Chapter 1. A Strategic Managerial Accounting Perspective to Hospitality, Tourism & Events operations. Objectives. After studying this topic you should be able to : Understand the difference between managerial and other forms of accounting;
A Strategic Managerial Accounting Perspective to Hospitality, Tourism & Events operations
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.
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.
The combination of hospitality, tourism and events
Range of products and services offered
Concurrent production and consumption
A real time activity
Nature of labour
Operating cost structure
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.