The Profit and Loss Statement: Why Every Travel Business Owner Should Review Theirs Monthly
A Profit and Loss (P&L) report, also known as an income statement, is an important financial tool for travel agency owners as it provides a clear picture of the financial performance of the business over a specific period, typically a month or a quarter. This report shows all the revenue that the business has earned, […]
Navigating the Cash Flow Statement for Travel Agencies: Insights and Strategies
One of the fundamental components of travel agency accounting is the cash flow statement. The statement of cash flows tracks the cash outflows and cash inflows that your business has for a certain time period, giving tangible insight into how your money is being spent. As a part of the basic financial statements, it’s important […]
Travel Agent’s Guide to Understanding and Utilizing Balance Sheets
A balance sheet is a financial statement that provides a snapshot of a company’s financial position for a specific reporting period. It shows the assets, liabilities, and shareholders equity of the business. A balance sheet report is important for travel agency owners because it can help them understand their business’s overall health, make strategic decisions […]
How the IRS Classifies an Independent Contractor Travel Agent vs Employee
When it comes to hiring, it’s important to understand the difference between an independent contractor travel agent (plus other contracted workers) and an employee. While both types of workers can perform similar tasks for your travel agency, the way they are classified has significant implications for both travel agencies and travel agents. In this article, […]
Proactive Customer Service
At Travel Industry Solutions, our commitment to providing proactive customer service means delivering actionable and relevant tools, guidance, and information designed to fill our client’s needs. The bad news for anyone content with just getting by is that this level of service doesn’t just happen by default. You must make it happen. That’s why it’s […]
California Seller of Travel Requirements
As a new or soon-to-be travel agent, you may be wondering about licensure requirements in the United States. This is a valid concern, as selling travel is no easy task and requires a certain set of skills to be successful. However, there are no nationwide requirements for travel agent licensure. Instead, some states, known as […]
Florida Seller of Travel Requirements
Licensing requirements are often at the forefront of many new and aspiring travel agents’ minds. Are there nationwide licensure requirements? No, the United States does not require travel agents to be licensed. However, there are four states that do have such conditions. California, Hawaii, Washington, and Florida have all imposed their own regulations for sellers […]
Hawaii Seller of Travel Requirements
Hawaii has a thriving tourism industry, and for a good reason. While it may seem like travel agents in Hawaii have it easy, not even the beauty of this archipelago can counteract the legal requirements of operating a travel business. Anyone interested in starting a business selling travel in this state should be well-versed in […]
Washington Seller of Travel Requirements
Do any states require licensing for their travel agents? If so, which states and what are the specific requirements? These are common questions within the travel-selling industry, especially for new agents. If you are operating or selling within one of the four seller of travel (SOT) states (Florida, Hawaii, California, and Washington), you do have […]
How to Obtain Your Travel Agent License
Travel Agents have the unique opportunity to realize their business ambitions, but often lack knowledge of what is necessary for legal compliance and personal protection. To make sure your dreams do take flight, we’re breaking down the must-haves, should-haves, and crazy-if-you-don’t-have legal prerequisites and safeguards to keep risk at bay. The Must-Haves: Setting Up Your […]