UK College Finance and Funding Report: Travel and Tourism Sector

This report examines the crucial role of finance and funding within the travel and tourism sector. It begins by highlighting the importance of financial record-keeping for strategic decision-making and achieving both short-term and long-term goals. The report then explores management accounting, including its use in preparing internal financial records and aiding managerial decision-making. It further presents various types of management accounting information used in the tourism sector, such as budgets, financial statements, variance analysis, and management information systems. The report emphasizes the need for businesses to make strategic decisions to increase profits and revenues, which are crucial for business development. The conclusion highlights the essentiality of finance and funding for growth and development in the industry. The report also includes references to academic sources and the unit's module brief.

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
 Conclusion
 References

Finance and Funding

Introduction
 The primary role of every business enterprise is to record each and every
transaction in an appropriate manner.
 This assist in framing strategic decision concerned with day to day operation
and future growth and success in an effective and efficient manner.
 Travel Industry is growing rapidly, thus it is essential for tour operator to
make decision that aid in achieving their both long and short term goal.

Travel and Tourism

Management Accounting
Management Accounting refers to the process of examine business operation
and cost in order to prepare internal financial record or statement and
account to assist decision making process of manager so as to attain business
goal in an effectual manner.

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
 Forecast
 Management information system

Management accounting information
 In order to gain higher competitive edge in the market place over their
rivals it is essential for business firm to take strategic decision towards
yielding higher profits and revenues.
 It is also very essential part of the business development and success in
limited time period.

Management Information System

Conclusion
 From the above report, it can be concluded that finance and funding are
the most essential factor for the element of growth and development.
 There are number of strategies which are being utilised in order to
attract the large number of customers

References
Buhalis, D. and Darcy, S. eds., 2011. Accessible tourism: Concepts and issues
(Vol. 45). Channel View Publications.
Choi, H.C. and Turk, E.S., 2011. Sustainability indicators for managing community
tourism. In Quality-of-life community indicators for parks, recreation and
tourism management (pp. 115-140). Springer, Dordrecht.
Evans, N., Stonehouse, G. and Campbell, D., 2012. Strategic management for
travel and tourism. Taylor & Francis.

Thank You