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Hospitality Business Toolkit - Food & Fusion

   

Added on  2020-10-05

17 Pages3734 Words362 Views
Hospitality BusinessToolkit

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Principles of managing & monitoring financial performance.................................................12. Double entry book keeping system..........................................................................................33. Sales & Purchase transactions to compile a Trial balance.......................................................4TASK 2............................................................................................................................................51. Different stages of the HR life cycle........................................................................................62. Development of performance management plan.....................................................................7TASK 3............................................................................................................................................81. Identification of specific legislations.......................................................................................8TASK 4............................................................................................................................................91 . Interrelation among different functions..................................................................................9Organisational Structure of “ Food & Fusion ”.............................................................................102.Methods of communication, ordination and monitoring applied within specific department12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONHospitality is defined as the connection among a guest & a host in order to provide themeffective services as a result demand of consumers can be satisfy. Hotels are focusing to deliverthe best quality of services so that wants of guest can be fulfilled and provide help to increase thereputation as well as market share. To better understand this concept Food & Fusion restauranthas been chosen which is newly established in London. In this report there are following topicsare covered such as: investigate how to manage finance & record transactions to minimize costswithin hospitality sector, assess how to manage the HR life cycle, potential impact of legal &ethical consideration. Apart from this it also discuss about the importance of coordinating &integrating various functions of departments. TASK 11. Principles of managing & monitoring financial performanceFor the management it is important to follow the guidelines & principles so that damagecan be minimize. Principles are the set of essential regulations and compliances which arehelpful to increase the work quality. The internal manager of organisation is responsible tofollow specified rules in order to manage financial reports which is beneficial for overallperformance evaluation. Financial performance reflects the effectiveness & capabilities of acorporation which is helpful to accomplish predetermined objectives. Food and Fusion canfollow different principles in order to monitor financial performance. Constitution of finance: To manage the finance is necessary for the manager ofrestaurants by using effective strategies which are helpful to attain constitution of finance. Withthe help of appropriate funding overall performance can be improve. So it is essential to manage& control the financial performance with the help of adaption of relevant principles which isassociated to constitution of finance (Wilson, 2016).Manage expenditures & optimise cost: To minimize the unnecessary cost is the need ofbusiness so that profits can be maximize. With the help of cost analysis technique managementcan control the additional cost. It is essential for the manager of Food & Fusion to effectivelyprepare the budget so that profits can be increase and organisation can perform for a long run andgain the benefit of sustainability. 1

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