(PDF) Hospitality Business Toolkit : Assignment Sample
Added on 2021-02-18
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Design and Creativity
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Hospitality Business Toolkit
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................3P1 Investigate the principles of managing and monitoring financial performance................3P2 Double entry book keeping system of debits and credits..................................................4P3 Balance off rule to complete the ledger............................................................................5TASK 2............................................................................................................................................6P4 Different stages of HR life cycle Applied to a specific hospitality job role and theirimportance..............................................................................................................................6P5 Develop a performance management plan to support specific job role to resolve negativebehaviour of employees..........................................................................................................9TASK 3..........................................................................................................................................10Covered in PPT.....................................................................................................................10TASK 4..........................................................................................................................................10P8 Interrelation of different functional roles within hospitality sector................................10P9 Different methods of communication.............................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONHospitality management refers to many different business including restaurants, hotels,casinos, tour agencies and airlines. Hospitality industry can be considered as broad categorywithin service sector as it consist lodging, event planning, theme parks, transportation, cruiseline, travelling and additional fields among tourism. The present report is based on Natural CareJuice Centre which is provide different products like smoothies, blended juices and fresh saladsin London, United Kingdom. It is located nearby gymnasium which is beneficial to reach healthconscious people through providing desired products to them (Foster and Carver, 2018). Thisassignment will focus on principles of managing & monitoring financial performance and doubleentry book keeping system. It will also include life cycle of HR within hospitality industry andimportance along with performance management plan. The specific legislations and decisionmaking in company through employment & contract law will described here. Additionally,interrelation of different functional roles and method of communication, coordination &monitoring are given below.TASK 1P1 Investigate the principles of managing and monitoring financial performanceThe finance performance can be described as a process of measuring results of anorganisation in monetary terms. In given scenario, it has been analysed that it is not easy forNatural Care Juice Centre to gain increased profitability due to high competition in market.However, it is necessary to manage and monitor the financial performance of given organisationcan be done through concerning few of principles which are as under – Principle I: Budget must be properly established – This refers to first introducemandatory resources which are required to fulfil business goals and objectives respectively. It isnecessary for managers to evaluate and monitor financial performance on regular basis through
determining mistakes in transactions and inspecting substantial modification at work place inorganisation (Dirrigl and Noe, 2018).Principle II: Budget should based on thorough analysis – The managers of NaturalCare Juice Centre are required to analyse overall expenses according to business goals in order toset budget properly. It is essential for them to establish n appropriate plan for desired strategiesin terms of improving resources and decrease future short comings. Principle III: Actual Financial result should compared to budget on daily basis – Thisprinciple provide support to given organization to determine transaction mistakes and analysechanges within workplace atmosphere. It also consist to measure the financial performance andidentify unnecessary expenses in respect of avoiding the same. Principle IV: Rectify condition when financial result exceeds the planned budget – incontext of these situations, the mangers of Natural Care Juice Centre should focus on causebehind variances in financial outputs. Moreover, they must take appropriate actions by makingproper strategies to correct the same (Eltayeb, 2018). At the other hand, some of expenditures and actual sources of income in context ofgeneral households on the monthly are shown below: Incomings (source of income)Outgoings (Types of expenditures)Gifts Lunch purchasesBenefitsDrinks AllowancesWeekly food shoppingWagesHousehold utility billsIt has been recommended that manager of Natural Care Juice Centre should makefinancial statements in order to measure financial performance accordingly. Moreover, it is alsoimportant to establish aged debtors trail balance, working capital statements, financial ratios andinventory records which helps to determine cash flow in order to monitor financial performance.P2 Double entry book keeping system of debits and creditsDouble entry book keeping system of accounting refers that every business transactionsand amounts must be recorded into in two accounting (King and Lee, 2016). It also requires thatamounts entered as debits must be equal to credits in overall transactions accordingly. In context
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