Capstone Project Report: Professional Accounting and Public Relations

This capstone project report provides an integrated analysis of business operations, focusing on professional accounting practices and public relations challenges within the context of The Hotel Windsor in Australia. The report delves into professional accounting concepts, including financial statement analysis, risk assessment, and decision-making processes. It identifies public relations issues, such as maintaining customer satisfaction and adapting to technological changes. The report proposes solutions, including market research, segmentation, and strategic planning to enhance customer relations and improve the hotel's profitability. The strategies discussed include goal-oriented, action-oriented, time-oriented, and performance management approaches. The report emphasizes the importance of strategic planning, market research, and performance evaluation for long-term sustainability and success in the competitive market. This report is a comprehensive overview of business development, financial analysis, and public relations strategies, providing valuable insights into the challenges and opportunities in the hospitality industry.

CAPSTONE PROJECT
REPORT

INTRODUCTION
Capstone project report is essential to provide integrated knowledge of business
operations of any enterprise. It is beneficial for optimum utilization of resources and fund affect
management and further business operations. The present report is based on understanding
professional accounting concept and issues occurred in business enterprise in Australia. In this
regard, analysis of issues and strategies to solving out them are to be described. Including this,
consideration of knowledge in accounting, management and public relation implications will be
introduced through this assignment. Thus, students are able to enhance knowledge regarding
professional accounting and improving problem solving skills for effective public relations.
Professional accounting
Professional accounting is an accounting term which includes accountancy fields as
Chartered Accountancy, Cost accountancy, company secretaryship and management
accountancy. In this process, professionals audited financial statements including profit and loss
account, balance sheet, income statement and other reports demonstrate economic and non-
monetary position of the enterprise (Bhowmik and Saha, 2013). However, critical evaluation on
incurred expenditures and gained revenue on business operations is created by which further
decisions are made for reducing expenses and increasing sales revenue. Moreover, business risks
and suggestions for reducing them also recognised for effectiveness of enterprise and enhancing
its efficiency. Besides this, forecasting and decision making on business operations for further
activities are implemented adequate management of them and allocating resources and fund
more efficiently. In addition to this, under professional accounting system is considered as study
of profitability and liquidity position of business organisation on which further decisions are
made for business operations and company's growth effectively. Along with this, variety of ideas
are generated for improving quality services and financial development of organisation
efficiently (Brigham and Ehrhardt, 2013). Thus, for auditing financial transactions of the entity,
it is needed for professionals to have deep knowledge regarding accounting, evaluating and
detecting errors occurs in accountancy. Therefore, economic stability and management of
business operations is possible through this accounting system for cost effectiveness and
adequacy in terms of allocating resources and fund effectively.
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Professional accounting also remains helpful for decision making and forecasting on
financial transactions as suggested by professionals (Camin and et.al., 2016). However, effective
guidelines for preparing and maintaining financial records are obtained for enhancing monetary
performance of the enterprise. In addition to this, audited financial statements are considered as
valid and it is mandatory for organisation to implement strategies for managing inventories and
fund also different decisions are made for future business operations. Therefore, professional
accounting is crucial for collecting and interpretation professional accounting terms as well
making decisions for further business operations.
Management/ public relations issues in The Hotel Windsor
In business organisation, it is one of the great issue to establish and maintain relations
public for providing goods and services. However, analysing their interests and attitude towards
services is quite difficult affect demand for services and its production. Including this, public
relations and achieving their satisfaction at maximum level remain difficult. It is considered that
different people have various choices and perception towards goods and services of The Hotel
Windsor. Including this, changes in technologies for producing items and their requirements
considered as a challenging task for entity. Besides this, for maintaining public relations and
fulfilling their requirements, it is needed for enterprise to analyse their opinions on products and
services (Hussain and et.al., 2015). Including this, it is costly to increase contact with people and
establishing relations for attracting them and maintaining interest for longer time period. Apart
from this, building up customers' trust with products and services provided by entity is quite
challenging task to encourage them for purchasing them. Similarly, due to geographic,
demographic, socio-cultural and other issues, managing relations is difficult as providing
services according to their requirements (Keohane and Olmstead, 2016).
