Accounting Behaviour and Organization for Hotel - myassignmenthelp

Question: Discuss about theAccounting Behaviour and Organization for Hotel. Answer: Introduction The present study focuses on the case analysis of Banyan Tree Holdings Limited which is an international hospitality brand that is indulged into the practice of developing, hotel, spa in the Middle East, Africa, America and Asia(Roll 2017). The organization was founded in the year 1994 in Singapore, and at present, it holds 36 resorts and hotels. The company owns and manages intellectual property, manages hotels and resorts, selling merchandise, offering marketing, travel, tourism management services to the customers as per their real requirement. Its spa services are also famous in the entire market where it operates and through this large number of individuals are attracted towards the product and service range. The Company operates in the hospitality sector and renders tourism services to different type of customers. The main products and services offered are spa, resort, destination club membership, residences, signature spa products, retail outlet, luxurious holiday, etc. The key competitors of the company are four seasons and Shangri- La Asia Ltd that are operating in the same industry(Holdings 2016). So, in order to deal with these companies, it has become necessary for the business to differentiate its services from those of other companies operating in the market. At present organization is focusing on expansion strategy where the company is trying to establish its business in the Indian market so as to grab the range of opportunities present. This has somehow supported in accomplishing the key goals of the enterprise, and in turn, long term performance of the entity has been improved through this. Organizational Structure Above shown is the organizational chart of Banyan Tree holdings that reflects the key positions present within the organization. Further, the main responsibility lies with the board of directors who are responsible for conducting the major business operations and taking decisions for the overall welfare of the company. Further, they focus on expansion and other sort of investment activities that can surely benefit an organization in the near future(Barr 2014). Apart from this, company executives are present that involves CFO, Head of HR, resort operation manager, chief marketing officer, etc. They also play the most integral role in the organization where different strategies are designed for managing operations of the enterprise. In the below hierarchy all the country managers are present such as Indonesia, China, Maldives, etc. who are assigned responsibility to manage operations such as supply chain, marketing, dealing with customers, etc. The degree of decentralization within the organization is very high where not only top executives and individual working at top management takes all the strategies decisions, but all the employees are working at the lower level are considered. Every employee is considered to be an integral part of the business, and they are encouraged to give their views for the development of the business(Benckendorff Lund-Durlacher 2013). High degree of decentralization has somehow assisted Banyan Tree Holdings to focus on expansion and taking other form of strategic decisions. Different responsibility centers have been undertaken by Banyan Tree Holdings where major one involves investment, revenue, profit, and cost. These four centres are most important within the organization where investment centre which is regulated by top executives of the business focuses on searching for new areas where Banyan Tree can allocate funds, revenue centre focuses on analyzing the income level and ways to improve it, cost centre focuses on determining the ways to reduce cost and at last profit one compares the present profitability level and it is compared with the previous year(Bloomberg 2016). Literature Review Environmental Responsibility In the modern era, with the rise in the level of environmental concern, it has become necessary for every organization to focus on environmental practices through which adverse impact on the environment can be reduced to an extent(Cherapanukorn Focken 2014). Further, the practice of every company matters a lot where businesses have to ensure that their overall practices are environmentally friendly. Considering the case of Banyan Tree holding where primary business of the enterprise is development, management, and ownership of hotels and resorts. The organization strongly focuses on embracing the environment greening communities where in the year 2010 around 2510 trees were planned and the target was of 8000. In different areas company has set the target that is associated with plantation of the tree and this allows business to reduce environmental impact in every possible manner(Khalid Phang 2013). Banyan Tree Holdings is indulged into various types of programs that are seafood savers program, awareness activities, monitoring flora and fauna etc. Every company operating in the market has some sort of responsibility towards the environment such as planting trees, working in favor of reducing pollution, setting targets in relation to environmental protection, adopting eco-friendly tools. So, all these measures have been strictly taken by the organization where the main motive behind the same is to reduce adverse impact on the surroundings, and this has the positive impact on the brand(Rezaee Choi 2015). In the year 2007, the organization took the initiative with the motive to conserve natural resources and in the year 2010 the process of environmental benchmarking was undertaken along with the certification through the EarthCheck tool. Banyan Tree Holdings has developed benchmarking policy through which company sets targets in relation to environmental protection. Apart from this, it has been analyzed that tourism impact on the environment is unfavorable and it is the moral responsibility of every business to take some corrective actions so that its overall activities are in favor of the environment where it operates. Resource