Management Accounting Information in the Travel and Tourism Sector
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Added on 2023/03/22
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This presentation discusses the use of management accounting information in the travel and tourism sector. It covers various types of management accounting systems, their applications as decision-making tools, and the role of forecasting and pricing strategies in the industry.
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Table of Content Introduction Variouskindofmanagementaccountinginformation which used in tourism sector Useofmanagementaccountinginformationasa decision-making tool References
Different types of Management Accounting systems Managementaccountinginformationisconcernedwithinternal decision makers as well as managers. It is an important necessary tool which is helpful in taking right decision related to business in an effective or better manner. Types ofaccounting system given below: •Financial statement- •Budget report •Variance analysis •Management Information System
Financial Statements Balance sheet-It is a financial statement which is helpful in providing information and data related to liabilities and assets of DALATA group. Income statement-This is also a financial statement under which the details related to expenditure and income are mentioned. Cash flow-It is helpful in identification of the cash firm which DALATA Group generated from investing, operating and also financing all operations and activities.
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Management Information System This tool is helpful in determining the information technology as well as process of business. In Dalata Hotel Group Plc, major aim ofmanagement information system is to give proper review which explains about performance of an organization in addition to generate relevant information. This system is necessary for employer to take some corrective decisions which are beneficial for company. it is helpful in achieving aim and goals of company in an appropriate way and also provides competitive advantage to business.
Software using DALATA Group DALATA group using the TRAVELSOFT business management and travelling software. It is helpful in determining accounting needs such as receipts and payments, outstanding statements, service tax etc. For an example-Dalata Hotel company developed its revenue year on year 28.75% from 225.67m to 290.55m while its net profit improved 61.49% from 21.63m to 34.92.
Management accounting information as a decision-making tool Decision Making Tools Strategic-It is helpful in developing effective strategies and policies for initial stage. Top management of Dalat Company develop effective gaols which gives a proper direction. Operational- It is helpful in implementation of plan so that every employee can do their activities in a proper manner.
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Continue... Tactical-Under this, workers work by following the plans andpoliciestoachievingtheorganisationalaimsand objectives. For an example- DALATA company prepares its pricing strategiues on the basis of incopme level of people. So, fromthislargenumberofpeoeplattractedtowards company.
Forecasting It is necessary for an organisation to produce goods and services on the basis of needs or tastes of consumers in an effective manner. In a business firm, sales forecasting is concerned with gaolandvisionofcompanyinordertoachievetheset objectives in specific time period. For an example-On 10thfeb, 2018 forecast between 4 polled investment analyst to covering Dalata hotel advises that this firm will outform market.
Continue… Setting price-It involves process of making effective pricing strategies which governs various travel packages to visitors by DALATA Group. Highprice-Policiesofhighpriceishelpfulinmaintaining maintenance of the service quality and attracts the more income level people. Low price-From the low pricing policies, company can attract the middle income level people or set the pricing on the basis of their capacity.