In addition to this, using appropriate tool for promoting goods in market is difficult as
well expensive for aware them with its services. However, it is also recognised that in today's
era, customers are attracted towards brand and high quality of products at most. Therefore, in
case of having inefficient fund, it is not so possible for organisation to incurred high cost on
expenditures on The Hotel Windsor's services. Including this, in online marketing of goods and
services, it is challenging building up customers' trust and encouraging them to buy them and
recommending their family and friends. Likewise, maintaining relations with customers
including agents, retailers and other business enterprises is difficult for entity for longer time
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period. Including this, ethical issues are also determined to be considered affect production and
distribution of products and services in the future time (Khan, 2015). Thus, different issues are
occurred for establishing and maintaining relation with customers and satisfying them with its
goods and services for longer time period.
Method to apply knowledge from degree study in solving the issue
For solving out issues related with public relation and maintaining their attraction
towards goods and services of The Hotel Windsor, different methods can be used. For example;
conducting market research and identifying the issue critically and preparing strategies to fulfil
their requirements (Kunczik, 2016). In this regard, below mentioned process is to be followed on
regarding public relation as:
 Conducting market research and identifying customers' demand: At first, it is
essential to conduct market survey and gathering information regarding customers' views
on products and services of The Hotel Windsor. In this process, their perception towards
services and requirements are to collected on which different ideas are generated affect
goods' production and distribution. However, marketability and competitiveness of
enterprise is recognised affect public relation and maintaining their trust with products
and services (Progoulaki and Theotokas, 2016). It will be able to provide services
according to their requirements and building up trust for organisation's effectiveness.
Therefore, conducting market research and customers' attitude remain able to make
decisions for further implementations effectively.
 Segmenting and targeting and preparing strategies: All collected information are
segmented according to different factors as geographic, demographic, socio-cultural and
so on. Therefore, clear market demand and different customers' demand can be
recognised (Sandhu, Scott and Hussain, 2016). Further, on the basis of this segmentation,
targets are set for achieving customer satisfaction and increasing profitability as well
competitiveness of The Hotel Windsor. Thus, further strategies can be formulated to
satisfy its customers and providing goods and services according to their requirements on
large scale.
 Implementing strategies: After segmenting and targeting, implementation of all
strategies is done for further years and recognising customers' views on its services
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efficiently. In this process, all activities related to project and its considered factors are
implemented. However, with the help of all team members for working in group and
implementing plans according to set cost, time, action plan, project is accomplished
effectively. Moreover, all tools are determined for project activities and increasing
efficiency for The Windsor Hotel regarding improving its quality services, serving food,
dealing and customers and so on (Sommerfeldt, 2013). Therefore, this process is done for
project and getting success efficiently to increase flavours in food, satisfying customers
with its services at maximum level. Thus, it can will be effective to enhance productivity
and profitability of the hotel entity in the future time.
 Evaluating performance: In the end, after getting success and accomplishing task,
performance of project including team workers and project are evaluated. However,
critical evaluation on project is created by which difference between actual and standard
position can be identified to bridge the gap (Dodd, Brummette and Hazleton, 2015). In
addition to this, various tools are applied for project and getting success efficiently.
Therefore, performance of the hotel entity and its team workers are identified for
improving quality services and success of project effectively.
Analysis and justification
For establishing and maintaining good relationship with customers including agents,
retailers, suppliers, debtors etc above mentioned strategic process will be successful. In this
regard, systematic planning procedure is followed on for project. Therefore, for getting customer
satisfaction, conducting market research is key tool to analyse their requirements and fulfilling
them efficiently (Ragas, Uysal and Culp, 2015). Including this, actual market position of entity
can be identified for further implementation and decision making regarding future activities.
However, strategic plan can be succeed for increasing contact with people and providing services
of The Windsor hotel according to recent trend. Including this, public relation will be enhanced
at maximum level increases their loyalty towards hotel's services effectively. It influences
profitability and competitiveness of the entity for longer time period.
However, by implementing strategy as targeted for making good relationship with
customers through segmentation, target and positioning will be effective for the hotel entity.
