A Detailed Report on Finance and Funding in the Travel & Tourism

This report explores the crucial role of finance and funding within the travel and tourism sector, highlighting the increasing importance of management accounting in enhancing organizational effectiveness. Using the Dalata Hotel Group as a reference, the report discusses various types of management accounting information, including budgets, financial statements, variance analysis, forecasts, and management information systems (MIS). It emphasizes the utilization of MIS as a decision-making tool, aiding in trend comparison, forecasting, investment decisions, and capital raising. The report concludes that effective management of accounting processes is essential for travel agencies and firms to improve efficiency, manage resources effectively, and ensure timely task completion, supported by references to responsible tourism, Sharia-compliant hotels, and destination marketing.

Finance and Funding in the
Travel and Tourism
Sector
TASK 2

Table of Content
 Introduction
 Different kind of management accounting information which used in
tourism sector
 Utilization of management accounting information as a decision-making
tool
 References

Introduction
The importance of management accounting is increasing because it
focuses not only on financial activities, it also concentrate on performance of
other divisions like marketing, operations etc.
Dalata Hotel group is known as the largest hotel operator of Ireland, they
are operating in 3 and 4 star hotel business.
This presentation will assist in improving organization effectiveness.

Different kind of management accounting
information which used in tourism sector
Below are some of the information of management accounting which can be
used by mentioned organisation for improving their performance:
 Budgets
 Financial statements
 Variance analysis
 Forecasts
 Management information system

Utilisation of management accounting information
as a decision-making tool
MIS is gaining popularity because of two main reason, first is assist in
making correct decision and second it reduces play crucial role in keep
significant data in organised way.
MIS has to be used by organisation for making sure that all process is
completed in a more efficient time.

Contd...
Below is the assistance provided by MIS:
 Comparison of trends – MIS help in analysation of data, analysed
information it can be used at the time of comparing two trend.
 Forecasting – New trend and outcomes can be predicted by using MIS.
 Investment – Decision like ''where to invest'' can be taken if MIS is used
 Raising capital – Organised data, generated through MIS, can convince
potential investors.

Conclusion
Management of all accounting process is important as it will allow travelling
agencies and firms in enhancing their efficiency.
They will be able to manage their resources in a more effective manner and
ensure that each task is completed in a set time period.

References
Spenceley, A. ed., 2012. Responsible tourism: Critical issues for
conservation and development. Routledge.
Henderson, J.C., 2010. Sharia-compliant hotels. Tourism and
Hospitality Research.10(3). pp.246-254.
Pike, S., 2012. Destination marketing. Routledge.

Thank You