Hospitality Business Toolkit: Managing Finance, HR Life Cycle, Regulations, and Integration

This report discusses the Hospitality Business Toolkit for managing finance, HR life cycle, regulations, and integration in the hospitality industry. It includes cost analysis, talent acquisition, and retention strategies. The report also covers the principles of double entry bookkeeping, specific legislation, and coordination and integration within the business organization. The subject, course code, course name, and college/university are not mentioned.

The Hospitality
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
Analysing how to manage finance and record transactions to minimise the costs responsibly
within hospitality industry...........................................................................................................4
Analysing different types of cost.................................................................................................7
Importance of accurate recording of transactions........................................................................8
Role of financial management and recommendation..................................................................8
Explain the principles of double entry bookkeeping system of debits and credits using a
standard data from operations......................................................................................................9
Task 2.........................................................................................................................................11
Review of different stages of the HR life cycle as applied to issues in talent acquisition and
retention within F & B sector....................................................................................................11
Evaluate each stage of the HR life cycle and the importance of HR in growing, supporting and
retaining the talent as applied to the specific job.......................................................................12
Evaluate each stage of the HR life cycle and approaches of HR in growing, supporting and
retaining the talent as applied to the specific job.......................................................................12
Make valid judgements and recommendations..........................................................................13
TASK 3......................................................................................................................................13
Identify specific legislation that hospitality organisations........................................................13
Illustration of how the company’s employment and contract law impact on business decision
making.......................................................................................................................................14
Examine the potential implications of any two of the regulations on standards using examples.
...................................................................................................................................................14
Critically reflect on the impact o ethical issues of regulations, legislations..............................14
TASK 4......................................................................................................................................14
Analysing the importance of coordinating and integrating various functions of departments
within the hospitality sector.......................................................................................................14
Describing the different functional roles within the hospitality sector and their interrelation.. 14
Analysing different communication levels and methods used in an organisation.....................15
Analysing coordination and integration within the business organisation................................15

Analysing the effectiveness of different communication methods, integration and monitoring
within a specific department can help achieve organisational objective...................................15
Recommendations......................................................................................................................16
CONCLUSION..........................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Hospitality organisation is a vast category in service industry which is consist of cruise line,
lodging, transportation and planning. It also involves various fields which come under tourism
industry. In this report Travelodge Hotel is taken as the hospitality industry which is launched in
UK and considered as the largest hotel brand. It was founded in 1985 and now expanding their
branch in England at Barton under need wood. This report involves the investigation for
managing the finance and analysing and recording transactions to minimise the overall cost
which is related to the industry. This report has also involved the impact of ethical and legal
considerations regarding hospitality and also include the integrating and coordinating functions
of hospitality sector.
TASK 1
Analysing how to manage finance and record transactions to minimise the costs responsibly
within hospitality industry.
Introduction to financial transactions and identifications of different type of source
documents and recording processes follows in hospitality industry.
Financial transaction is known as the communication or agreement in between the seller and
buyers in order to exchange any goods, assets and services. This transaction also involves any
financial assets which also includes money or any valuable item like silver and gold. In
Travelodge hotel financial transaction has a vital role as it is a activity which changes value of
liabilities, assets and equity of owners in an organization. Source document are the form in
which organisational transactions has been recorded, this also contains all the information
needed for any transaction(AlNuaimi, Khan, and Ajmal, 2021). Travelodge records everything in
electronic not with an paper document. There are various source documents which are related to
business transactions which involves Bank statement, credit card receipt, lock box check images,
sales order, time card, cash register tape, packing slips, supplier invoice etc. Travelodge uses
these various sourcing documents to record the transactions as per the business requirements.
These are the essential part for any business as with the growing world each organisation started
recording transactions electronically and reduces to use paper documents which take more time
and effort to record the transactions and it has also risk of error in paper documenting.

