Now in its third edition, Profit Planning is a complete guide to using key managerial accounting techniques for planning, controlling and improving profitability at the business property level – the "cutting-edge" of routine decision making. Written in a user friendly style, using a minimum of theory and technical jargon, it assumes readers already have a basic knowledge of accounting in relation to profit statements, balance sheets and cash flow. Unlike other financially-related publications which focus on theory, Profit Planning demonstrates ‘how’ to apply accounting techniques in practical day-to-day financial decisions. The content contains concise explanations and illustrations in the context of ‘live’ business situations – rather than ‘why’ and draws directly on the author’s applied research and consulting experience developing accounting and benchmarking techniques for a wide range of hospitality and tourism sector organisations. New to this edition: New easy reference bullet point format, allowing the reader to dip into specific methods and techniques; New research and developments applicable to practitioners at the property (unit) level; New chapters incorporating the author’s profit planning framework implemented in numerous independent and international hotel and tourism organisations; A new chapter on comparing & benchmarking performance for monitoring results against competitive set; A new chapter on customer profitability analysis for identifying customer profiles in terms of profit contributors and loss-makers; Extensive revision of many other chapters, such as those on pricing and financial statements. Essential reading for third year undergraduate and post graduate students of hotel management and professional managers, entrepreneurs, accountants and financial controllers engaged in the hospitality and tourism sectors; particularly those offering room, food & beverage and spatial-related services.