Perspective to Hospitality,

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10 Νοε 2013 (πριν από 3 χρόνια και 11 μήνες)

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©
2012 Jones
et al:
Strategic Managerial Accounting:
Hospitality, Tourism & Events Applications

6thedition
,
Goodfellow

Publishers


Chapter
1


A Strategic Managerial Accounting
Perspective to Hospitality,
Tourism & Events operations

©
2012 Jones
et al:
Strategic Managerial Accounting:
Hospitality, Tourism & Events Applications

6thedition
,
Goodfellow

Publishers

Objectives


After studying this
topic
you should be able to
:



Understand the difference between
managerial and other forms of accounting;


Explain the main characteristics and feature
of the hospitality, tourism and events
businesses and their implication for
accounting;


Reflect on the way managers can utilise
strategic management accounting information
to aid planning, control and decision making.


©
2012 Jones
et al:
Strategic Managerial Accounting:
Hospitality, Tourism & Events Applications

6thedition
,
Goodfellow

Publishers

The differences between
financial and management
accounting






Financial Accounting

Management Accounting

Users

External to organisation, including
Shareholders, Lenders, Suppliers, Regulatory
Authorities, Government, Employees,
Customers

Internal to organisation, including Managers
at all levels

Purpose

Reporting for Accountability and Corporate
Governance purposes. Historically focused,
recording what has happened.

Decision Support
-

information designed to be
used by non
-

accountants to aid them in
decision making. Forward focused, using
financial information to aid the future of the
operation.

Frequency

Annual
-

Routine

Monthly, weekly, daily, either routine and
non

routine reporting (ad hoc)

Level of reporting

Whole organisation, plus some limited
reporting of different segments of business

Multiple levels


unit/venue level, product or
service level, departmental level, by
customer, geographic region or whole
organisation as required

Type of data

Financial data and compliance data

Financial and non
-
financial data

Focus of reporting

Accurate and verifiable (audited)

Timely and useful, to aid managers

Regulation

Regulated by General Accepted Accounting
Principles (GAAP), rules established in
international financial reporting standards
(IFRS) and specific International Accounting
Standards (IAS)

No regulation, or requirement to use

©
2012 Jones
et al:
Strategic Managerial Accounting:
Hospitality, Tourism & Events Applications

6thedition
,
Goodfellow

Publishers

Hospitality , Tourism and
Events interaction




Strategic Management accounting
: extends management
accounting as it is externally focused (market & competition)
and extends from using financial data to incorporate non
-
financial data and is strategic in focus.


Strategic
management

accounting
is an accounting
discipline.


Strategic
managerial
accounting
is the use by managers
of strategic management accounting to support their decision
making in a competitive environment.

©
2012 Jones
et al:
Strategic Managerial Accounting:
Hospitality, Tourism & Events Applications

6thedition
,
Goodfellow

Publishers

Hospitality , Tourism and
Events interaction




Attending an
international
sporting
event

Staying within a local hotel
for the event is
hospitality

Running the
event

is
event management

Travel agent booking'
transport, event tickets, and
hotel is
tourism


The combination of hospitality,
tourism and events

©
2012 Jones
et al:
Strategic Managerial Accounting:
Hospitality, Tourism & Events Applications

6thedition
,
Goodfellow

Publishers


Customer provision
combinations in hospitality,
tourism and events






Hospitality

Tourism

Events

Hospitality

Contract catering

Hotel
accommodation
as part of a tour
package

A wedding,
including the
provision of
specialist catering
services

Tourism

A business
tourist, booking
his hotel through
a travel agent

A water sports
business at a
tourist resort

A charity
international trek
event

Events

Provision of
accommodation
for those that
attend a trade
show / exhibition

The booking of
holidays to
international
sporting events

Running a local
civic event (that
does not include
hospitality
provision)

©
2012 Jones
et al:
Strategic Managerial Accounting:
Hospitality, Tourism & Events Applications

6thedition
,
Goodfellow

Publishers

Characteristics
of
hospitality, tourism, &
events




Fixed capacity


Changeable demand


Perishability


Range of products and services offered


Concurrent production and consumption


A real time activity


Business size


Nature of
labour


Location implications


Capital intensive


Operating cost structure


©
2012 Jones
et al:
Strategic Managerial Accounting:
Hospitality, Tourism & Events Applications

6thedition
,
Goodfellow

Publishers

Summary



Accounting and finance is split into three key
areas (Financial
accounting, Management accounting and Financial
management).



Management accounting provides managers with information to
aid decision making
.



Strategic managerial accounting is the management use of a
range of financial and non
-
financial data, with an external
perspective for strategic decision making
.



The nature of hospitality, tourism and events provides a number
of key characteristics that impact on appropriate managerial
accounting techniques that are useful.