conservation techniques have been undertaken by the organization which takes into consideration energy consumption, water consumption, GHG emission, etc(Lin 2015). This directly reflects the contribution of the business in protecting the environment in every possible manner and is advantageous for the organization. Taking initiatives for environmental protection has the positive impact on the business where its brand is positively perceived by the customers in the market. Apart from this, it is one of the key social responsibility of the business to safeguard environment where it operates. Dealing with the environmental concerns directly allows business in gaining competitive advantage and has the positive impact on long term performance(Roll 2017). Considering the external analysis of the business environmental factor is also most crucial where every organization is analyzed on the basis of its environmental practices, and its overall effectiveness creates favorable results for the organization in every possible manner. So, this is the main reason due to which Banyan Tree Holdings focuses on this factor Performance Measurement System and Reward In order to evaluate the overall performance of senior management and the employees in the workplace, Banyan Tree Holdings have taken various measures through which it can be known whether top executives are operating efficiently or not. Apart from this, the benchmarking system has been undertaken where benchmark has been set for every employee, and through this, it is known where efforts applied by senior management team is appropriate or not. Moreover, another criterion that organization has undertaken is considering the performance of hotel and resorts as in case if the performance of any specific resort is high then in such case the senior employee who is assigned responsibility to look after that property is considered to be efficient(Song Zhang 2014). Time to time performance review systems are undertaken, and on the basis of different criteria, performance is evaluated such as contribution in the development of strategic plans, business plans and policies for the business, et c. All these key elements are considered to be most crucial at the time of determining the performance of the senior manager or any other employee present in the organization. Proper reward system has been undertaken where monetary benefits are provided to the employee along with the bonus scheme that enhances the contribution of the workforce in the major affairs of the enterprise(Wirtz 2016). The current performance measures undertaken are directly associated with the business strategy and key success factors of the company. It has been found that employee performance is judged on the basis of companys performance and in case if the organization is efficiently performing in the market then it has the positive impact on the employees and vice versa. Apart from this, the contribution of senior employees in developing environmental policies are also high, and this has positively affected the entire organization in every possible manner(Wang et al. 2015). Recommendation and Conclusion The entire study carried out has supported in knowing organizational structure of Banyan Tree which is quite effective and supports in accomplishing the major goals of the enterprise. Apart from this, the environmental responsibility of the business is managed in the proper manner that has the positive impact on the organization. Moreover, the performance measurement system such as benchmarking has allowed the company to measure the performance of its senior manager in proper form. Recommendations It is recommended to Banyan Tree Holdings to carry out environmental analysis on continuous basis for analyzing the key issues present in external environment for development of strategies Involvement of lower hierarchy must be high as they hold responsibility to deal with the customers and through this development of better strategies is possible It must be ensured by top executives that environmental practices are aligned with the business objectives, and they must be kept on priority. References Barr, MD 2014, 'The bonsai under the banyan tree: democracy and democratisation in Singapore', Democratization, vol 21, no. 1, pp. 29-48. Benckendorff, P Lund-Durlacher, D 2013, International cases in sustainable travel tourism, Goodfellow Publishers, India. Bloomberg 2016, Company Overview of Banyan Tree Holdings Limited, viewed 9 September 2017, https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=20727071. Cherapanukorn, V Focken, K 2014, ' Corporate social responsibility (CSR) and sustainability in Asian luxury hotels: Policies, practices and standards', Asian Social Science, vol 10, no. 8, p. 198. Holdings, BT 2016, BANYAN TREE HOLDINGS LIMITED ANNUAL REPORT 2016, viewed 9 September 2017, https://investor.banyantree.com/PDF/Annual_Reports/2016/BTH_AR2016.pdf. Khalid, SNA Phang, ST 2013, ' Towards Sustainable Tourism: Synergizing Environmental And Social Practices In The Hospitality Context. ', Building The Future Of Tourism, p. 222. Lin, IY 2015, Marketing Global Luxury Spa and Wellness Trends, Experiences, and Challenges. In Handbook of Research on Global Hospitality and Tourism Management, IGI Global., USA. Rezaee, Z Choi, EKC 2015, ' The relevance of business sustainability in the hotel industry.', Sustainability in Hospitality: How Innovative Hotels are Transforming the Industry, p. 25. Roll, M 2017, Banyan Tree Branded Paradise From Asia, viewed 9 September 2017, https://martinroll.com/resources/articles/asia/banyan-tree-business-brand-strategy/. Song, H Zhang, Z 2014, 'Evaluation of Sustainable Tourism Development of the Hotel Industry in Hainan, China by Earth Check', Open Access Library Journal, vol 1, no. 9, p. 1. Wang, YC, Liu, WY, Ko, SH Lin, JC 2015, 'Tree species diversity and carbon storage in air quality enhancement zones in Taiwan', Aerosol and Air Quality Research, vol 15, no. 4, pp. 1291-1299. Wirtz, J 2016, 'Banyan Tree: Designing and Delivering a Branded Service Experience', In SERVICES MARKETING: People Technology Strategy, pp. 633-642.