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Assignment on Hospitality Business Toolkit pdf

Added on - 08 Dec 2020

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HospitalityBusiness Toolkit
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1...........................................................................................................................................3P1. Principles of managing and monitoring financial performance with the help of table....3P2. Double entry book keeping system and basic trial balance to record purchase and salestransactions in general ledger.................................................................................................5P3. Formation of basic trial balance by applying balance off rule:.......................................7TASK 2............................................................................................................................................8P4. Different stages of HR life cycle for retaining and developing talent.............................8P5. A performance management plan..................................................................................10TASK 3..........................................................................................................................................11P6. Specific legislation adhere within hospitality organisations..........................................11P7. Reflection on potential impact of regulations, legislations and ethical principles ondecision-making process......................................................................................................12TASK 4..........................................................................................................................................13P8. Different functional roles within hospitality sectors......................................................13b). An analysis on different methods of communication, monitoring and coordination withinhospitality department of an organisation............................................................................15P9. Different method of communication..............................................................................16CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................19
INTRODUCTIONHospitality is an act or a service in which there is lot of activities done in relation toreceiving, entertaining guest, welcoming and receiving. Organisations engage in the services ofhospitality industry provide numerous services like, catering, entertainments services, lodgingetc. to guest in order to satisfy their need and and gain more advantages and advancements intheir business(Bruce and Stephens, 2017). On a simple term, it is a act of kindness in whichthere is a relationship between a guest and a host. While, it is essential for a businessorganisation who perform their functions in hospitality industry to conduct their activities withinrules and regulations laid down by government. Present case study has been conducted on, TastyBud espresso restaurant in Diana road, England. Restaurant have there speciality in offeringdelicious salads and splendid smoothies. Report include, management plan, governmentallegislations and formative interconnections between different roles and functions in hospitalitysector. In addition to this, report include different ways of communication and coordination inorganisation departments.TASK 1P1. Principles of managing and monitoring financial performance with the help of tableAs to increase profitability and proficiencies of a business organisation and performancelevel of an individual it is important for an organisation manager to control and monitor day-to-day business activities in order to conduct functions in effective and smooth manner. On theother hand, financial performance is an ability to achieve targets and goals in effective manner.In contextTasty Bud espresso restaurant, mentioned below certain principles which will benefitthem control, monitor and manage their financial performance:
Principle 1.Budget is required to be established in proper way:It is essential for an organisationto manage their financial resources in proper and systematic manner as to run their businessoperations in smooth and effective way. For this manager of Tasty Bud espresso restaurant, isrequired to formulate effective strategies and policies in relation to make proper budget so tocontrol wastage and necessary utilization of fund(Dirrigl Jr and Noe, 2018).Principle 2.Budget must be based through analysis:It is necessary forTasty Bud espressorestaurant, manager to frame budget after conducting analysis of overall factors and elements ofrestaurant mission and goals. In addition to this, proper and systematic strategies and policies arerequired to be framed in effective manner by taking care of future uncertainties.Principle 3.Actual financial result required to be compared with daily basis budget:It is thebasic and most important function which is necessary for business manager ofTasty Budespresso restaurant, to perform. It will help them to detect error and correct transaction in giventime frame and manage financial performances in effective manner(Eltayeb, 2018).Principle 4.Rectification of condition when financial budget exceeds pre determined budget:Manager ofTasty Bud espresso restaurant, is required to analyse conditions of business activitiesin regular manner and find actual cause in relation to certain variable in business financialoutcome. For this it essential to frame proper and formative strategies and take correct initiativeactions.A. During and accounting period expenditures and income of an organisation arementioned below:Incomings (Source ofIncome)Outgoings (Types ofexpenditures)WagesWeekly food shoppingGiftsDrinksBenefitsLunch PurchasesAllowancesHousehold utility billsAs per the above mentioned discussions, it has been recommended toTasty Bud espressorestaurant manager, to formulate organisation balance sheet and other necessary financialstatements in a proper manner as to monitor their financial performances in effective manner. Inaddition to this, it is necessary for manager to make related statements like inventory records,financial ratios, working capital requirements, debtors trial balance etc. in systematic way. This
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