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UKCBC Human Resource Management

2006Downloads1 I Published: 07 Apr ,2020

Introduction

Finance and funding is a crucial part of travel and tourism business assist helps the company in managing cost effectiveness of business functions. The report will evaluate importance of volume, cost and profit for management in decision making process of Carnival Corporation and Plc. It is leading leisure travel company and own portfolio of cruise brands in America, Europe and North America. Also, it will outline several types of management accounting business information which can be used by Dalata Hotel Group PLC, the hotelier is the largest operator of Ireland and has four star hotels with 7700 rooms. Thus, the report will identify sources and distribution of funding in tourism business.

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Task 1

1.3 Evaluation of factors influencing profits of travel and tourism business.

There are numerous factors which impact business of travel and tourism companies for long term and short terms. It is important for the organisation to control the impact of business and business environment on services in order to serve traveller satisfaction. Factors which influences profits of Carnival Corporation and Plc are as follows:

  • Seasons: Seasonal changes plays a most prominent role in enhancing business functional and impact travel services. It is common factor which disrupts profits margins of Carnival Plc. For instance, if in case the company organises trip at the time of summer holiday then the firm hold chances of getting positive customer response but n the other hand it is the time when all the accommodation and transportation prices gets high due to increasing demand (Spenceley, 2012). Therefore, in this case the firm is either unable manage profits or owns very fewer chances of earnings.
  • Changing government regulations: Changing legislation is the factor which impacts travel trips plans of business. The regulation are implemented to maintain security of domestic residents. However, the changes impacts the pricing and travel plans of travellers which is directly proportionate to profits of Carnival plc.
  • Fluctuation in currency rates: Every country owns different rate of currency according to which travel company plans trip. Apparently, the organization has several tourists from different nations which impacts profits plans of firm. Like, in case Carnival PLC planned and booked international package at old current rate (Vellas, 2011). This is the situation which hinders over planning and travel budget company that leads to impact profits.
  • Terrorism: Threat of attacks and terrorism activities are related to security of travellers which impact international travel trip planning of firm. The risk is indirectly is related to profits of tourism company because it limits the services of Carnival.

Task 2

2.2 Explain different types of management accounting information that could be used as decision making tools for Dalata Hotel Group plc

Management accounting information is one of the most appropriate tools for Dalata Hotel Group plc organisation in order to managing their various types of financial issues in industry (Smith, 2012). Apart from it, there are numbers of financial issues are being faced by the hotel in industry and they have to address them by utilising several types of management accounting information techniques at workplace. Management accounting comes in the for of financial ratios, budget forecasting, variance analysis and cost accounting management.

Financial statements: Financial statements is also one of the best approach for Dalata Hotel Group plc organisation, its accounting professionals require to formation of proper financial statements of day to day operation. So it assists its professionals to reach to identification of financial gains in industry on a specific financial years of the hotel. It helps the hotel professionals to determine that inflows and outflows of the company in given time period. It also assists them to examination about differences between them.

Variance analysis:Variance analysis is also another important approach for Dalata Hotel Group plc organisation in order to knowing about differences between their standard values to their forecasting values relating to gaining profit in given time period. In addition to this, the business accounting professionals need to make assessment of variances to recognise their proportions of profitability (Chaisawat, 2012). It assists them to making decision regarding the company.

Raising capital: Raising capital is one of the best approach for decision making process in Dalata Hotel Group plc hotel. It helps them to raising their various business criteria such as raising in capital, so that business functionality also expand in its business. The business manager can make decision to raising capital of the business in order to gaining proper development in business.