Therefore, demand for food and accommodation services can enhance effectively affect profit
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earning capacity and competitive strategies of the organisation in the future time. In addition to
this, according to strategic plan, public relation can be improved at higher level for The Windsor
hotel and its longer term sustainability in competitive market. However, evaluating customers'
demand critically will be effective to encourage them for taking advantage of its services (Waters
and et.al., 2014). It will be able to maintain and increase their satisfaction level impacts on
market position and further implementation. Thus, it is justified that by following on above
mentioned strategic planning procedure will be able to enhance satisfaction level of customers
with its services as well marketability and longer term sustainability.
Strategies addressed for project
For accomplishing tasks and project, several strategies can be applied such as; goal
oriented, time frame, action-oriented, performance oriented etc. Some essential strategies for
building up people trust and maintaining good relationship with them, following strategies are
implemented as can understand below:
 Goal oriented strategies: At first, according to project, it is needed for The Windsor
Hotel to conduct market research and setting goals to increase satisfaction level of
customers with its services (Sun, 2014). In addition to this, goal strategy orientation for
hotel entity can be increased for marketing and competitiveness on large scale. Thus,
considering goal oriented strategy will be effective for market research and increasing
customer satisfaction with food and accommodation services. However, complete
dedication towards goal and strategies is able to increase profit margin and competitive
strategies of the hotel entity efficiently. Therefore, it is recognised that The Windsor hotel
can increase its efficiency and gain competitive advantage through effective customer
satisfaction.
 Action oriented strategy: It is also one of the great strategy for project and enhancing
customers' interest towards food and accommodation services of The Windsor hotel.
However, preparing all team workers and encouraging for effective contribution for
working in group affect organisation's efficiency (Wu and Ko, 2013). Besides this,
various tools are applied for conducting research, formulating and implementing
strategies, evaluating performance etc. Including this, different aspects of project are
identified including cost, time, work segmentation among team workers and so on.
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Likewise, risks that can occur in the project are analysed for its success and
implementing action plan successfully. Therefore, it is identified that action oriented
strategy will be effective for project and enhancing efficiency of the hotel entity at higher
level.
 Time oriented strategy: This strategy is related to setting specific time frame for any
particular project activity. Through this strategy, for any particular activity of the project,
effective time frame is set for project and accomplishing tasks efficiently. For example;
for analysing actual position of entity, giving 1-2 weeks, for work segmentation and
strategies, setting 2-3 weeks etc. Therefore, it is smart idea to accomplish any task of
project and reaching out to the set objectives efficiently (Prakash, Somasundaram and
Krishnamoorthy, 2016). Through using this strategy, The Windsor hotel can set target for
further years effectively. However, all activities of the project can be done efficiently in a
specific time period.
 Performance management strategy: It is also one of the great strategy for project and
effectiveness of The Windsor hotel. Through this strategy, performance of team workers
and hotel entity are identified by which several ideas are generated regarding workers'
ability to segment work, team building, organising training and development programs
etc. Therefore, performance management strategy is effective for encouraging members
of the group to contribute in team work and accomplishing tasks effectively (Carnmarata,
McArthur and Steeb, 2014).
Thus, by applying above mentioned strategies will be effective for The Windsor hotel in
Australia to enhance its efficiency and satisfaction level of customers with its services
effectively. Including this, project can be succeed effectively in respect of cost consideration,
time management, team work and so on. However, it will be effective for optimum utilization of
resources and fund as well for further activities and implementing its plans (Dahlgren and
Whitehead, 2017). Moreover, public relations can be developed through this approach for
increasing marketability and competitiveness of the hotel entity efficiently. It is possible through
promoting food and accommodation services of the entity attractively to encourage customers for
taking advantage of them. Thus, by considering the tools and aspects for project, there would be
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success in operations of hotel entity and remains able to increase its efficiency at maximum
level.
Consideration of knowledge in accounting, management or public relations implications
It is essential to have knowledge of accounting, management system and public
relationship for The Windsor hotel and its effectiveness. However, accounting of financial
transactions, managing resources and fund, creating and increasing public relation is required to
present marketability and financial position of the entity (Strategic planning, 2016). In this
regard, critical evaluation on public relation and customers' philosophy is needed to be
understood for further implementation. However, variety of ideas can be generated for project
and management of all activities regarding public relations and competitiveness of the hotel
entity. In this regard, several factors are essential to be considered like; accounting, management
and identifying choice and attitude of customers for marketability and competitiveness.
