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Bookkeeping and Accounting 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 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

2.Fuel Cost Management

3.Cost management

4.Load Factor Analysis

5.Yield management

6.Cost Per Available Seat Mile (CASM)

7.Frequent Flyer Programs

8.Environmental Accounting

9.Government Grants & Subsidies

10.Business intelligence and data analytics

Benefits of Accounting for 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 Aviation Industry

The Aviation Industry has specific accounting needs due to its unique characteristics:

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.

Hiring Virtual Accountant With Meru Accounting

Why should I choose Meru Accounting for outsourcing bookkeeping services?

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.

How will outsourcing help my business?

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

How will I share my data with Meru Accounting?

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.

What if I work on different accounting software than Meru Accounting work on?

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.

Where do I contact in case of any confusion?

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.

How much Meru Accounting charge for bookkeeping services?

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.

What does Meru Accounting do to secure data of its clients?

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.

What are the accounting software’s Meru Accounting work on?

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.

How can I book for a free trial?

To book for trial, call us on our numbers or Please fill out the form here.

Our Work Information

What qualifications and professional memberships do you hold?

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.

What is your Work Methodology?

For information visit our work methodology page.

Do you have suggestions to make my Bookkeeping procedure stronger?

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.

Australian references including business name, contact name, email and phone number.

We can provide to you once we move ahead in our interview.

Why are you an MYOB expert?

We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.

Have you managed payroll on XERO before?

Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.

What is GST?

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.

What is BAS?

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.

How often does business submit BAS?

BAS is generally required to be filed quarterly by various businesses.

Individual Business Owners

Can the Owner of the Business file the tax return on his own ?

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.

Is it mandatory that Tax return can be prepared by only CPA’s or EA in USA ?

No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.

Do Meru Accounting have the authority to file the Tax return ?

We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.

Why Prices of Meru Accounting are so less compared to CPA’s in United States:

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.

What type of Quality is Expected from Meru Accounting?

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.