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Unit details - ACCT2005 - Hospitality and Tourism Financial Management (2022)
Location - Australia
Unit code – ACCT2005
Study level – Under Graduate
Southern Cross University
The hospitality industry belongs to the service sector which serves, care and provide several types of entertainment to general people. The hospitality industry includes a broad range of entertainment services including lodging services which provides stay facility to people, food and drink service which provides several types of food and drinks served to people, event planning that organises several types of functions for people, theme parks that provides entertaining rides for people, travel and tourism which provides tourism services to people. The hospitality services hold a major stake in the state economy in any part of the world. Among the various services under hospitality services the tourism service is the most prominent around the globe. The tourism is the basic source of the hospitality service economy. People go for trip to other location. Upon reaching the destination they use the hotel services, restaurant services, lodging services or hotel services. In a touristic place various other hospitality entity such as hotels, tourism agencies, restaurants and bars get opened and do their respective business.
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Hospitality it literal terms means giving other peoples a warm welcoming gesture and services when they come to get services from the hospitality industry into their homes or other places where they work or spend their time for refreshment. People who welcome visitors or the staffs or owners of the hospitality service centre are called hosts. The people who pay for getting the hospitality services or the people who get welcomed by hosts are called guests. The hosts in the hospitality industry should polite in nature, smart, well behaved and adaptive towards the change in need of the guests. The guests in a hospitality service centre comes for their refreshment and do relaxation, hence the hosts of the hospitality service centre should be attentive enough to fulfil all the demands of the guests in order to retain the guests into their business in the future ACCT2005 Assignment & Assessment Answers of time. The hospitality industry is a service industry that includes the tourism industry at its prime.
The goal of the hospitality industry is to provide customers with an enjoyable experience. A touristic place can be visited by a customer for many times. Further, personal references made in the tourism industry plays a significant role in gaining new guests in their service organization. In hospitality industry guests are the primary source of revenue. Hence, the guests should be treated with maximum care and all the good services. In any business industry the financial management is the primary action that should be undertaken in the very beginning of the year. In hospitality industry including the tourism industry should also focus in its financial management process. Without managing the financial process, no business entity can survive and thrive in the long run.
In the process of financial management in a hospitality or tourism industry target revenue budget should be drafted in the beginning of any period based on the past experiences. The budget should be little higher than the achievement of the last period. By following this process, the hospitality or tourism entity can get higher revenue in the current period than the previous period. Further the management of the expenses in the hospitality or tourism entity can be managed through creating expense budgets. In the initiation of the period based on the revenue estimates the expense limit under every head should be made. In the execution period any deviation in the actual expense than the budgeted amount and actual amount should be reported to the higher management. The higher management on receipt of the deviation information or report should act promptly and should define the reason of the negative deviation in the actual expense. By finding the reason and making the solution of the same the higher management should implement a control mechanism so that the budgeted expense cannot get overstated again.
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The hospitality industry including the tourism industry faces the highest level of competition. With increase in the rapid increment in the competition it is necessary for the service entity managers to focus on profitability through serving better delivery to its guests than the services the competitors are providing to their guests. By this the manager of the service entity can attract new customers from the competitors and the financial position of the hospitality service including the tourism service entity can be improved. It is imperative that all executives appraise the financial implications of their actions. Hence, the executive actions in managing the financial management should be done with appropriate and adaptive care.
Tourism or hospitality financial management system is typically an alternative to ensure that the monetary components of the tourism or hospitality entity get properly managed, overseen and organized. Further, without having a proper functioning and adequate monetary control system the financial management process implemented in a hospitality industry including tourism industry cannot be properly functioning. Hospitality financial management examines all the routine costs including the cleaning expenses, supplies expenses, other operating and non-operating expenses incurred at a hotel or resort or a tourism service centre.
The financial management process in any entity ACCT2005 task answers helps the entity in improving the financial profitability of the organisations through optimum useability of the resources in possession of the entity. Through the use of the optimum financial management system a hospitality or tourism industry can get the maximum profitability through the use of minimum resources. A proper functioning financial management system increases the overall value of the firms or organisations participating in the hospitality or tourism industry. Being a service industry where the primary source of revenue is the provision of services, the optimum level of service quality can be achieved in a hospitality of tourism entity by using a suitable financial management system. Financial management system provides economic stability; encourages employees to use the optimum level of resources, which helps the hospitality or tourism entity in getting the maximum profitability.
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