There are three broad areas within Finance at TUI: Airline Finance, Commercial Finance and Financial Reporting & Control. Over the 3 years on the scheme, each graduate will rotate round the 3 departments with a year long placement in each. These placements can change year on year depending on the number of graduates and the requirements of the business at the time.
This year, Amy has been placed in Commercial, Jacob is in Airline and due to there being 4 grads on the scheme, both Katie and I have been placed within Financial Reporting & Control.
Here’s a bit about what each of us do day to day:
Beth – My role this year is slightly different from the other roles in that it is split between 2 teams; Internal Controls and Financial Accounting. The internal controls team is responsible for documenting and testing the financial controls within the business which help to prevent against material misstatements within the financial statements. The testing of the controls ensures that each control is designed effectively in order to mitigate a particular risk and ensures that they are operating effectively throughout the year.
My role within the financial accounting team is largely focused around intercompany reconciliations. I am responsible for reconciling the accounts of several intercompany partners who are based in Germany. I have also been involved in designing a process for verifying the assets on the fixed asset register.
Amy – Day-to-day I provide support to my Distribution Business Partners. This ranges from providing a quick update on how many weddings we have sold this week in a particular destination, right through to an in-depth analysis of the prior month performance and profitability of one of my business areas. The nature of the role means that although I have a set of tasks to complete every month, each month is never quite the same due to adhoc requests from Business Partners.
Jacob – I am currently working in Engineering Finance looking after the engineering and establishment overheads. Day to day I work with the engineers based in Hangar 61 to keep their staff and facilities costs in line with budget. This role involves tracking the one aviation recharge, a process implemented by group to ensure that any work taken on by Thomson engineers for other group airlines is paid for by the relevant source market. On top of these two areas I also look after end of lease paint; making sure we have enough reserves held back for each aircraft so that when its lease comes to an end we can return it within its contractual conditions.
Katie – I am currently working in the Revenue Accounting team who are responsible for accounting for our Retail Revenue – the income we are getting from our Retail Stores. I’ve recently been able to get involved and see what goes on in terms of our FX Revenue so I’ve been looking at all of the transactions that go on within the FX Bureaux in our shops, how we account for this, the issues that can arise and how we correct this.
We are moving into our new roles in September and we are due to find out where this will be in the next couple of weeks so we’ll be sure to keep you updated. Exciting times ahead!