Management Accounting and Finance in Travel & Tourism Sector

This report provides an overview of finance and funding within the travel and tourism sector, focusing on the role of management accounting information. It explores various types of management accounting information, including budget reports, financial statements, variance analysis, forecasts, and management information systems (MIS), highlighting their importance in internal management and decision-making. The report also discusses the use of management accounting information in finance reporting, operations reports, marketing and sales reports, revenue management, and details of operated and managed hotels, emphasizing how these contribute to long-term benefits and improved decision-making processes. Specific examples, such as Merlin Entertainment Plc and Dalata Hotel, are used to illustrate the practical application of these concepts. The report concludes with references to relevant sources, providing a comprehensive understanding of financial management in the travel and tourism industry. Desklib provides a platform to access this and similar solved assignments.

Finance and Funding in the Travel
and Tourism Sector
Task 2

Cover Content
• Introduction
• Types of management accounting information in trav
el and tourism businesses
• Use of management accounting information as a decis
ion making tool
• References

Introduction
Finance is one of the major concern for every business
organization to run their activities in effective
manner. This is understand by the manager to attain
positive results. Along with this, every project need
proper fund to accomplished their activities in order
to achieve set targets in appropriate time frame.

Types of management accounting information
Management accounting information is more important
for business organization because it related with
internal manager and their decision making.
Basically it is an effective tools which helps in taking
right decision in effective way to attain better results.

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Budget report: It is one of the important tools which
used by the company to maintain the production cost
in effective manner. In context of Merlin
Entertainment Plc, budget is more effective tool
which helps in increasing the overall performance of
the company at market place.

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Financial statement: It is also an effective and
important tool which used by the Merlin
Entertainment Plc manager in order to take right
decision in effective manner. Basically, it define
financial statement in order to analysis better
performance of the company.

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Variance analysis: Under this Merlin Entertainment
Plc management includes variance analysis in order
to assess the actual behaviour in business
organization. With the help of this company maintain
their entire business activities in effective way at
market place.

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Forecast: It is an also effective process which is related
with company vision and objectives. Basically, it
define the future demand of the products and
services. With the help of this manager of the
company easily take right decision and also attain
better growth at market place.

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Management information system (MIS): It is an
important tool in which manager focus on business
process and its information technology. In context of
Merlin Entertainment Plc, the main aim of MIS is to
improve overall performance level of the company by
providing them feedback as per their performance.

Use of management accounting information
Management accounting information is an effective
activity which helps in providing the relevant data of
performance of the company. With the help of this
company attain long term benefits and improve their
decision making process.

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Finance reporting: Under this report, it define all the
relevant details of finance and funding which helps in
executing business activities in effective way. Along
with this, accounting department keeps entire
information which is important for the company.

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Operations reports: Dalata Hotel set an department
which maintain as well as keeps all the actions of
operational activities in systematic way. Further, they
also assess entire factors in order to attain better
profitability level at market place.