UKCBC: Management Accounting in Finance & Funding for Travel & Tourism

This report examines the role of management accounting in the travel and tourism sector, focusing on finance and funding. It covers different types of management accounting information, including budget reports, financial statements, variance analysis, forecasting, and management information systems, and their application in the travel and tourism industry. The report also analyzes the use of management accounting information as a decision-making tool, specifically within the Dalata Hotel Group, discussing aspects like finance reporting, operations reports, marketing and sales reports, revenue management, and details of operated and managed hotels. The report concludes by referencing relevant research in the field.

Finance and Funding in
Travel and Tourism sector
TASK 2

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

Introduction
Finance is a major concern of every business which need to
understand by managers and other individual in an
appropriate frame. Although, for every project, there is a
need of fund which constitutes better and effective
working as well as accomplishment of targets.

Different type of management accounting
information
 Reporting is considered as a fundamental method which
utilized by company so that they will obtain proper
information and data.
 This will be used by firm into their judgement making
as well as strategic planning.

Continued...
Certain kinds of methods of management accounting is
stated as below:
 Budget report
 Financial statement
 Variance analysis
 Forecasting
 Management information system

Various type of management accounting
informations in travel and tourism industry
With assistance of management accounting manager will get
essential data which is related to their business. It assists
to update initiative procedure within limited time so that
targets will get accomplished.

Continued...
Management accounting data and information is identified
by company:
 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: This unit is developed by
superior of hotel so that he will be able to manage entire
assets of firm effectually. With aid of this, necessary data
will be collected from other hotels. Dalata hotel is the
parent organisation of Maldron hotels.

Continued...
Finance reporting: It is considered as a most important
factor in process of decision making. With aid of
financial information of firm will gathered. It is must for
manager to allocate fund to each activity or unit as per
need so that work will accomplished effectively. To
prepare financial reports in an appropriate manner, they
need to follow proper guidelines as well standards.

Continued...
Operations reports: This kind of data and information need
to be maintained by management and operational
division. An expert need to be appointed so that Database
of company will be managed in an appropriate manner.

Continued...
Marketing and sales report: Company has appointed
central marketing and sales team so that they will acquire
entire information related to this. Along with, they will
use some methods or tools to make plans in an adequate
manner.

Continued...
Revenue management: They have to evaluate information
which is associated with daily bookings, rooms and
registration on the basis of week. These data is managed
by receptionists as well as counsellors.

Continued...
Detailed of operated and managed hotels: This sort of
details are providing by support group to the line
managers. Almost four hotels are operating their business
with Dalata hotel.

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.

Thank You!!