Having control over your company’s cash flow, ie. the money moving in and out of your cash register, is an essential factor when planning the successful strategy for your travel business.
Unfortunately, many business owners find it difficult to predict the cash flowing in and out of their company. When supplier invoices finally arrive, they are not in control of the expenses they are faced with.
This problem causes most small businesses with poor cash flow management to run out of money and fail.
Losing money because of unexpected expenses
This happens because agencies predefine their expenses in contracts with suppliers, but often the agreed-upon amounts are different from the ones invoiced.
It can be out of several reasons. There could have been a change in the service used or maybe just a basic administrative mistake.
Multiply this problem with hundreds of receipts issued and it is not surprising that many agencies lose track of the accuracy of all transactions.
Is there a way for companies to prevent this vicious circle and have control over their finances even when their finances are not 100% in their hands, like when they depend on the suppliers?
Supplier payment rules help you stay in control
With a travel software that covers all aspects of their business, business owners and management have a better overview of their company’s business operations.
Instead of hoping that everything will go as planned, agencies can track results and rely on data to make effective business decisions.
It is the task of Lemax’s report Supplier payment rules to give business owners a unique overview of the expected expenses by inserting the contracted prices into the system.
Then, upon entering supplier invoices, it is possible to clearly see the exact earnings and whether the prices invoiced by suppliers differ from the initial expectations.
Access the information you need – whenever you need it
When the accounting department knows what expenses, they can expect when the invoices come in, the profit at your disposal becomes a lot more evident.
The company’s financial data and the information regarding the customers are centralized in Lemax and can be displayed in the form of a report at any given moment.
No more waiting for the finance department to create reports so you can interpret the data! Log into the system and get immediate access to a whole range of reports. It is the only way to be in control of the company’s expenses and profit.
A broad range of reports to track your business performance
We believe all business decisions should be backed by data. That’s why with Lemax, you will not only gain access to insightful reports about the sales and marketing departments of your company but also find out which of your products are the most and least profitable ones.
You’ll be able to analyze which supplier gives you the best terms of cooperation, and the system will also provide you with reports regarding your customers and their travel habits.
Finally, Lemax will help you track the results of your employees by comparing the revenue each employee generated in a specific period and identifying who achieved the best margins.
Having access to all that information will empower you to maximize your travel business performance and give you the upper hand when negotiating a better commission from them based on your sales results.