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Hospitality Business Toolkit Assignment PDF

   

Added on  2021-02-19

14 Pages3651 Words24 Views
Hospitality businesstoolkit

Table of ContentsINTRODUCTION...........................................................................................................................1P1 Principle of financial performance ........................................................................................1P4 Different stages of HR life cycle...........................................................................................1P5 Performance management plan for specific hospitality job role to overcome issue of staffretention.......................................................................................................................................2P6 Legislation that are necessary for hospitality organisation....................................................3P7 Employment and contract law in context of hospitality industry..........................................4P8 Inter-relation between functional role of hospitality organisation.........................................4P9 Different methods that helps an organisation to increase the strength of their value chain .5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6

INTRODUCTIONHospitality defines the relationship between guest and host in which organisation takecare of the behaviour of people towards guest and people whom they are just met. It includesseveral privileges such as food, drinks, accommodation etc. to their visitor or customers at publicevents. The organisation chosen for these assignments is the Cosmoba which is operating theirbusiness in hotel and restaurants chain (McIntosh and Harris, 2012). The task cover for theseassignments includes different principles to manage the financial performance of organisation.Double entry book keeping system along with debit and credit transaction records is prepared. Atlast legislation will be discussed that helps hospitality organisation to expansion their businessethically. TASK 1P1 Principle of financial performanceTo increase the market area for the organisation it is essential for management toimplement effective strategy or tool such as KPI, ROI and key financial statements etc. some ofthese principles are explain as below:ROI- This is termed as return on investment in which organisation measures profits forthe organisation which determines that investment is crucial factor for the organisation. Thishelps an organisation to evaluate all the activities such as sale of products, production cost,increase in productivity of an employee etc. through which the productivity of an organisation isincreased (Maier and Hadrich, 2011). KPI- It is termed as key performance indicator that helps to evaluate new procedures andprocesses to emerge necessary activities of an organisation towards attainment of goals. Incontext of Cosmoba hotel if they decided that they approach their customers through websitethen KPI helps them to set their goals through which they accomplish their goals with efficiencyand effectiveness.Key financial statements- This statement includes all the essential financial recordswhich determines that monetary decisions play vital role in the organisation. This helpsmanagement to complete their activities with in predetermine periods. Cosmoba hotel preparesbalance sheet, profit & loss account etc. through which they attract more investors.1

P2 The double entry bookkeeping system of debits and credit to record sale and purchases.Double entry Bookkeeping system-According to this accounting system each transactionis recorded in two different accounts. The amount of each transaction is in both side is equal.Cosmoba implement this style in order to assign profit and loss for each year.(Doniņa, 2015).1.Expanding hotel business with 7,00,000 investment.2.Pay loss 2,00,000 by the bank3.Buy furniture for the west wing 30,000.4.Purchase F&B of 45,000.5.A group of business travellers booked 60 rooms and pay 100 for per room each night.6.Wedding parties 60 rooms * 100 for 200 nights 85% occupancy.7.Pay chef wages 1,50,0008.Pay house rent 60,0009.Pay maintenance work 45,00010.Purchase F&B 55,00011.Purchase sage software 10,00012.Pay professional fees 10,00013.pay insurance 15,000BANK AccountCapital 7,00,00By business booking 6,00,000By W&D booking 12,00,000Lease 2,00,000Furniture 30,000F&Bc 45,000Wage chef- 150,000Wage house 60,000wage maintenance 45,000F&B 55,000Software 10,000Professional fees 10,000Insurance- 15,000 Total-25,00,000Total- 25,00,0002

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