One of the primary reasons for engaging a top-notch accountant is to make sure a business does everything by the books and continues to thrive.
Sadly, not all business models make it.
Last month, budget airline Primera Air announced it would no longer be taking to the skies, effective immediately.
The latest in a long list of airlines to have collapsed in recent years, the Icelandic-owned outfit served routes across Europe and North America and had only been in operation since 2003.
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As well as a blow for the business world, such collapses are the stuff of nightmares for travellers.
The process of trying to obtain refunds and compensation when an airline goes into administration can be so complicated even super-duper accountancy experts balk at the task.
So ladies and gentlemen, please fasten your seatbelts and pay attention to the following announcements.
Book through a travel agent
Accountants recognise the importance of safeguarding finances against the unexpected – that’s what makes them prepared for all eventualities.
Booking through a travel agent is usually a surefire way to guarantee financial safety. ATOL (Air Travel Organiser’s License) protection isn’t always applicable to flight-only bookings you make yourself but is usually part of the deal with bookings made through travel agents, particularly if you’ve chosen a package holiday.
ATOL protection ensures a full refund will wing its way to you if the airline goes bust. If a collapse happens mid-holiday, the scheme guarantees an alternative flight.
Book with a credit card
You’ve found a hot deal on flights to Tahiti and all you need to do now is pay. The best practice is to pay via a credit card, as this guarantees financial protection if something goes awry, so long as the total cost is over £100.
Always check the terms and conditions with your bank first – all accountants worth their salt will advise you to read the small print at least twice.
Ensure you’re insured
Travel insurance is a vital component of every holiday or trip abroad. No insurance equals no protection.
When selecting an appropriate policy, consider purchasing one that offers End Supplier Failure or Scheduled Airline Failure Insurance. This way, if the airline hits the skids, you’re covered.
Accountancy gurus are masters of decoding the details when it comes to financial documents – it’s vital to helping them work ethically, lawfully and efficiently.
Now we’ve gone through our final safety check for your finances, get your career ready for take-off with the best Accountancy vacancies from s1jobs.