THE ROLE OF COST ACCOUNTANTS IN BUDGETING AND FORECASTING IN THE HOSPITALITY INDUSTRY
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- NGN 3000
Abstract: THE ROLE OF COST ACCOUNTANTS IN BUDGETING AND FORECASTING IN THE HOSPITALITY INDUSTRY
This study investigates the role of cost accountants in budgeting and forecasting within the hospitality industry in Enugu. The objectives are to assess how cost accountants contribute to budgeting and forecasting processes, evaluate their impact on financial performance, and identify the challenges faced. A survey design was used to gather data from 200 financial managers and cost accountants, calculated using Taro Yamane's formula. A case study of a leading hotel in Enugu provided detailed insights. The reliability coefficient score was 0.87. Findings indicate that cost accountants play a crucial role in budgeting and forecasting by providing detailed cost information and facilitating better financial planning. However, challenges such as data collection difficulties and compliance issues were identified. Recommendations include providing more training for cost accountants, simplifying data collection processes, and integrating cost accounting with other financial management practices to enhance overall performance.
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