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SkyTRAACS streamlines financial and operational processes by reducing manual intervention through extensive automation of day-to-day back-office financial activities that improve the efficiency of workflows. Integrated with PSS and DCS systems, SkyTRAACS fully automates Travel Agent Invoicing and Revenue Accounting to a very high degree. Additionally, SkyTRAACS also automates daunting reconciliation tasks like interline billing reconciliation, Unclaimed No-Show tickets reconciliation, supplier reconciliation, and bank reconciliation, which helps the reallocation of resources to focus on strategic activities.
SkyTRAACS serves as a single platform for performing all the financial activities that include, Billing, Revenue Accounting, Cost Accounting and Financial Accounting, giving the airline management a full insight into the entire spectrum of financial activities performed, enabling better understanding and visibility of the Airline’s financial position. Also, SkyTRAACS gives real-time access to financial data like accounts receivable, accounts payable and general ledger coupled with enhanced financial reporting which backs data analysis, and the ability of the software to accurately derive route and flight-wise performance data helps in optimised flight schedule planning, route planning, fleet optimization, managing promotional activities and forecasting.
SkyTRAACS encompasses a complete spectrum of day-to-day back-office financial activities in a single platform enabling airlines to assess their revenue and cost performances effectively with the help of real-time financial data. This integration of a variety of financial activities helps the airline management to derive a holistic financial insight. An all-encompassing view of the daily financials helps exert better financial control as it gives the management better visibility of data to make informed decisions.
Moreover, the ability of the SkyTRAACS system to integrate different financial functionalities into a single system reduces data inaccuracies preventing revenue leakage which improves the overall financial performance.
Revenue leakage is one of the major concerns identified in the Airline Industry. This is mainly due to various reasons like lack of automation in financial processes, lack of real-time financial reporting causing delays in data analysis, manual reconciliation of supplier and interline invoices leading to errors and data inaccuracies.
The extensive reporting and real-time availability of financial data, and the high level of automation achieved in interline reconciliation, travel agent invoicing and Revenue Accounting processes in SkyTRAACS reduce data errors drastically.
Additionally, comprehensive user management capability increases data security and the extensive drill-downs in the reports give Airline Management clearer visibility into the data at the transaction level, helping identification of data inaccuracies and data frauds, and taking corrective actions in a timely manner.
Preventing revenue leakage helps improve the bottom line and boosts confidence, and sets the narrative for better overall financial performance.