Principles of monitoring and managing financial performance of your business.
There are various principles which is used for managing and monitoring financial performance
of Travelodge Hotel. The principles are described below.
Consistency
In Travelodge Hotel all the transaction are recorded and handled in an consistent manner. By
consistency Travelodge hotel meant all the procedures and policies is established in a routine and
systematic manner.
Timeliness
Travelodge Hotel handles all the transactions with an specific time consistency(An, Chuang, and
An, 2021, July). This hotel saves their time and resources and use them in efficient and effective
way in order to proper managing of the transca5tions with the source documents.
Justification
Travelodge hotel records each important transactions that supports to the organisational goal and
objective. As each transaction is not important and need not to be recorded but important
transactions has to be justified and managed properly.
Documentation
In Travelodge hotel each transaction which is recorded has an proper documentation for the
proper maintenance of the records and for reducing any conflict in financial department and it
also reduces the risk of error.
Certification
In Travelodge hotel each transaction has to be in an certified and should have authorized
signatures as which secures each transaction and details of customers card.
Understand Risk
This Travelodge hotel understands the risk of percentage of return on investment. AS each time
is not same so expecting high but understanding the risk make the organisation to use proper
resources and make proper investment at right time.
Tax
Travelodge hotel manages there tax appropriately and financial planning helps this hotel to
manage all the tax information. This hotel analyses all the organisational tool and taxable
investments which makes tax easier.

Trial Balance
Trial balance is known as a bookkeeping worksheet which involves all the ledger balance and it
is compiled in credit and debit column to make it equal(Farrington, Antony, and O’Gorman,
2018). Travelodge hotel prepares the trial balance periodically and mostly at the end of each
reporting period. The main purpose of maintaining this to detect any numeric error which can be
occurred by double entry system of accounting. If debit and credit column possess same balance
than it is considered that there is no error in the ledger. In trial balance all the business
transactions are involves with their specified account which are revenues, assets, liabilities and
expenses. There are also some disadvantages of making trial balance which are duplication of
entries, entries in wrong account, error while balancing, making the entry in opposite columns,
omission entries, transposition error and wrong amount inserted in ledger.

Analysing different types of cost
Private cost
This cost describes cost of production to individual producer. This is also known as social cost
which involves the cost of producing commodity in the form of produced resources(Wang,
Wang, and Wang, 2022).This cost is also dependent upon the efficient and effective utilisation of
resources.
Actual cost
Actual cost is the absolute cost which the total expenses of producing product and services.
These costs are usually recorded in accounts maintenance book(Higgins-Desbiolles, Moskwa,
and Wijesinghe, 2019). These payments include the wages, expenses paid and purchased raw
material.
Future cost
In an organisation future cost are based on forecasting. This cost analysation is required for
future income statements, expense control, pricing and expansion program. This cost becomes
relevant for the forecasting of managerial decisions.
Explicit cost
These costs are which will is received by owner and paid by the employees but it does not
belongs with the employees property(Yan, and Subramanian, 2018, June). These are the natural
costs which is consist of salary, wages, interest on capital, rent and taxes to the government.

ACTUAL PROFIT OR LOSS
STATEMENT
PER UNIT TOTAL
£ £ £ £
SALES 50 800000
COST OF PRODUCTION
DM 10 190000
DL 20 380000
VOH 5 95000
FOH 5 95000
40 760000
OPENING INVENTORY 0
CLOSING INVENTORY -120000
COST OF SALES 40 -640000
STANDARD PROFIT 10 160000
ADJ. FOR UNDERABSORPTION -5000
BUDGETED PROFIT 155000
Importance of accurate recording of transactions.
In an organisation it is important to manage a accurate recording of transaction. Keeping the
record effectively is sometimes challenging for the departments. As it is important to record
transaction accurately because it betters the operational business as aims and objective can be
achieved by accurate information and can be easily measurable(Jasnoff, and Sheikh, 2019,
June). It is also important to save money and for making the efficient use of resources. This also
benefits to achieve organisational goal as when resources are managed in effective form then
each business can achieve organisational goal.
Role of financial management and recommendation.
There are various key roles which is managed in a financial management that includes
accounting and bookkeeping which records each transaction of the business. Reporting is also
one of the roles in financial management which is analysation of each information. Risk is also a
important role in financial management as it is mandatory in the organisation to maximise the

profit and to minimise liabilities and risk of the organisation(Liu, 2018, August). Investment
opportunities are also the important role in financial management it usually gives the opportunity
of investing right stock at right moment or time.
Explain the principles of double entry bookkeeping system of debits and credits using a standard
data from operations.
Double entry book-keeping is each general ledger accounts should be balanced individually as it
is a summarized form of all ledger accounts. In this it had two columns debit and credit and total
eight column worksheet has been prepared in which account name and number is been
differentiated according to the ledger accounts(Sorin, and Sivarajah, 2021). After managing
when accounts are similar and balanced the debit and credit column then it is known as error free
trial balance. If any error is detected in the trial balance than accountants and managers rectify
that errors and then trial balance is recreated.

