Hospitality: Managing Financial Transactions and HR Life Cycle

Hospitality

TABLE OF CONTENTS
Contents
INTRODUCTION...........................................................................................................................1
TASK-A...........................................................................................................................................1
TASK-B...........................................................................................................................................7
Different stages of HR life cycle.................................................................................................7
Develop performance management plan for front desk manager that apply techniques to
resolve negative behaviour and overcome issues and staff retention..........................................9
Identify specific legislation that hospitality organisation has to comply..................................10
Specific impact on company by employment and contract law upon decision making............11
Explore different functional roles of hospitality sector interrelated..........................................12
Different methods of communication, coordination and monitoring........................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17

INTRODUCTION
Hospitality is an effective relationship between guest and host where host receives to the
guest by building some goodwill. Hospitality is a way by which people treat to other people by
providing service by welcoming to the guest one of the example for hospitality is hotels.
Hospitality plays a very important role in increase or decrease in volume of sales in the
organisation. Hospitality includes Hotels, tourism agencies, bars etc. Hospitality industry is
broad category of field in service industry that includes food, event and planning etc. Hospitality
is a generous and effective friendly treatment with the guest and visitors that came to offer
services in hospitality industry (What Is Hospitality?, 2017). East London Catering limited is a
private company that is incorporated in 2019. Company is expanding in medium size catering
organisation and serves its services in London, Essex, Hertfordshire, Kent and Surrey. In this
report discussed about ways to manage finance and record transaction to minimise cost that are
responsible in hospitality sector, analyse way to manage human resource life cycle and potential
impact of legal and ethical consideration in hospitality business and importance of coordinating
and different functions of department with the hospitality sector.
TASK-A
There are 5 principles for managing the financial transaction of East London Catering
LTD. These Principles are:
Consistency
All the transaction of company is to be maintained and handled in a consistent manner.
Policies and procedures are established in company to ensure similar type of transaction in a
regular routine of company. This will lead to actual management of financial performance along
with monitoring because a slight change in strategies will assist the company to determine
deviations.
Timeliness
Transaction of company are to be handled within a consistent time period by outline the
federal agencies, sponsors etc. This will lead to the entire financial system to be in sequence and
efficient. Through this determination of fluctuation are also easy to determine.
Justification
1

For every transaction of company there should be reason that supports to the organization
goals (Shapiro, and Hanouna, 2019). This principle will lead to monitoring the financial
performance because every transaction will be justified with its explanation.
Documentation
Sufficient documentation has in organization that supports to the transactions of
company. Documentation retained and organized in company so that have enough during the
audit. With this principle measurement of performance would be possible because every
information is documented.
Certification
Financial transactions are to be approved and have authorized signature. This will lead to
raise their authenticity and validity.
Journal entries:
Date Particular Debit Credit
01/01/21 Cash a/c Dr
To Owner's equity
£30,000 £30,000
05/01/21 Rent a/c Dr
To Cash a/c
£1000 £1000
06/01/21 Washers and Dryers
a/c Dr
To Cash
To Bank
£25000 £10000
£15000
07/01/21 Insurance policy a/c
Dr
To Cash a/c
£1200 £1200
09/01/21 Food supplies a/c Dr
Beverages a/c Dr
To Bank a/c
£8000
£7000
£15000
11/01/21 Laundry fee a/c
To Cash a/c
£200 £200
2