Bookkeeping for Aviation Industry
Hire Remote Bookkeeper, Accountant, Tax return Preparer or Admin Person
Monthly Bookkeeping, Payroll, Financial Statements or Tax returns for Business Owners
Business Tax return filing by Certified
CPA / Enrolled Agent
(Starts at $350)
Accounting and bookkeeping for Aviation Industry
Aircraft design, manufacture, operation, and maintenance are all part of the aviation industry, along with airport, airline, and air traffic control administration. This is a capital-intensive, heavily regulated business where fuel, maintenance, labour, and equipment are major expenses. For the aviation industry to keep track of costs, control cash flow, keep an eye on revenue from ticket sales and cargo services, and guarantee that stringent legal and regulatory criteria are met, bookkeeping is essential. Maintaining profitability, obtaining funding, and making strategic decisions all depend on having accurate financial records. Meru Accounting offers specialist accounting and bookkeeping services that are specifically designed to meet the demands of the aviation industry. Meru Accounting assists aviation firms in effectively managing their finances through the use of innovative technology and industry knowledge, assuring their continued compliance and solid financial standing.
Core Aspects of Bookkeeping and Accounting For the Aviation Industry
Accounting plays a pivotal role in the smooth operation of the Aviation Industry. The following core aspects form the foundation of effective financial management:
1.Ancillary Revenue Management
- Monitoring income from extra services such as loyalty programs, in-flight purchases, and baggage fees in the Aviation Industry.
2.Fuel Cost Management
- Controlling fuel expenses, which includes using fuel surcharges and hedging techniques, Upkeep, Fixing, and Rebuilding (MRO).
3.Cost management
- For keeping tabs on the price of maintaining and repairing aeroplanes.
4.Load Factor Analysis
- Analysing load factors helps determine seat occupancy and improves pricing tactics in the Aviation Industry.
5.Yield management
- for maximising revenue and price by analysing revenue per available seat mile, or RASP.
6.Cost Per Available Seat Mile (CASM)
- To increase efficiency, figure out how much it costs to operate each available seat mile.
7.Frequent Flyer Programs
- Handling the intricate accounting requirements of reward schemes in the Aviation Industry.
8.Environmental Accounting
- Monitoring investments in sustainability projects and environmental costs in the Aviation Industry.
9.Government Grants & Subsidies
- Overseeing government assistance initiatives and adhering to relevant rules.
10.Business intelligence and data analytics
- For the use of data to improve operations and guide choices in the Aviation Industry.
Benefits of Accounting for the Aviation Industry
Effective accounting offers numerous benefits to the Aviation Industry:
- Tax optimization: Finding ways to save taxes and ensuring that complicated tax laws are followed in the Aviation Industry.
- Investor relations: Supplying precise financial data to uphold investor trust and draw in funding.
- Risk management: For identifying and reducing financial hazards, such as fluctuations in fuel prices and recessions in the Aviation Industry.
- Sustainability Reporting: Monitoring social and environmental performance indicators for stakeholders.
- Digital transformation: Using technology to enhance decision-making and financial procedures in the Aviation Industry.
- Support for Mergers and Acquisitions: Offering due diligence and financial research to promote sector consolidation.
Needs of Accounting for the Aviation Industry
The Aviation Industry has specific accounting needs due to its unique characteristics:
Revenue recognition
For the precise tracking of earnings from a variety of sources, such as the sale of tickets, cargo, and auxiliary services in the Aviation Industry.
Expense Management
Managing operating expenses, such as labour, fuel, maintenance, and airport fees, effectively .
Inventory management
Involves keeping track of the supply of in-flight supplies, spare parts, and aircraft parts.
Asset Management
Accounting for the purchase, depreciation, and disposal of engines, aeroplanes, and other assets in the Aviation Industry.
Payroll management
For the precise and prompt processing of employee paychecks, together with deductions for benefits in the Aviation Industry.
Why Choose Meru Accounting?
Meru accounting is the best choice for the Aviation Industry:
- Industry Knowledge: Meru Accounting has extensive knowledge of the financial intricacies of the aviation sector, including cost control, revenue recognition, and regulatory compliance in the Aviation Industry. Our proficiency in handling the distinct obstacles encountered by airlines and aerospace firms guarantees precise financial administration and well-informed strategic choices.
- Regulatory Compliance: Upholding the intricate legal and financial requirements of the aviation sector is essential. Meru Accounting guarantees adherence to tax laws, safety standards, financial reporting standards (FASB, IASB), and safety regulations in the Aviation Industry, assisting clients in avoiding fines and preserving operational excellence in a highly regulated setting.
- Risk management: Recognizing and reducing financial risks is crucial in the erratic aviation industry. Meru Accounting uses strong financial methods and backup plans to assist airlines handle risks like fuel price swings, economic downturns, and operational delays.
