One of the responsibilities of a future leader in Hospitality and Tourism isto report accurate financial statements within predetermined deadlines while minimizing disruption to your company and staff. Choose one multinational hotel group for the focus of your Case Study. Apply Accounting decision-making tmncepts with your company to stucture your Report:
- Discuss the important issues in determinjng financial and management reporting requirements.
- Assess who are the important groups to liaise :with Ifthere are any reporting issues.
- Evaluate how you would plan to ensure hat deadlines ae met and all reporting
issues are resolved.
The Hilton Worldwide Inc. is among the fastest expanding hospitality organizations in the industry. The company has 4,610 hotels, resorts, and timeshare properties with about 758,502 rooms in one hundred countries and regions. Hilton Worldwide has been in existence for nearly 100 years, which have been used to develop the company’s portfolio through distinct and market-leading brands (Chait, FitzPatrick, & Lam, 2015). It has over 164,000 employees, with nearly 51 million affiliates in the customer loyalty program. The business activities are financed with existing cash and revenue made from the company’s operations. Nevertheless, the company has faced risks that arise from various strategies such as third party service providers (Hilton Worldwide, 2015). Suggestively, the company must apply accounting decision-making concepts in the strategic plan to ensure the survival of the hotel and hospitality business.
Accounting entails maintaining records of the company’s operations and communicating information to the management to ensure they make informed decisions. Enterprises in the hospitality and tourism sector have some kind of revenue management that is implemented to provide concepts and terms that can be used to communicate the progress of the organization (Kermis & Kermis, 2012). Preparing reliable financial records is a key responsibility for the growth and development of any company. Effective management requires access to timely and accurate information. Fundamentally, the reports are important to build a reputation in the customer base and investors in the company. The ability to fulfill financial reporting responsibilities is dependent on the design and effectiveness of the procedures placed on the accounting and financial information. A review of the aspect of financial and management reporting is significant in making recommendations on the various issues affecting Hilton Worldwide Inc. as well as its requirements in making strategic growth and development plans.
The determinants of financial and management reporting consist of the controls that are implemented to guarantee that the company’s financial statements are reliable and developed according to the regulations (Beest, Braam, & Boelens, 2009). Nevertheless, there are some factors causing inaccuracies such as mathematical errors, lack of ethical accounting standards, and intentional misstatements, which contribute to fraud…