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STRATEGIC MANAGEMENT
APPROACH IN SUPPORT OF
ACCOUNTING
MANAGEMENT WITHIN THE
HOSPITALITY INDUSTRY
SRH DRESDEN
23.06.2017
Table of Content
Overview .................................................................................................................................... 2
Problem Proposal ..................................................................................................................... 2
Strategic Management within the Hospitality ................................................................. 3
Strategic Accounting Management within the Hospitality ......................................... 5
Role of Accounting in organizatinal decision-making .............................................. 6
Branches of Accounting within the hospitality ................................................................ 7
o Financial Accounting.................................................................................................. 7
CASE EXAMPLE I. ............................................................................................................... 9
o Cost Accounting ........................................................................................................ 10
CASE EXAMPLE II. ............................................................................................................ 10
o Tax Accounting .......................................................................................................... 11
CASE EXAMPLE III. ........................................................................................................... 11
o Auditing......................................................................................................................... 11
o Managerial Accounting .......................................................................................... 12
Differences between a strategic and traditional approach to accounting ....... 13
Conclusion ............................................................................................................................... 14
Bibliography ............................................................................................................................. 15
Overview
The topic of this seminari work is to find strategic support of the accounting
management branches within the hospitality, and which tasks should be
done by the hotel management accounting, from strategical point of
view. The paper was written with the purpose of understanding Strategic
and Accounting Management, and how strategic steps support decision
making processes in practice.
Problem Proposal
1
http://www.businessdictionary.com/definition/strategic-management.html
Asset Management
equipment replenishment
plan
investment property
management
inventory
capital management
investment/purchasing
security
Result
Financial maintenance
Management
Management
profitability plan
financial plan capacity - colume
controlling cost management
accounting income statement
management
STRATEGY profitability
Human Resource
Management
Revenue
Management resource plan
1. figure
/In order to see through the importance of Accounting and how strategic
approach helps to make the most effective decision, case examples will be
used./
o Financial Accounting
2
https://www.accountingcoach.com/blog/what-is-owners-equity
The third major financial statement is the Cash Flow Statement. It captures
the cash income and outcome during the given business cycle. It can be
divided into operating activities, investing activities and financing
activities.
These documentations help to record and report the financial status and
statement of the business for a certain period, which is the ground of
thinking about development and implementation, where the strategy
comes. Financial reporting is a hint for strategy setup, as it was learned
during the lessons.
CASE EXAMPLE I.
There is Lucy, who wants to open her own bistro. The bistro would be
located ont he main street of Hamburg, selling breakfasts, hot drinks.
Lucy first wants to make sure that the idea would be profitable, thus her
main financial considerations and questions would be:
o How much revenue can a bistro generate on an average day?
o How much should i spend to have a properly staff?
o How much should i spend on the equipments, what I would need in
order to be able selling the products?
o Considering the size and location of the bistro, how much should i pay
for insurances?
o How much profit is expected in the first year?
These questions can be answered by setting up financial plan and budget.
o Cost Accounting
3
http://catalogimages.wiley.com/images/db/pdf/9780471723370.excerpt.pdf
o Tax Accounting
Tax is regarded as the charge by governments on the businesses' income
and consumption. It can be varified by countries, strates.
Tax Accounting is the branch, which includes the required documents
and reports, properly on the requirements of the government.
The expert tax accounts and their techniques grand that the businesses
and organizations meet the legitimate tax obligations during the
operation.
Managers should build not only strategies of implementations, but be
aware of that the provisions still compliance the obligations.
o Auditing
o Managerial Accounting
4
http://catalogimages.wiley.com/images/db/pdf/9780471723370.excerpt.pdf
Differences between a strategic and traditional approach to
accounting5
5 Management Accounting for the Hospitality, Tourism and Leisure Industries: Strategic Approach
(Second edition)
Conclusion
As the cases, theories show, there is not only a link between strategic
management and accounting management, but strategic approach has
a huse impact on accounting, in order to maintain competitiveness,
efficiency and transparency.
From the study, the conclusion is, that without using of the mentioned and
analysed branches of Accounting with the support of strategic approach
and techniques, an impenetrable system can be generated, without
seeing through the steps and processes, which would be needed for the
further implementation.
Bibliography