Applied Project 2 School of Accounting & Finance
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Applied Project 2 School of Accounting & Finance
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ItemHow has the financial management of small and medium hospitality businesses been coping with COVID-19?( 2022-11)The outbreak of COVID-19 caused a worldwide shutdown and impact; as a result, industries that were constantly growing suffered significant losses and were forced to seek solutions and financial strategies to ensure continuity in the foreseeable future. This investigation focused on the integration of cash flow monitoring, budget control, risk management, e-marketing, and the risks and opportunities of investing in a COVID-19-affected market. The study used an interpretivist methodology and conducted five qualitative interviews with participants, concentrating on their perspectives, experiences, and motivations to learn more about the phenomena. The purpose of this investigation was to determine how finance managers and hospitality business owners use financial tools and what adjustments have been made to continue operations in a highly volatile market. Furthermore, the study sought to identify the competitive advantages of financial strategy in small and medium-sized hospitality businesses. The findings revealed that using the financial tools discussed in the study helps with business organisation, planning, and control. Small and medium-sized hospitality businesses can significantly benefit from financial tools in the same way that large corporations do, but the process requires knowledge and can be costly at times. It should be noted that the elements that comprise the financial system have a high degree of control and planning, which can improve operations and generate more security and opportunities even in the face of a volatile market.
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ItemExploring the Financial Life of International Students in Ireland in 2022( 2022-11)Ireland has become a Central pole for International students in the past few years. There are many reasons why students choose Ireland over other countries for their higher education. Some of the reasons are that the country has a wealthy cultural heritage, the people are very friendly and welcoming, there is a high standard of living, and it has a very high-quality education. However, International students may face some difficulties when related to money matters. This Research was conducted to understand and explore the patterns of students’ Financial lives in Ireland, the motivation for this study comes from the interest of the author to discover if International students are prepared or have been educated to manage their finances among everything that being a student abroad brings. the language barrier, different cultures and being apart from their family has a direct influence on it. In order to support the main goals of this paper, a Literature review has been conducted on existing studies about Financial Education, demonstrating how can it help students if teach from early stages in their life, also, literature about Ireland's situation has been researched and authors thoughts about financial management and planning. In addition, this study conducts a survey in order to a real experience of students about the themes. Findings and discussion bring the results for the questionnaire, using descriptive analysis to comprehend the results and compare with the literature review, highlighting supportive and contrastive points presented by authors in comparison with students and demonstrating how important financial education is for students and how it should be discussed in a more widely view
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ItemWhat international students know about finances in Ireland?( 2022-11)Ireland has grown as a study abroad destination over the past decade. Many international students come here with the aim of developing their language and getting an academic education. However, living outside your country of birth requires some important skills such as dealing with finances. This means understanding how the host country's financial system works and being able to live within a budget. The information acquired for this project's purposes came from secondary research in the literature review. To get statistical information, an online survey among international students was conducted. This study aimed to provide an insight regarding what students know about finances in Ireland and how it affects their quality of life while in the country. This is because many studies suggest that the sooner individuals learn to deal with their own finances, the better their daily performance will be and, consequently, their quality of life will be directly affected. The results showed that despite having prepared themselves financially to get here, there are still many questions about finance that remain unanswered in the minds of these students and a scenario with everything to be promising becomes complicated. Although many of them think about investing in the country after graduating, the lack of financial education and economic difficulties make them rethink their long-term plans.So, the tendency is for them to return home
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ItemThe importance of internal controls and process management as a tool to develop small and medium companies( 2022-11)In a highly competitive world, companies must have processes that are clearly linked to their strategies, and internal controls help to promote efficiency, reduce the risk of asset loss, and ensure the reliability of financial statements and compliance with laws and regulations. Thus, successful organizations define performance measures that direct attention, identify and communicate success, foster organizational learning, and serve as a foundation for evaluation and reward. To be a high performer, organizations must examine their customers and all business stakeholders critically to determine how well they are meeting their needs, as well as continuously improving their services through asset accumulation, value creation, service quality and flexibility, and internal control. The perception of this tool as an essential component of business strategy remains a challenge for medium sized businesses. The goal of this study is to learn about internal controls and how they are perceived by employees in medium-sized businesses in Ireland. The survey had 97 respondents and collected data via an online questionnaire, which was then analyzed using descriptive statistics. The findings show that, while most businesses have some basic internal control processes in place, there are still significant gaps to be filled, such as the clear design of communication flows, the establishment of internal processes, and clearer control guidelines.
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ItemIs finance literacy linked to working-class people's money expenditure and savings behaviour?( 2022-11)The study aimed to determine whether financial literacy affects how working-class people spend and save their money. The primary objective was to establish how important it is to have a fundamental knowledge of finance in order to make better financial decisions and, as a result, more readily improve living conditions. In order to conduct the study, 93 randomly selected participants from various nationalities and backgrounds were given survey questions. The sole requirement for participation was that participants must be covered by a current work contract in order for the responses about the balance of their income and expenses to be more accurate. Along with basic questions like age and income, they were asked about their money spending, income balance, history of financial education, inflation knowledge, investment attitude, and investment risk perception. The relationship between financial behaviour and education has been found to exist. People who have received financial education often handle their money responsibly, have better investment attitude, and have clear risk assessments when it comes to investment decisions.