However, it is linked with accounting of the financial information, managing resources
and fund and maintain public relations for services of hotel entity and its effectiveness. In
addition to this, it affects costing, budgeting and investment for providing food and
accommodation services of The Windsor hotel. Therefore, management tools and public relation
ideas are generated for entity's effectiveness and for its competitiveness. In addition to this, it is
also considered that because of changes in customers' tastes, interest, attitude and perception, it
remains difficult to fulfil different demand. Similarly, production and distribution of services
also got affected impact on its efficiency and competitiveness (Kunczik, 2016). It influences
financial position of the hotel entity presents incurred expenses and gained revenue. Likewise,
customer satisfaction tool for hotel entity are identified to increase profit margin and improving
quality services. However, variety of aspects are determined for project including customer
satisfaction, marketing, management of resources and fund etc.
Therefore, considering all tools like accounting, management and public relation will be
effective to build up trust and satisfying them at maximum level with its services. Including this,
critical evaluation on public relationship of The Windsor hotel is required for increasing
marketability and competitive strategies of the entity efficiently. However, accounting of
financial transactions and forecasting for further years' implementation are needed to be
considered for hotel entity and its effectiveness (Sommerfeldt, 2013). Moreover, various tools
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for maintaining public relation for longer time period are used to satisfy them at maximum level
and increasing customer loyalty. Along with this, considering factors like management of
services provided by hotel entity and encouraging people to take advantage of hotel entity's
services is needed for its competitiveness (Dodd, Brummette and Hazleton, 2015). In addition to
this, accounting of financial transaction regarding activity of expenditures and revenue is
necessary for preparing and maintaining accounts. However, expenses incurred on marketing
like advertisement, market research are recorded affect further operations and public relationship
strategy. In addition to this, various tools are applied for managing project activities efficiently
and making decisions for further implementation. Thus, for effective public relation, it is
required for The Windsor hotel to provide services according to their requirements and
increasing its profit margin and competitiveness efficiently.
Organizational resources implications
For managing resources and hotel entity's functions, it is essential to prepare planning for
optimum utilization of resources for further implementation. In addition to this, various tools are
applied for allocating them and success of project. In accordance to this, considering all factors
like quality, quantity and material used for producing services effectively (Ragas, Uysal and
Culp, 2015). Therefore, for establishing and maintaining good relationship with customers,
analysing their requirements and tools to fulfil them are required for satisfy them effectively.
However, inventory management of the hotel entity is also required to be done for creating
balance between production and distribution effectively. In this regard, various tools can be
applied for management of resources and implementing strategies for proper management.
Including this, it is needed to list all the required resources and maintaining providing food and
accommodation services according to their requirements. Moreover, it is needed for The
Windsor hotel to prepare strategy regarding management of resources and producing its services
affect demand for it and profitability of the hotel entity.
Therefore, organisational resources including raw materials, cost incurred on its services,
identifying customers' requirements towards food and accommodation services. In addition to
this, various resources implications are determined such as; changes in price for purchasing raw
materials, inventories, required materials for food and accommodation services etc. Thus, it is
needed for the hotel entity to analysing all tools for managing its resources and decisions for
effective production (Waters and et.al., 2014). It affects customer satisfaction and building up
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trust with its services for increasing demand and loyalty for longer time period. Therefore,
maintaining balance and analysing all tools regarding organisation's effectiveness is required to
be considered for effective management and proper management.
CONCLUSION
With the help of this report, it is concluded that public relation is essential for building up
their trust with services of The Windsor Hotel. In this regard, different strategies for project and
its success has been understood. However, professional accounting concept as well its usefulness
in managing operations are identified through this assignment. In addition to this, issues occurred
in hotel entity regarding maintaining public relation and marketability of its services is
introduced for further implementation. Moreover, different strategies and their significance for
the hotel entity is expressed for effectiveness of the entity. Including this, consideration of
accounting, management and public relation are understood affect marketability and
competitiveness of the entity. Thus, strategies and their implementations for competitiveness has
been understood through this report.
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