Naslov
Uniform System of Accounts for the Lodging Industry and performance benchmarking

Autori
Jankovic, Sandra ; Persic, Milena

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), ostalo

Izvornik
Znanje in poslovni izzivi globalizacije v letu 2010 // Knowladge and business challange of globalisation in 2010 / Merkač- Skok, Marjana - Celje : Fakulteta za komercialne in poslovne vede, Celje, 2010, 395-411

ISBN
987-961-6825-36-8

Skup
Znanje in poslovni izzivi globalizacije v letu 2010 // Knowladge and business challange of globalisation in 2010

Mjesto i datum
Celje, Slovenija, 18.11.2010. - 19.11.2010

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
USALI; performance measurement; benchmarking; IFRS 8; hospitality industry

Sažetak
This paper develops framework for performance benchmarking in the Croatian hospitality industry. The framework consists of financial and nonfinancial performance measures, based on Uniform System of Accounts for the Lodging Industry (USALI) and International Financial Reporting Standard 8 (IFRS 8). They provide the possibility for comparing performance of specific business processes and operating segments in hotel on the national and worldwide level. Benchmarking is defined as a set of activities that use performance indicators to assess and manage the performance of organizations. Benchmarking based on the USALI and IFRS 8 provides a snapshot of the performance of hotel business, and helps understanding their position and quality within same category and type of hotels. The possibilities of applying new IFRS 8 and USALI standards for external comparing of the internal results assess overall hotel competitiveness and productivity. The experiences of the segment reporting system used in worldwide hotel industry are also undoubtedly valuable to estimating the impact of IFRS 8 and USALI in the process of presenting internal information to the external users. Hotel segment reporting requires higher degree of harmonization of financial and management accounting. It is a process that abandons some traditional management accounting tools, and adopts different techniques in internal reporting. Segment reporting offers the possibility for comparing segment results with those of target firms, or in order to make improvements in relation to the best practice in Croatian and worldwide hotel industry.Application of benchmarking involves understanding of existing business processes, to implement the steps necessary to close the performance gap. Based on the case study method, the aim of this paper is to develop a benchmarking methodology for monitoring hotel business operations on the national and international level. Performance benchmarking will be examined in the framework of globalization and advances of increasing needs of information technology, based on the researched experience of application of USALI standards in Croatian’s hospitality industry. Today's hospitality industry business owner is regularly confronted with new business problems and opportunities. Running a hotel requires the ability to look outside the business for solutions, ideas, and best practices. It allows hotel managers to develop plans on how to make improvements or adapt specific best practices, with the aim of increasing some aspects of performance and in. Benchmarking may be a one-off event, but is often treated as a continuous process that provide basis for making business decisions, improve profitability of hotel operations, and ensure achievement of excellence.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

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