Finance and Funding in Travel and Tourism

This presentation discusses the finance and funding activities in the travel and tourism sector. It covers the different types of management accounting information and how it is used as a decision-making tool. The presentation also includes references for further reading.

Finance and Funding
in Travel and
Tourism

Covered Content
 Introduction
 Different type of management accounting information
 Use of management accounting information as a decision
making tool
 References

Introduction
Finance and funding is used to gathering the finance
requirement and allocation of resources in required areas.
This report defines finance and funding activities in respect
of travel and tourism sector.

Different type of management accounting
information
Reporting is one of the essential tool which used to get
informations and data. These informations and data are
used in decision making and strategic planning process.

Continued...
Various distinctive type of management accounting
information is stated as beneath:
 Budget report
 Financial statement
 Variance analysis
 Forecasting
 Management information system

Various type of management accounting
informations in travel and tourism industry
Administration bookkeeping data is a basic system that could
render information that is related to the business execution. It
upgrades essential initiative process in extensive time
allotment of period to accomplish achievement.

Continued...
Several management accounting information which are
determined with device of leadership for Merlin Entertainment
Plc:
 Correlation with the trend
 Forecasting sales
 Advance product and service

Management accounting information as a decision making
tool for Dalata Hotel group
Dalata management Services (“DMS”) - it is one of
the division formed to manage hotel assets on behalf
of the owner This management service is aligned in
gatherings the informations and data from partner
hotels. Dalata hotel groups is parent company of
Maldron hotels brands.

Finance reporting – Adequate and effective financial
management is an essential element of management
accounting reporting. It provides all the finance and
funding details to managers. Sources of generating
finance requirement, allocation of finance resources,
requirement of future finance requirement
informations are considered in finance reporting.
Accounting books and records are maintained to keep
informations according accounting rules and
standards.

Operations reports – In this sections all the details and
informations are maintained in respect of
administration and operational departments of
organisation Dalata service management contains a
team of specialist which operate the functions and
operations of Dalata business. This team analyse the
factors and issues which affect profitability. This
team provides relevant solutions along with the
reports to managers.

Marketing and sales reports – There is central sales
and marketing team is assigned to report all the
informations and data regarding sales and marketing
(Chatziantoniou and et. al., 2013). This team gather
required sources and tools to make sales and marking
plans. This reports contains sequential promotions
and marketing events and campaigns.

Revenue management – central revenue team examine
the details and informations related to rooms, daily
bookings and registrations on weekly basis. These
are the informations which are organised by
counsellors and receptionist. There is a proper record
maintained in registers regarding room bookings. All
the revenue records are submitted to revenue
manager to make pricing and marketing strategies.

Details of operated and managed hotels – details
regarding managed hotels are provided by support
team to line managers. There are four partner hotels
working with Dalata hotel. Details of cross
functional relation of hotels in Ireland and other
countries are submitted to managers.

REFERENCES
 Leung, D. and et. al., 2011. Asian wave in travel and tourism research.
Journal of Travel & Tourism Marketing. 28(2). pp.196-209.
 Mistilis, N., Buhalis, D. and Gretzel, U., 2014. Future Destination
marketing: perspective of an Australian tourism stakeholder network.
Journal of Travel Research. 53(6). pp.778-790.
 Pike, S., Murdy, S. and Lings, I., 2011. Visitor relationship orientation
of destination marketing organizations. Journal of Travel Research.
50(4). pp.443-453.

Thank You!!