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The balanced scorecard in the hotel industry
Ivankovič, Gordana
The hotel industry has its own accounting manual which accountants working in the industry can refer to whenever they are unsure about how to treat a particular transaction. The manual is regularly ...updated for changes, which is most important in a dynamic industry. One of the problems with accounting figures is that the financial consequences of the uncompleted chains of actions extend beyond the time of measurement. For instance, performance measures of some accounting systems ignore the financial value of a company s intangible assets such as research in progress, human resources and the goodwill as well as the bad-will, which the company has built. While possibly improving short-term profitability, such actions may lead to low efficiency and loss of customer loyalty and satisfaction, which may render the company vulnerable to competitor attacks. The balanced scorecard (Kaplan and Norton, 1996a) is distinct from other strategic measurement systems in that it contains outcome measures and the performance drivers of outcomes, linked together in cause-and-effect relationships (Kaplan and Norton, 1996 a, p. 31; Kaplan and Norton, 1996b, p. 53), making the performance measurement system afeed-forward control system (Haas and Kleingeld, 1999). Furthermore, the balanced scorecard should be able to align departmental and personal goals to overall strategy (Kaplan and Norton, 1996a, p. 10). The paper deals with the experience of the balanced scorecard introduction in three different hotel chains and considers the possibility of its introduction into the Slovene hotel industry.
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