Advances in Financial and Hospitality Management Accounting

Dear Colleagues,

This Special Issue aims to explore innovation in hotel management practices, particularly those related to accounting systems, as a way of promoting business sustainability in a sector that has a considerable impact on the wealth of several countries that depend on tourism.

Financial and management accounting has been significantly impacted by artificial intelligence (AI), which has changed accounting tasks and promoted improvements in financial systems. Furthermore, AI improves decision quality and is very important for a company’s future (Jia et al., 2022). Predictive analytics has become more common in hospitality management accounting to forecast demands, optimize staffing, and make data-driven decisions. According to Khalil et al. (2023), hotel managers have to rely on significant big data analytics capabilities to improve hotel performance. Technological advances allow access to financial data continuously, implying more up-to-date information for decision-making. Hotels are implementing integrated financial systems that connect various aspects of their operations, such as front-office, back-office, and point-of-sale systems. In addition, integrated performance systems have been provided, in which environmental and financial aspects are combined (Becerra-Vicario, et al. 2022). These systems streamline data flow and enable real-time financial reporting and analysis. Hoteliers also use management accounting systems for decision-making in the short and long term. In this system, financial and non-financial indicators are used (Mia and Patiar, 2011). Cloud-based accounting software can also be used, allowing companies to access financial data from anywhere and providing scalability for growing operations. The relationship between digital transformation and digital leadership implies the accomplishment of companies using cloud accounting in emerging markets (Hung et al., 2023).

Sustainability reporting has increased its emphasis, and companies must report their environmental, social, and governance performance. With growing environmental and social responsibility awareness, hotels and resorts are adopting sustainable accounting practices. This involves measuring and reporting energy consumption, waste reduction, and other eco-friendly initiatives. Environmental sustainability in the hospitality industry is a challenging process in which hoteliers face various obstacles (Khatter, 2023). According to the fast growth of the hospitality industry, a need to adopt sustainable financial practices arises.

Hospitality businesses benchmarking has increased, involving specific key performance indicators (KPIs) (Lima Santos et al., 2022). Dutescu, et al. (2014) refer to the existence of a dynamic in indicators when the need arises to provide the definition and the usage of these indicators. The hospitality industry has seen significant advancements in revenue management systems, which helps hotels to maximize their revenue. According to Kimes (2017), total hotel revenue management is the trend of the future, and RM decisions will be supported by technology. Hospitality management accounting has become more focused on controlling costs and improving efficiency, and that has implied the use of several management accounting practices (Campos, et al., 2022).

Building on the above literature review, this Special Issue aims to fill research gaps on advances in financial and management accounting applied to the hospitality industry, and the proposed topics are as follows:

• Application of accounting standards and regulations in hospitality management;
• Artificial intelligence (AI) in hospitality financial accounting;
• Artificial intelligence (AI) in hospitality management accounting;
• Balanced scorecard in the hospitality sector;
• Cost management strategies in the context of hospitality operations;
• Financial analysis and performance evaluation in the hospitality sector;
• Financial decision-making and strategic planning for hospitality enterprises;
• Financial implications of sustainability practices in the hospitality industry;
• Financial sustainability in the hospitality sector;
• Hospitality benchmarking;
• Hospitality cloud-based accounting software;
• Hospitality-integrated financial systems;
• Hospitality management accounting practices;
• Hospitality predictive analytics;
• Hospitality sustainability metrics;
• Hospitality sustainability reports;
• Innovation in financial reporting for hospitality businesses;
• Innovation in hotel financial management;
• Integration of financial accounting practices in the hospitality sector;
• Revenue management and pricing strategies in the hospitality industry;
• Risk management and internal control systems in hospitality businesses;
• Technology-driven advancements in financial and management accounting for hospitality services;
• Other topics related to the theme of this Special Issue.

Articles should present original research, theoretical studies, case studies, or critical analyses that address the proposed topics or other innovative perspectives related to “Advances in Financial and Hospitality Management Accounting”. Articles must comply with the formatting guidelines and presentation instructions that authors can find on the journal's website. All articles submitted for this Special Issue will be subjected to a peer review process, guaranteeing the quality and originality of the contributions.

References

1. Becerra-Vicario, R., Ruiz-Palomo, D.,  Fernandez-Miguel, S., and Gutierrez-Ruiz, A. (2022), Examining the effects of hotel reputation in the relationship between environmental performance and hotel financial performance, Journal of Hospitality and Tourism Management, 53, pp. 10-20.
2. Campos, F., Gomes, C., Cardoso, L., Lima Santos, L. (2022) Management Accounting Practices in the Hospitality Industry: The Portuguese Background. International Journal of Financial Studies, 10(4), 88. https://doi.org/10.3390/ijfs10040088.
3. Dutescu, A, Popa, A.F., Ponorica, A.G. (2014). Sustainability of the tourism industry, based on financial key performance indicators, Amfiteatru Economic Journal, 16(8), pp. 1048-1062.
4. Hung, B.Q., Hoa, T.A., Hoai, T.T. (2023). Advancement of cloud-based accounting effectiveness, decision-making quality, and firm performance through digital transformation and digital leadership: Empirical evidence from Vietnam, Heliyon, 9 (6).
5. Tiejun, J., Cheng, W., Zhiqiang, T., Bingyin, W., and Feng, T. (2022). “Design of Digital and Intelligent Financial Decision Support System Based on Artificial Intelligence”, Computational Intelligence and Neuroscience, https://doi.org/10.1155/2022/1962937.
6. Kimes, Sheryl E. (2017). The Future of Hotel Revenue Management, Cornell Hospitality Report, 17(1) www.chr.cornell.edu.
7. Khalila, M.L., Aziza, N.A., Longb, F., and Zhang, H., (2023). What factors affect firm performance in the hotel industry post-Covid-19 pandemic? Examining the impacts of big data analytics capability, organizational agility and innovation, Journal of Open Innovation: Technology, Market, and Complexity, 9, 100081.
8. Khatter, A. (2023). Challenges and Solutions for environmental sustainability in the hospitality sector, Sustainability, 15(15), 11491; https://doi.org/10.3390/su151511491.
9. Lima Santos, L., Gomes, C., Malheiros, C., & Campos, F. (2022). Measuring the hotels' performance using profitability ratios. Academy of Accounting and Financial Studies Journal, 26(S6), 1-12.
10. Mia, L., and Patiar, A. (2001). The use of management accounting systems in hotels: an exploratory study, International Journal of Hospitality Management, 20(2), pp. 111-128.

Dr. Luís Lima Santos
Dr. Lucília Cardoso
Dr. Conceição Gomes
Dr. Giuseppe Catenazzo
Guest Editors

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• balanced scorecard
• cost management
• hospitality financial accounting
• hospitality financial analysis
• hospitality financial management
• hospitality financial reporting
• hospitality sustainability practices
• integration of accounting practices
• internal control systems
• hospitality management accounting
• performance evaluation
• pricing strategies
• revenue management
• risk management
• technology-driven advancements