- Data Analytics: Using data analytics is essential for simplifying processes and arriving at wise business decisions. Meru Accounting gives its clients a competitive edge in the aviation sector by using cutting-edge data analysis techniques to spot patterns, boost profitability, and optimise operational effectiveness in the Aviation Industry.
- Global Reach: Meru Accounting facilitates smooth and effective global operations for airlines by handling cross-border transactions, guaranteeing adherence to international tax laws, and tackling the financial challenges of operating in several jurisdictions.
- Technology Integration: Meru Accounting increases productivity and simplifies processes by using cutting-edge accounting software and solutions. Our proficiency in integrating technology enables aviation enterprises to streamline finance procedures, minimise human errors, and concentrate on deliberate expansion endeavours in the Aviation Industry.
Services Offered by Meru Accounting
Some of the crucial accounting and bookkeeping services offered by Meru Accounting to the Aviation Industry are as follows:
- Lease Accounting: Meru Accounting oversees the management of lease contracts for machinery, aircraft, and engines while making sure that ASC 842 and IFRS 16 are followed in the Aviation Industry. To ensure open and consistent financial reporting, this entails precise tracking of lease liabilities, right-of-use assets, and the financial impact on balance sheets.
- Fuel Hedging: In the aviation sector, fluctuations in fuel prices pose a serious risk. By accurately recording hedging contracts, evaluating their impact on financial statements, and refining fuel cost management techniques, Meru Accounting helps airlines manage price risks related to fuel hedging in the Aviation Industry.
- Revenue Recognition: The aviation business has complicated revenue recognition, particularly when it comes to cargo operations, frequent flyer programs, and supplementary services. Meru Accounting follows relevant guidelines, such as IFRS 15, to guarantee accurate revenue recognition and to give transparency in the Aviation Industry.
- Accounting for Maintenance, Repair, and Overhaul (MRO): For financial accuracy, keeping track of expenses and income related to aircraft maintenance and repair services is essential. In order to sustain profitability and regulatory compliance, Meru Accounting provides specialist MRO accounting services that guarantee accurate cost allocation, revenue recognition, and efficient cost control in the Aviation Industry.
- Regulatory Compliance: Tight financial reporting requirements and safety laws oversee the aviation industry. Meru Accounting guarantees complete adherence to industry-specific rules, assisting airlines in avoiding fines, legal entanglements, and operational disruptions while preserving a solid financial base in the Aviation Industry.
- Data Analytics: Meru Accounting uses data analytics to find trends, streamline processes, and make wise choices in the Aviation Industry. We assist aviation companies to increase profitability, maintain competitiveness in a market that is changing quickly, and improve efficiency by evaluating important parameters.
- Financial Statement Preparation: Transparency and decision-making depend on the preparation of thorough financial accounts for stakeholders in the Aviation Industry. Meru Accounting creates precise and thorough financial statements that accurately depict the financial standing of aviation businesses and encourage stakeholder trust and investment choices.
- Budgeting and Forecasting: The aviation industry’s growth and cash flow management depend heavily on efficient budgeting and forecasting. Meru Accounting helps clients anticipate their financial needs, allocate resources effectively, and achieve sustainable growth by creating financial plans that are in line with their business objectives in the Aviation Industry.
- KPIs, or key performance indicators, are: For an aircraft to be successful, it is important to monitor key performance indicators such as load factor, fuel efficiency, and customer happiness. Through insights that lead to cost reductions, increased customer satisfaction, and performance improvements, Meru Accounting assists clients in tracking key KPIs in the Aviation Industry.
- Cost Per Available Seat Mile (CASM): An essential indicator of airline efficiency is the cost of operating each available seat mile (CASM). With a focus on CASM analysis, Meru Accounting assists airlines in comprehending their cost structure, pinpointing areas for enhancement, and refining pricing tactics to optimise revenue in the Aviation Industry.
- Insurance Management: Taking care of liability, property damage, and aircraft insurance policies is a difficult but important job. In order to safeguard aviation clients against possible financial losses, Meru Accounting offers professional administration of insurance requirements, guaranteeing appropriate coverage, cost-effectiveness, and compliance with aviation industry standards.
Conclusion
Meru Accounting provides thorough bookkeeping and accounting services that are customised to meet the particular requirements of the aviation industry. Understanding the intricate financial details, Meru Accounting guarantees accurate spending management, revenue tracking, and regulatory compliance. Our knowledge aids the aviation industry in making wise decisions, navigating the difficulties facing the sector, and maximising financial performance. Meru Accounting offers the precision and dependability required to preserve financial health and propel achievement in the fiercely competitive aviation business by utilising innovative technologies and industry knowledge.
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
Help you with switching from your traditional software to Xero and Quickbooks.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- 1. Cost-saving
- 2. Access to skilled and experienced professionals
- 3. Better management of books of accounts
- 4. Decreased chances of errors
- 5. Improve business efficiency
- 6. De-burdens in-office employee’s dependency
- 7. Better turnaround time
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
