Tourism or Hotels you are being asked to prepare a 3-5 page document describing

Question

Tourism or Hotels you are being asked to prepare a 3-5 page document describing an accounting system that is appropriate for a specific type of organization (a sector such as banking, hotel, retail, advertising, restaurant, manufacturing, etc.). The information in your paper will be based on research you conduct by reading text books, papers and websites and talking with a person that uses such a system in your chosen sector. You should primarily discuss the features needed for the sector chosen. But, you should also discuss any other important issues that you find while conducting your research. Note: The accounting systems paper can take one of two approaches. For whichever industry you chose either find a software accounting system or examine how a company in the industry does their accounting.Basically you should discuss all of the functions that the accounting supports (for instance hotel would include reservations, room rent, room service, additional fees-laundry service etc, room charges from lounge and restaurant, wages, cleaning schedule for rooms etc). It should also be able to prepare reports (specify which reports). Generally it is easier to find a software for the industry you've chosen because you can easily see all of the functions it performs. However you need to be careful about similarity since the report goes through TurnItIn. Note: I prefer to work with Hotel or Travel Agency

Explanation / Answer

Accounting system allow you to plan and control the business by providing you information of a financial nature.

current and historic accounting data provide the manager with information showing , for example the need to :

a) implement control method

b) reduce cost

c) invest more in advertising

d) improve the budgeting process

e) increase profit and return on the owners investment

it would be difficult to do any of these things with inadequate accounting information that failed to show that the need was there.

A good accounting system might also prevent theft and fraud.The accounting system itself does not necessary do this but the accounting result point the areas were most control must be implemented to reduce the possibility of theft or fraud.

COMPARISON OF RESULT

Accounting system also allow the hospitality manegerto compare operating result , not only with the past result, and also with the current result and trend in the industry generally for that type and size of business.

This is possible since the most organisation in the hospitality industry ( hotels, resorts, resturent and clubs,) use a uniform system of account appropiate to the particular segment of the industry.

UNIFORM SYSTEM OF ACCOUNTS FOR HOTELS:

The first system system of accounts for hotels originated in 1925. The system was designed to clasify organize and present financial information so that uniformity prevailed and comparison of financial data among hotels was possible.

One the advantage of uniform accounting system is that information can be gathered on a regional and national basis from simmilar segment of the hospitality industry.

as a result each individual can evaluate their result. the average a simply a mean for comparison. and there might be many reason why individual firm result differ.

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