| Welcome to the eighth edition of Hospitality Management Accounting! Your studies of the hospitality, tourism, and service industries are taking place during a time of amazing growth and success. Around the world, new operations are being created, while established companies continue to expand their products and services, which, in turn, enhances competition. This increasing growth and competition affects not only hospitality operators, but also the potential customers they seek to serve.
Across the industry, hospitality operators and managers are relying on managerial accounting techniques to help them thrive in this expanding environment. The industry as a whole is becoming more cost and profit conscious, while potential customers are placing increased importance on price, quality, and the level of services they receive. Hospitality industry providers have begun focusing greater attention on increasing their revenue, minimizing costs, and maximizing profit levels, without affecting the quality of service they can provide, relative to the cost of providing those services.
Hospitality Management Accounting continues to evolve with the industry, to give students a solid understanding of how they can use managerial accounting skills in their future careers. This text makes no attempt to cover the detailed concepts and mechanics of financial accounting, or the detailed procedures of bookkeeping. However, Chapter 1 presents a complete review of the basic fundamentals of financial accounting. The scope and content is designed for the student who is taking courses that are related to the managerial aspects of the hospitality industry and are, by their nature, accounting oriented. Although most of the chapters are quite complete, they are not, nor are they meant to be, exhaustive. This book is introductory in nature and it is hoped that the reader will be prompted to independently explore some of the topics in other books where they are discussed in greater detail. |
