-time web developer has also been employed, enabling them to compete more effectively online.

A happy ending

Was the company impressed by Morgan Berkeley? Undoubtedly.

“It’s the extra support, beyond what you’d normally expect” that they found particularly valuable. We’ve helped them “operate more efficiently” and also “saved time and reduced costs”. Not a bad return for our expert advice.

If you want more information, call us on 020 8868 2435.
Or ask us a question online here and we’ll get back to you as soon as possible.