logo

LO 1 Investigate to manage finance and record transaction

   

Added on  2020-12-29

13 Pages3523 Words104 Views
HBT

ContentsINTRODUCTION.......................................................................................................................................3TASK 1.......................................................................................................................................................3LO 1 Investigate to manage finance and record transaction....................................................................3TASK 2.......................................................................................................................................................5LO 2 Ways of managing human resource lifecycle in the context of HR strategy...................................5LO 3 Potential impact of legal and ethical consideration in hospitality business.....................................6TASK 3.......................................................................................................................................................7CONCLUSION...........................................................................................................................................9REFRENCES............................................................................................................................................11

INTRODUCTION Human resource management(HRM) is the practice of recruitment, hiring, developmentand management of the employees of an organization.HRMis often referred to simply as humanresources which is the functional department of the Blue bar and café .This report is presentingthe way to manage finance and transaction to minimise the costs responsibly of the hospitalityindustry. This study is investigating the principles of the management and financial performancefor minimization of the cost in the hospitality industry. This report is explaining the assessmentof the Human Resource Management to manage the HR life cycle and human resources strategy.This report gives the study of the HR life cycle in the hospitality industry and explaining therecruitment process and method to manage the employees and ways to retain them for thehospitality industry. The report is explaining the performance management plan for the particularjob profile and informing about the techniques to resolve or minimise the negative behaviour andto overcome the issue related to the staff retention. This study is also giving the potential impactof the legal and ethical consideration on the business of the hospitality industry. This report givesthe specific information of the legislation for the hospitality industry.TASK1 LO 1 Investigate to manage finance and record transaction It is very important for the company to keep the track report of the cash, payable. it act as the written proof . As it is very important to monitor financial performance so that to improve the result of the hotel as year by year. Also it is important to set the budget of the hotel so that desire result and goals can be achieve . Also budget should be realistic and that can be easily attainable by the hotel. Also budget should be plan in the systematic way that it help to increase the sales and also increase the resources (Radojevic, , Stanisic, and Stanic,, 2015).There are various measures which help to measure the performance such as innovation measures,input measures, process measures and output measures .

The principles of double entry system Double entry system has two aspects first is debit side and credit side, it help to simplifies the process and it maintain financial records and help the accountant in showing the double effect of each financial transaction. The meaning of debit side is increment in assets and increment expense and also decrement in a liability and decrement in income. On the other hand decrement in assets, decrement in expenses , increment in a liability and increment in income . On in another words it can be said that it keeps all the benefit and income and decrement in assets.ExampleDebitCreditcash$600.00Account receivable$400.58Account payable$700Rent expenses$300Service revenuetotal$1000$1000Type of cost There are various types of cost like fixed and variable costs , direct and indirect costs , product and period cost and many other type of costs . Direct cost – Direct cost is the cost which have directly accountable and accurately traced to a cost objective with little effort. Cost object may be a product, department etc for example salary , paid material and labor. Indirect costs – indirect cost are the cost which are not accurately attributed to specific cost object are called indirect cost. For example cost of depreciation, salaries of supervisors . Fixed cost – fixed cost are basically independent of output. Theses cost remain constant throughout the range and cannot change. for example rent, building ,machinery etc.

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
The Hospitality Business Toolkit
|14
|4123
|97

Principles of Managing and Monitoring Financial Performance in Hospitality Business
|14
|4757
|262

The Hospitality Business Toolkit : Principles of Financial Management
|14
|3262
|81

Accounting in hospitality businesses
|13
|3360
|111

The Hospitality Business Toolkit
|25
|3676
|89

Performance Management of Hospitality Business Toolkit
|15
|4273
|248