Doc- Managing Hospitality Organisation
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Added on 2020-10-23
Doc- Managing Hospitality Organisation
Added on 2020-10-23
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MANAGING HOSPITALITYORGANISATION
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Analyse the principle of managing and monitoring financial performance......................1P2 Implementation of double entry book keeping system of debts and credit to recordtransaction...............................................................................................................................2P3 Formation of Trial balance................................................................................................5TASK 2............................................................................................................................................1P4. Different stages of HR Life cycle....................................................................................1P5. Performance management plan for HR Executive...........................................................2TASK 3............................................................................................................................................3P6. Specific legislation that Marriott needs to comply...........................................................3P7. Company, contract and employment law carries a huge impact upon business decisionmaking....................................................................................................................................4TASK 4............................................................................................................................................5P8. Different functional roles in hospitality sector.................................................................5P9. Different methods of communication, coordination and monitoring applied with a specificdepartment..............................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONBusiness management in hospitality industry is distinguished form other organisationalsystems and streams (Bharwani and Butt, 2012). This report is based defines the tactics andstyles related to managing and monitoring financial performance of transactions of business inhospitality industry. Marriott hotel is considered to complete this report. Human resources andlife cycle with in organisational context is considered with proper HR strategies and plans inbusiness context. The impact of legal and ethical consideration in hospitality organisation alsoconsidered in this report for consolidating the changes and variations among the hospitalityorganisations also defined in this report. Importance of coordinating and integrating variousdepartments with in hospitality sector also considered in this report. TASK 1P1 Analyse the principle of managing and monitoring financial performanceOrganisation's financial performance indicates towards the sustainable structure ofbusiness management in every sector. There are type of financial monitoring and managingmethods are considered essential in organisational context to analyse effectiveness of financialresources such as;Monitoring of financial statements: This is one of the major evaluating and monitoringframework that helps in determining the essential aspects and changes to consolidate andcategorising the financial information in different sections such as income and loss account,financial position statement and cash flow statement (Boella and Goss-Turner, 2013).Forming of trial balance: This is a process in which all the record are recorded annualbasis in a single format before forming balance sheet.Annual budget formation: Trackingbudgets and information related to capitalinvestments and earnings are also some essential aspects considered in this report. a. Operating profit margin 20142015Operating Profit Margin Ratio(%)=914 / 9482*1001042/11365*1009.649.17b. Return on capital employed1
Return on Capital Employed =Operating Profit / Capital Employed * 10020142015Return on Capital Employed(%) =914 / 11033 *1001042 / 13943 * 1008.287.47Note: Capital employed= Total Asset – Current Liabilitiesc. Current ratioCurrent Ratio =Current Assets / Current Liabilities20142015Current Ratio =4926 / 15087700 / 51743.271.49d. Days Trade receivablesDay's Trade Receivables =Accounts Receivables / Total Credit Sales *36520142015Day's Trade Receivables= 2540 / 9482 * 3654280 / 11365 * 36597.77137.46Note: It is assumed that all revenue are credit sales.Note: In calculation of Days trade receivable, 365 days are considered. e. Sales revenues to capital employedSales revenue to capital employed =Revenue / Capital employed20142015Sales revenue to capital employed = 9482 / 1103311365 / 139430.860.82Note: Capital employed= Total Asset – Current LiabilitiesP2 Implementation of double entry book keeping system of debts and credit to record transactionJournal entries:2
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