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Finance and Funding

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Finance and Funding

Introduction

 

The aim of this unit is to help learners acquire knowledge, skills and techniques that will assist with management decision-making processes. The unit looks at the importance of costs, volume and profit for management decision making in travel and tourism and the process and analytical skills needed to understand financial information. Thus the majority of this unit considers financial practices at the micro level, ie within a travel and tourism business. However, it also considers issues at the macro level, ie funding arrangements for tourism project development.

The unit is designed for learners working towards a career at the supervisory/management level in the travel and tourism sector. As a result of studying this unit they will gain a basic understanding of financial systems and practices. This unit is not intended to be an in-depth accountancy unit and should be delivered with this in mind.

Aim:

 

This unit enables learners to gain understanding of costs, volume, and profit, management accounting information, and sources and distribution of funding in travel and tourism, and gain skills to interpret financial accounts.

Learning Outcomes and assessment criteria:

 

On successful completion of this unit a learner will:

LO1 Understand the importance of costs, volume and profit for management decision making in travel and tourism

1.1 explain the importance of costs and volume in financial management of travel and tourism businesses

1.2 analyse pricing methods used in the travel and tourism sector  

1.3 analyse factors influencing profit for travel and tourism businesses

LO2 Understand the use of management accounting information as a decision making tool in travel and tourism businesses

2.1 explain different types of management accounting information that could be used in travel and tourism businesses

2.2 assess the use of management accounting information as a decision-making tool

LO3 Be able to interpret financial accounts to assist decision making in travel and tourism businesses

3.1 interpret travel and tourism financial accounts

LO4 Understand sources and distribution of funding for public and non-public tourism development

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

Unit content

 

1.Understand the importance of costs, volume and profit for management decision making in travel and tourism

Costs: direct costs, indirect costs, fixed costs, variable costs, allocation and apportionment

Volume: break-even analysis, economies of scale, diseconomies of scale

Profit: pricing methods to achieve a profit eg cost-led, market-led, cost-plus pricing, contribution, absorption, marginal costing, top down, return on investment; reasons for making a profit, definition of profit, type of business; factors influencing profit eg seasonal variations, political environment, economic environment, social environment, current trends, bad debts, planning, staff

2.Understand the use of management accounting information as a decision-making tool in travel and tourism businesses

Management accounting information: financial statements, budgets, variance analysis, forecasts, MIS

Decision-making tool: comparison with trends, forecasting, investment, raising capital, new products and services, current issues, against set criteria eg profitability, solvency, meeting budgets, meeting objectives

3.Be able to interpret financial accounts to assist decision making in travel and tourism businesses

Financial accounts: methods used to interpret financial accounts eg cash flow statement, trading account, profit and loss account, balance sheet of a typical travel and tourism related business

Measure financial performance: measure eg current ratio, acid test ratio, return on capital employed, capital gearing, return on net assets, debtors’ collection period, creditors’ payment period, ratio of administration costs to sales, net profit per cent, gross profit per cent, stock turnover ratio as practised by businesses in the travel and tourism sector

4. Understand sources and distribution of funding for public and non-public tourism development.

Sources: role of Department of Culture, Media and Sport eg National Lottery Commission; Office of Deputy Prime Minister eg European Social Fund, Regional Development Fund; sources and disbursement of funding through the Non-Governmental Public Bodies (NGPB)

Capital projects: projects eg Tourism Information Points, Interpretation Boards, small scale tourism/environmental improvement with associated interpretation, development of small-scale heritage sites with interpretation and information, integrated footpath development and improvement, integrated bridleways development and improvement, cycle route development and improvement, provision of secure cycle storage, Pedestrian Fingerposts

Non-public funding: funding eg debt funding, equity funding and government funding

Scheme of work

Awarding Body:  PEARSON BTEC

Course: BTEC HND IN TRAVEL AND TOURISM                             

Unit2:Finance and Funding in the Travel and Tourism Sector

Recommended text and links:

Horner P (1996), Travel Agency Practice, Harlow, Longman.

Kotas R (1999), Management Accounting for Hospitality and Tourism, 3rd edition, Thomson Learning, London

Owen G (1998), Accounting for Hospitality and Tourism, 2nd Edition, Financial Times / Prentice Hall

Adams D (2006) Management Accounting for the Hospitality, Tourism and Leisure Industries: A Strategic Approach, 2nd Edition:  Cengage Learning EMEA,

Newspapers

Various national newspapers have wide coverage of business issues such as The Times, Guardian, Telegraph, and Financial Times

Websites

www.ft.com                            The Financial Times business sections

 

Lecturer: George W Muwonge

Email: gmuwonge@ukcbc.ac.uk

Teaching and Learning Activities

 

The module tutor(s) will aim to combine lectures with tutorial activities. This environment will provide opportunities for the student to understand the course material through case study and text and to apply it in a practical way. The intent is to facilitate interactive class activities, and discussion about the significant role of research in a global and local business environment.

2.3       Teaching Ethos

The college’s approach towards teaching and learning is simple and effective. The main aim of UKCBC  is to assist learners in maximising their potential by ensuring that they are taught clearly and effectively. This will enable students to engage in the learning environment and promote success in both their academic studies and subsequent career.

2.3.1 Methods of Delivery:

LECTURES:

These will be developed around the key concepts as mentioned in the indicative course content and will use a range of live examples and cases from business practice to demonstrate the application of theoretical concepts. This method is primarily used to identify and explain key aspects of the subject so that learners can utilise their private study time more effectively.

SEMINARS:

These are in addition to the lectures. The seminars are designed to give learners the opportunity to test their understanding of the material covered in the lectures and private study with the help of reference books. This methodology usually carries a set of questions identified in advance. Seminars are interactive sessions led by the learners. This method of study gives the learner an excellent opportunity to clarify any points of difficulty with the tutor and simultaneously develop their oral communication skills.

 

CASE STUDIES:An important learning methodology is the extensive use of case studies. They enable learners to apply the concepts that they learn in their subjects. The learners have to study the case, analyse the facts presented and arrive at conclusions and recommendations. This assists in the assessment of the learner’s ability to apply to the real world the tools and techniques of analysis which they have learnt. The case study serves as a supplement to the theoretical knowledge imparted through the course work.

 

Plagiarism:

Any act of plagiarism will be seriously dealt with according to the colleges and awarding bodies’ regulations. In this context the definition and scope of plagiarism are presented below:

  Plagiarism is presenting someone’s work as your own. It includes copying information directly from the web or books without referencing the material; submitting joint coursework as an individual effort; copying another student’s coursework; stealing coursework from another student and submitting it as your own work.Suspected plagiarism will be investigated and if found to have occurred will be dealt with according to the college procedure. (For further details please refer to the plagiarism policy and the student code of conduct.) 

Assessment:

 

The module will be assessed meeting all the LO as specified by the awarding body Pearson BTEC.

Please read the instructions carefully while addressing the tasks specified. 

Contribution: 100% of the module

Outline:      Details enclosed in the assignment brief.

 



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