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Monday 9am - 5pm Tuesday 9am - 5pm Wednesday 9am - 5pm Thursday 9am - 5pm Friday 9am - 5pm

LAS Accounting Ltd, Edinburgh (2026)

31/05/2024

Are you a creature of habit ? Do you enjoy a very strict routine ? Or are you making it up as you go along, like Jack Sparrow ?

I had a colleague once who is the first person who comes to mind when I think of “creature of habit” or “strict routine”. Let’s call her Esther.

Some years ago we worked on a research project at the University of StAndrews. The project manager, another routine freak, had locked us in a “9 to 5” in the office daily schedule. It worked for him and for Esther remarkably well. Myself and the other two researchers were miserable.

Esther would wake up at the same hour every morning, be in the office always at 8:45 sharp, take her lunch at 12:30, then be off at 17:00. At 18:30 she would have dinner, than at 19:30 talk to her partner on zoom, than 21:00 was bed time. She was very strict about her routine. It gave her a great sense of accomplishment.

Now this may work for a different type of project, but for a research one, it did not. Skipping over some melodrama in the office, we were all given the green light to create our own schedule and work remotely if we wanted to as long as we delivered the required outcomes by certain deadlines.

This worked for me perfectly. I can still remember my first day of “work remotely”, I literally understood how prisoners feel when they are finally out the door of the dungeon.

Not Esther though. The moment it was announced we will not be doing “9 to 5” in the office, she started repeating incessantly: “I don’t understand what to do now”. I was shocked myself, but not because of the drastic change in the way we worked, but in the fact that Esther was completely thrown off by the lack of a very strict routine.

Esther eventually moved to Edinburgh because rent was more affordable here, but she had to make a library pass at the University of Edinburgh, go there every day from 9 to 5 and work from a library desk as she used to do while in the office at St Andrews. It still baffles me.

Some thrive with a very strict routine, while others like me need to work in a way that allows for flexibility and freedom.

30/05/2024

Are you a tour operator struggling with cash flow because of seasonal fluctuations ?

Tour operators often experience fluctuating revenues throughout the year due to the seasonal trends in their business.

Some months may be quitter while other months may be busier.

You feel frustrated during the slow months and struggle to make payments to suppliers.

Is there a solution to this problem ?

There actually is.

Accounting for these seasonal variations requires solid cash flow management, budgeting and forecasting to ensure sufficient funds are available during peak and off-peak periods.

Is this achievable ? yes, it certainly is.

You don’t have to struggle with cash flow and stress over slower months !

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I’m Laura and I help business owners in the travel sector be in control of their finances while saving them time, money and stress.
If you want to ask me a question, just send me a message

29/05/2024

What’s coming up in the world of travel accounting? No, this isn’t a post about tax rules and TOMS.

The biggest changes we see ahead involve technology.

The future of travel accounting is going to be more strategic, less tedious and more integral to business decision-making than ever before.

As AI and machine learning continue to evolve, accountants will become strategic advisors, leveraging these technologies to provide more value to their clients.

The great news is that at LAS Accounting, we’re already there.

We already have the technology built into our clients’ end-to-end accounting service to be giving that strategic support.

Would you like to find out how I could help in your specific situation? Just get in touch.

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I’m Laura and I help travel business owners be in control of their finances while saving them time, money and stress. If you would like to ask me a question, just send me a message.

28/05/2024

Are you a tour operator frustrated with customer deposits and refunds?

Quite often tour operators collect deposits or advance payments from customers for booking reservations.

And quite often customers cancel their booking and a full refund of the payment needs to be refunded.

It is quite frustrating to manage customer deposits, to process refunds and to account for unearned revenue, especially when cancellations or changes occur.

Is there a quick fix ?

No, there isn’t… but...

If you implement a simple and straightforward system in your accounts, these problems stop causing so much stress and frustration.

You should have in place a system that includes:

✅Proper documentation
✅tracking of customer balances
✅clear refund policies
✅a refund pot where you keep money readily available for such a time as refunds for cancellations

These are essential to maintain transparency and customer trust.
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I’m Laura and I help business owners in the travel sector be in control of their finances while saving them time, money and stress.
If you want to ask me a question, just send me a message.

hashtag hashtag hashtag

27/05/2024

🌟Five proven ways to improve your cash flow 🌟

✅Know that cash doesn’t equal profit and profit doesn’t mean cash availability
✅Don’t over stock, think about stock management systems such as Just-In-Time
✅Tighten your credit terms and give incentives for faster payment
✅Create a season cash buffer to give you breathing space in slower periods
✅Regularly review your cash flow

Ok, I couldn’t help but get number 5 in there!
Would you like to find out how I could help in your specific situation? Just get in touch.

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I’m Laura and I help travel business owners be in control of their finances while saving them time, money and stress. If you would like to ask me a question, just send me a message.

24/05/2024

Paperback book or audio ? Personally, if there was a choice, I’d go for a book.

