Finance and Funding Strategies in Travel and Tourism Industry

This report provides an overview of finance and funding within the travel and tourism industry, emphasizing the importance of financial management for industry operations. It covers different types of management accounting information, including budget reports, financial statements, variance analysis, forecasting, and management information systems, highlighting their use as decision-making tools. The report concludes that finance is a fundamental requirement for businesses to enhance their effectiveness, noting the availability of various funding sources for the travel and tourism sector to improve profitability. References to academic journals support the analysis of the impacts of economic factors on tourism.

FINANCE AND
FUNDING IN TRAVEL
AND TOURISM
2.1 & 2.2

Covered content
• Introduction
• Different type of management accounting
information
• Use of management accounting information as
a decision making tool
• Conclusion
• References

Introduction
Finance is the most important aspect of any business concern
because without it any operations of an industries can not be
performed. As per travel and tourism industry is concern funds
are needed to fulfil people curiosity to visit attractive places
that are organise by tourism company.

Different type of management accounting
information
Management accounting information is identified with the inner
managers and leaders. This is an administration instrument that
could assist in obtaining right business choices in proper time.

Continued...
There are diverse sorts of management accounting
information of TUI group:
• Budget report
• Financial statement
• Variance analysis
• Forecasting
• Management information system

Use of management accounting information as a
decision making tool
Management accounting information is a critical procedure that could
render data that is identified with the business execution. It
enhances basic leadership process in lengthy time-frame of period
to achieve attainment.

Continued...
There are few management accounting information which is
identified with basic leadership device for TUI group:
• Correlation with the trend
• Forecasting sales
• Advance product and service

Conclusion
From above mention projects it has been concluded that
finance is the basic requirement of any business to make
their activate more effective. In that relation to this
various sources of finance are available to travel and
tourism sectors in order to make it more profitable in
coming future.

References
Ritchie, J.B., Amaya Molinar, C.M. and Frechtling, D.C., 2010.
Impacts of the world recession and economic crisis on tourism:
North America. Journal of Travel Research.49(1). pp.5-15.
Song, H. and Lin, S., 2010. Impacts of the financial and economic
crisis on tourism in Asia. Journal of Travel Research.49(1). pp.16-
30.
Spenceley, A. ed., 2012. Responsible tourism: Critical issues for
conservation and development. Routledge.

Thank You