Task 3

3.1 Interpret financial accounts of Dalata Hotel Group plc for the year ending on 31th December 2017

Earning per share ration statements of Dalata Hotel Group plc

 

From the above table regarding to Dalata Hotel Group plc, it can be said that, the organisation has not given performance in well manner. There are numbers of issues are being arising in industry by which they company can lead to lower performance in industry. In the year 2016, the hotel has been invested upon its Non-current assets, such as investment in subsidiaries in 2016 was, 14,350 and after one year it has been reached to 42,513 euros which is a good enough growth of the company in industry, in addition to it, the amount owes by its subsidiaries in 2016 was, 700,450 and after one year ion 2017 the amount has been reached to 730,234, this is good growth of the country in industry in regarding to such areas by which sufficient amount of business can be gained (Buckley, 2012). It can be said that, the company is investing in its assets at higher rate, so it will be able to generate large amount of money in industry in sufficient form. Apart from it, the company is also making major focus on investing on its equity shares in firm. It has been seen that, its share premium in2016 was 503,113 and after one year, it has been reached to the vales of 503113, so there is no growth within it. In addition to it, in case of non-current liabilities of the business, the company's loans and borrowing were in 2016, 264,681 and after one year its value cut down and reached to 241,933. it has been seen that, the organisation has been losing in its liabilities by giving more premium to its investor time to time. Apart from it, its total liabilities values is showing in year 2016 was 291,320 and after one year, its values has been reached to 281,102 which is a good enough gaining of the form. Hence, it can be said that, overall performance of Dalata Hotel Group plc organisation were on an average.

Task 4

4.1 Analyse sources and distribution of funding for the development of capital projects associated with tourism

Each organisation needs to source of funding in order to running of their various business functions in proper way. These sources and distribution of fundin of traveling organisation is as following:

Source of investor: Investors of company is one of the major source of funding in travelling business in industry. There are numbers of investors can find out by business professionals in market. Which is capable to providing sufficient amount of money to enhance business capital and performances on upward (Ritchie and Crouch, 2010). The business need to approach its investors in market which assist them to reaching to their investors in industry in sufficient manner. So that, they will be able to gain appropriate amount of money to sustain in market in relevant form.

Loans: Loan is also one of the major issues for the business in order to gaining amount of money to business. Each travelling business require to taking loans from various banks and financial institutions one some of its demand in market which provide them sufficient money to running business functionality in market in proper manner. Small travelling business need to take short term loans and big scale of companies need to long terms loans in order to gaining sufficient amount of money (Swarbrooke and Page, 2012). So they loan is also appropriate option to getting money to businesses in order to running business and meeting to their desired goals and objectives.

Tourism information points: Tourism information point developed by tourist and travelling company in nation can assist them to distribution of their money to making proper development of tourism point in industry. It can be said that, the business can developed tourist points in industry in order to getting proper development in such areas by which business can execute its functionality and gain financial advantages.

Equity: Another way through which sources can be accumulated is the issue of the share capital so that funds of the business can be increased. This the long but better way to accumulate funds as compared to different sources. There are many alternatives in these options that can be followed by the company for the purpose of collection of funds from different sources. This method is known as capital stretch method. It is an easy and simple method which consist of bills of exchange and many other receipts related to creditors of the business.

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Conclusion

From the above analysis, it can be concluded that, travelling and tourism in one of the emerging industry in UK. In case of Carnival plc, organisation cost and volume plays vital role in order to financial management of the company. In addition to this, Dalata Hotel Group plc organisation need to use of various types of management accounting information to resolving issues and managing financial gains of the business. Apart from it, there are several types of sources and distribution of funding for the development of capital project concerned about various travel and tourism businesses. instantassignmenthelp.com.au

References

  • Spenceley, A., 2012. Responsible tourism: Critical issues for conservation and development. Routledge.
  • Vellas, F., 2011, October. The indirect impact of tourism: an economic analysis. In Third Meeting of T20 Tourism Ministers.
  • Veal, A.J., 2017. Research methods for leisure and tourism. Pearson UK.
  • Swarbrooke, J. and Page, S. J., 2012. Development and management of visitor attractions. Routledge.
  • Ritchie, J. R. and Crouch, G. I., 2010. A model of destination competitiveness/sustainability: Brazilian perspectives. Revista de Administração Pública. 44. 5. pp. 1049-1066.
  • Chaisawat, M., 2012. Travel and tourism education in Thailand. In Global Tourism Higher Education (pp. 209-236). Routledge.
  • Smith, K., 2012. The problematization of medical tourism: a critique of neoliberalism. Developing world bioethics. 12. 1. pp. 1-8.
  • Buckley, R., 2012. Sustainable tourism: Research and reality. Annals of Tourism Research. 39. 2. pp. 528-546.
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