The Role of Finance and Funding in the Travel and Tourism Industry

This report delves into the crucial aspects of finance and funding within the travel and tourism industry. It begins by introducing the significance of financial management and its role in business operations. The report then explores various types of management accounting information, such as forecasting, and how these tools are used for effective decision-making. It highlights the importance of financial data in evaluating company performance and making strategic choices, including investment decisions and capital management. Specific examples, like the Dalata Hotel Group Plc and the Merlin travelling company, are used to illustrate these concepts, discussing the significance of employee training, trend analysis, and capital investment. The report emphasizes the need for businesses in the travel and tourism sector to leverage financial information to improve services, increase profitability, and maintain a competitive edge. Finally, it addresses the need for firms to increase their capital by providing better quality of products as well as to consumers.

Finance and Funding
In Travel and
Tourism

Table of Content
• Introduction
• Various types of management accounting information
• Use of management accounting information as decision-
making tool
• References

Introduction
Finance and funding is a necessary concept which is helpful for
business firm in explaining cost which can used through an
organisation to invests in order to developing an economy.
The travel sector is a fastest or rapid growing sector which
provides many advantages for company

Various types of management accounting
information
Management accounting is a process of evaluating cost and also
operation of business in context to make financial record as
well as statement for assist the process of decision making of
management for the purpose of achieving aims and objectives
in an effective or better way.

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Forecasting- In Merlin travelling company, process of
forecasting is depends on goals along with the vision of a
business firm. The forecasts refer to the future demands and
wants of specific services or goods which can satisfy the needs
to consumers in an effective or better manner.

Use of management accounting information
as decision-making tool
Management accounting information is an essential procedure
which is helpful in providing the accurate data or information
in addition to keep maintains financial performance of an
organisation. It is helpful in improving decision making so that
firm can sustain for long period of time in competitive market.

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Some of the management accounting information related to
process of decision making given below:
Comparison with trend- There is a need for Dalata Hotel
Group Plc recognizes recent trends in the course of matching
the performance of company of various years.

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It is essential for Dalata Hotel Group Plc to render development
and training to its staff members so from this they can serve
better and effective services to its consumers and satisfy their
needs in a proper manner. Each business firm needs to develop
its business in competitive manner or increase growth rate by
attaining large number of consumers towards services of firm.

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Investment decisions- It is necessary for In Dalata Hotel Group
Plc to take proper and efficient decision related to those areas
in which firm wants to invest. Accounting information is
helpful in explaining cost estimation which is concerned with
new investment as well as return in an organisation

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Increasing capital- By proving better quality of products as well
as to consumes, In Dalata Hotel Group Plc increase its sales
and gaining more profit level other than this, in a business
firm, there are many different methods to increase capital like
for an instance venture capital, personal capital, public capital
etc

References
Evans, N., Stonehouse, G. and Campbell, D., 2012. Strategic
management for travel and tourism. Taylor & Francis.
Henderson, J.C., 2010. Sharia-compliant hotels. Tourism and
Hospitality Research.10(3). pp.246-254.