I like the smell of a book, I like browsing the pages, I like that I can underline and make notes.

However, there are times when I have to listen to podcasts and these are ok, too. They are a great companion while I’m driving.

Back in the day when I was going to school, there was no such technology as to study online or listen to podcasts. You either loved working with books or there wasn’t any other choice.

Nowadays all is needed is a bit of will. Acquiring knowledge has been made easy for us. Isn’t this so absolutely amazing?

And yeah, the book in the picture is mine, Pamuk is one of my favourite writers. I've read all his books.

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I’m Laura and I help travel business owners be in control of their finances while saving them time, money and stress. If you would like to ask me a question, just send me a message.

23/05/2024

What is a margin scheme for tour operators ?

I must agree with you that HMRC has no mercy when coming up with schemes and their names.

And there is also the confusion with the term “margin scheme” because it is used for people who are not in the travel business and theirs’ looks quite different…

What is going on ?

Without wasting time on the gruesome details, business owners in the travel sector have their own Margin Scheme, which HMRC distinguishes from other margin schemes as “designated travel service”.

What do they mean by that ?

A designated travel service is a supply of goods or services that a tour operator in the UK:

1. Acquired for their business

AND

2. Supplied to a traveller without material alteration or further processing

This means that for a tour operator, the Margin Scheme refers to goods and services the tour operator buys for their business and sells to a traveller in the same condition as they bought it, without any modification.

Why is this important to you ?

…because your need to know when you reach the VAT threshold, which has to take into consideration matters such as the above, unlike other types of industries where matters are more clear and straightforward.

If you reach the VAT threshold and do not register for VAT with HMRC, you are in big trouble on top of a big fine.

Having a specialist accountant is how you save a lot of money.

—--------------------------------------------------
I’m Laura and I help travel business owners be in control of their finances while saving them time, money and stress. If you would like to ask me a question, just send me a message.

22/05/2024

How do you score?

As an accountant, there are several ways in which I bring tech in to help my clients - and it’s not just about data entry.

Thinking about your finance function, how do you feel at the moment about:

✅Being able to access your financial data anywhere at any time?
✅How much of your work is being automated?
✅Your access to real-time information about your finances?
✅Security of your financial information?
✅Connectedness of your financial information to other software you use?
✅Accuracy and efficiency?

If you were a 6/6, I would love to give you a virtual pat on the back, if not, did you know that as an accountant, I can advise you on the best technology and software to support you in all of these areas?

Would you like to find out how I could help in your specific situation? Just get in touch.

—--------------------------------------------------
I’m Laura and I help travel business owners be in control of their finances while saving them time, money and stress. If you would like to ask me a question, just send me a message.

21/05/2024

How do you score?

As an accountant, there are several ways in which I bring tech in to help my clients - and it’s not just about data entry.

Thinking about your finance function, how do you feel at the moment about:

✅Being able to access your financial data anywhere at any time?
✅How much of your work is being automated?
✅Your access to real-time information about your finances?
✅Security of your financial information?
✅Connectedness of your financial information to other software you use?
✅Accuracy and efficiency?

If you were a 6/6, I would love to give you a virtual pat on the back, if not, did you know that as an accountant, I can advise you on the best technology and software to support you in all of these areas?

Would you like to find out how I could help in your specific situation? Just get in touch.

—--------------------------------------------------
I’m Laura and I help travel business owners be in control of their finances while saving them time, money and stress. If you would like to ask me a question, just send me a message.

21/05/2024

How Does Your Accountant Handle Packages vs. Linked Travel Arrangements?

This question is very important for a few key reasons:

✅Financial Reporting: The way revenue is recognized and recorded differs between package holidays and linked travel arrangements. Your accountant needs to align revenue recognition practices with each arrangement to comply with legal requirements.

✅Liabilities and Financial Protection: Package holidays come with greater consumer protection, so they require accurate tracking and reporting of liabilities like trust account funds. Linked arrangements have their own liability considerations, which your accountant must address.

✅Risk Management: Understanding these differences is vital for assessing financial risks associated with each type of travel arrangement. Your accountant can help implement risk management strategies and financial controls to ensure compliance.

✅Compliance and Regulatory Reporting: Accurate classification and reporting of package holidays versus linked arrangements are crucial for regulatory compliance, including adherence to the PTRs. Your accountant ensures financial practices align with regulatory requirements.

In short, navigating the nuances between package holidays and linked arrangements is key to accurate financial reporting, effective risk management, and regulatory compliance in the travel industry.

Your accountant plays a pivotal role in supporting your business's financial health.

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I’m Laura and I help travel business owners be in control of their finances while saving them time, money and stress. If you would like to ask me a question, just send me a message.

LAS Accounting Ltd

31/05/2024

30/05/2024

29/05/2024

28/05/2024

27/05/2024

24/05/2024

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21/05/2024

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Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm