For airlines, revenue accounting is highly complex, time-consuming and very labor-intensive. However, correct and swift accounting is also critical for their profitability. The Sirax AirFinance Platform from Lufthansa Systems automates and accelerates the accounting process, thereby giving airlines an important competitive advantage. They can demand outstanding payments completely and promptly, and this increases their profits. At the same time, using the integrated platform reduces costs in the financial sphere.
The Sirax AirFinance Platform from Lufthansa Systems is the first integrated platform to cover the entire financial management of an airline from revenue recognition to cost control. The platform solution is modular in structure and therefore covers the different needs of airlines. All the modules intermesh seamlessly, allowing the customers to optimize their business processes continuously.
With the Sirax Revenue Accounting module the platform provides a highly efficient system which controls the entire accounting process of an airline. Sirax currently processes around 450 million coupons every year and automatically compares ticket sales with the concrete flight data. Integrated sub-processes support the settlement of interline flights between the airlines. On this basis the actual profit is ascertained within a very short time. Airlines which use the Sirax AirFinance Platform to settle tickets with their interline partners can achieve additional profits of up to two US dollars per passenger thanks to more precise accounting. For a medium-sized airline with around 750,000 interline passengers this means additional profits of up to US$1.5 million.
The platform solution from Lufthansa Systems gives its customers the decisive strategic advantage that they receive a prompt, comprehensive overview of their financial situation and can therefore react quickly to changed conditions. For example, the system provides daily updated evaluations of route profitability and a precise breakdown of profits by sales regions all the way down to individual cities. Based on this information, capacities can be adapted or, where necessary, marketing activities strengthened.
Lufthansa Systems works as a strategic partner for the financial sphere in close collaboration with IATA in order to ensure that not only today's standards but also future developments are covered. In this way, Sirax will be one of the first revenue accounting solutions to incorporate the latest IATA changes, namely the Simplified Interline Settlement (SIS) and the Electronic Multipurpose Document (EMD). In order to fulfill the requirements of IATA, it is more cost-effective for most airlines to switch to the Sirax AirFinance Platform than to invest in their existing legacy systems.