Dynamic business environment, rise in the share of overheads in total costs, strong competition on the global market and numerous other challenges that organizations are facing have imposed the need to reexamine the existing, design new costing methods and apply more appropriate management tools to improve management information basis, maintain and improve competitive advantage. In addition to traditional costing methods, organizations apply the methods adapted to the changing business environment, such as Activity-Based Costing (ABC). The positive experiences of manufacturing organizations which apply activity-based costing have led to the expansion of ABC application among service organizations. Changes in cost accounting are in line with changes in performance measurement systems, all for the purpose of improving the functioning of organizations and successfully responding to the demands of a changing business environment. The paper analyzes the possibility of applying activity-based costing and Balanced Scorecard in sports organizations that provide a large number of specific services.

Required customer value, just in time delivery, elimination of all forms of waste from production and all business processes in the company and the like are basic characteristics of lean business concept. Achieving and maintaining competitive advantage, implies to carefully consider and apply the five principles of the Lean concept and establish a value stream. Primarily, the Lean concept was applied in the production process, but due to the numerous perceived benefits, the Lean concept can be applied in all company processes, including accounting. Lean accounting involves changing financial reporting, business process control and business decision-making processes. Lean accounting relies on the value stream with all income and expenses. The paper analyzes the application of value stream costing and financial effects of business improvement using the Lean concept.

Competitive advantage can be seen as the superiority of some market participants to properly use resources and utilize key competencies to deliver greater value than competitors, without compromising product quality and functionality. In that sense, accounting, especially management accounting, successfully responds to managers’ needs for information that will be their adequate support in strategy implementation. Lean concept and target costing are just some of the concepts whose strategic orientation can be a good support to managers. The aim of this paper is to point out the similarities and differences between lean concept and target costing and to show on a practical example how these concepts bring business improvements in supply chain.

When assessing the company’s financial position and perfor­mance, we most often use financial indicators such as net income, rate of return on assets, rate of return on equity, cash flow and the like. However, dynamic business conditions have brought the need to use an integrated (composite) indicator, especially for a comparative long-term analysis of several companies. The composite indicator consists of individual indicators (variables) and allows for a comprehensive assessment of performance in order to get a full picture of the company’s business that all stakeholders can understand. The application of this indicator is possible at the national and international levels. Therefore, this paper aims to point out how perfor­mance measurement using a composite indicator facilitates the assessment of business operations, but also investors’ decision-making.

Providing high-quality services at lower prices than competitors is one of business goals in the hospitality sector. In that sense, in order to preserve and improve their competitive position on the global market, hospitality managers must first harmonize their operations with the lean business concept, and then adopt modern performance measurement systems. This is because customers constantly question the quality of the service received and the way in which it is provided. The purpose of the paper is to point out the possibility of applying a modern performance measurement system, such as Balanced Scorecard, for the needs of hospitality managers in order to improve the services provided.