The client, one of the growing travel agencies in the UAE, provides complete range of travel products and services to customers.
Client started its operations 7 years ago and within short span of time, client could achieve exponential growth and expanded their operations. Key management professionals were busy in sales, operations and business development and they have given less focus on finance which led to a messy accounting. Accounts department was not in position to complete monthly closing activities with a deadline and lack of expert advice and there were many revenue leakages in organisation and accounts team has not provided monthly or periodical reports to the management. Management could not understand the productivity of existing business, new business, and overall profitability of the organisations. The Report from the Accounting software was not accurate as proper provisions of expense and income has not provided. Finally, they approached SkyBook to audit and streamline their finance & accounts operations.
Solution.
SkyBook has completed initial evaluation on the books of accounts and addressed the issues of Accounting Procedures and Policies. SkyBook deployed a team with good travel agency accounting experience (20 Years+) and they have completed internal auditing of the organisation and provided the report to the management. In addition, SkyBook has taken the outsourcing of accounts work and undertook the following interventions:
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01
SkyBook has implemented strict accounting policy and procedures to streamline the department.
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02
Monthly Reporting was provided with detailed analysis of Income, Expense and Financial Position of the company.
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03
SkyBook Outsourcing Team could automate manual accounting works and could eliminate many duplications of works.
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04
Periodic Meeting has conducted with management and presented finance and non-financial reports.
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05
Client Management could take quick decisions based on reported submitted by SkyBook and helps them to drive growth for new business opportunities, and they could take remedial actions on weak areas.
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06
SkyBook helped the management to identify new businessopportunities and developed a separate strategy for diversifying their revenue stream.
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07
Strict credit control was implemented, and staff incentive plan was revised.
The SkyBook services enabled the client to improve its business performance with:
Accounting process got automated, and client could reduce the manpower by 50% (Finance Department)
Decreased Accounting Department Cost by 40%
Profitability has increased by 20%
Management received Monthly financials & MIS Reports on or before every 15th of next month.
The SkyBook services enabled the management to focus more on the business without worrying the issues of Accounts Department.
the Travel Industry.
SkyBook Global is a professional business outsourcing and consulting company assisting organizations to achieve their goals, by providing needbased tailormade accounting and allied outsourcing solutions. SkyBook add value to our clients by outsourcing their operations and accounting services so that they can focus on their core business development.
SkyBook Global is driven and operated by a team with extensive Travel agency experience and they have partnered with Nucore Software Solutions, a leading software company providing Travel Agency Back Office Solutions (TRAACS) in Middle East, Africa, UK, Bangladesh and Indonesia.