Task 2
Review of different stages of the HR life cycle as applied to issues in talent acquisition and
retention within F & B sector.
Human resource management plays a vital role in an organisation which is important for the
workforce planning management. The life cycle of HR is considered as essential process of
human resource management(Shekhar, Gupta, and Valeri, 2021). In this department there are
different practices which is considered and relates with the functioning of Human resource
management. The life cycle of HR is described below.
On boarding and Recruiting: Recruiting is considered as the main part of the management
system which hires the people for the required department. It is the process of selecting right
people at right place in the business. As this department has the pressure to bring skilled
employees and to train them for their department for the better results.
Career planning: This is also considered as a approach in human resource management I which
a firm also performs the planning of career of different employees. This also supports the each

department of the organisation to increase the productivity and profitability level of the firm. AS
this approach supports the employees as well as the firm to build highest in the industry.
Career development: This is the stage of career development which is majorly concerned in
human resource management. AS this is known as the important concept as it involves the
development of each department and operations. Each function and operation is considerd as the
huge part of human resource management as employees Is the sword of each organisation to its
important to choose them wisely.
Evaluate each stage of the HR life cycle and the importance of HR in growing, supporting and
retaining the talent as applied to the specific job.
In the development and management of the organisation, Human resource department plays a
vital and vast role and it also benefits in the growth and expansion of the company. The
importance of life cycle and HR with respect of Travelodge are described below.
Growth and expansion: With the help of human resource management a firm gets various
benefits and it also helps in expanding the business in the industry. The tools which are required
to expand the business also benefits the organisation not only a single department(Ma, Cheng,
and Hsiao, 2018). This department provides effectiveness in various business operations to earn
maximum profit in the industry and maintain the goodwill of the organisation.
Increasing potential of employees: Human resource department helps to increase the capacity
and potential of the employees. As with proper training and development of employees enhances
the potential to work hard and this department also motivates the employees to achieve their own
goal and objective.
Achieving organisational objective and goal: Travelodge hotel had reached to the heights with
the help of HR practices and it made easy to set and achieve the aim and objective of the
organisation. This all can be achieved by the HR practices and their life cycle. This is a vast and
important department of the organisation.

Evaluate each stage of the HR life cycle and approaches of HR in growing, supporting and
retaining the talent as applied to the specific job.
It is always important to consider this department for expanding the business and overall growth
of a firm. There are many stages in human resource management along with performance
management for a manager role at Travelodge are described below.
Plan: This is the very first stage in which managers of business plans all the foods and beverages
according to requirement of the customers(Massari, Allievi, and Recanati, 2021). It is an also a
strategic management of the business for the expansion and development of the organisation and
an individual employee.
Implementation: This is the second stage which is also essential In the management process
after a proper planning, implementing of that plan is required for the analysing the
result(Schoening, 2021, January). To fulfil the overall objective planning and implementation is
done as a development process.
Review and feedback: After the implementation before reaching to the customers there are one
department which reviews in the form of customers and give feedback accordingly which will
reduce the error in the process and be able to maintain their standards.
Make valid judgements and recommendations
It has been recommended to Travelodge to develop a proper plan and strategies for the expansion
of the company. It is important for each organisation of industry to known the HR functions for
implementing and working in the better and effective manner(Naisola Ruiter, 2021). Companies
should mainly focus on aim and objective of the company and with the employees and customers
satisfaction. The manager of Travelodge should focus on building and analysing tools and
techniques of human resource department in the industry.
TASK 3
Identify specific legislation that hospitality organisations.
Each development and function in an firm is dependent on some employment legislation in an
formal and systematic manner. Organisations should build approaches in respect to formulate
each technique and practices with keeping legislation on mind(Sakdiyakorn, Golubovskaya, and

Solnet, 2021). This will lead the organisational activities in an legal and ethical form. The main
legislations rules followed by Travelodge are employee safety laws and employment security
laws.
Illustration of how the company’s employment and contract law impact on business decision
making.
It is essential for each organisation to follow employment laws for the better and sustainable
growth of the firm. These techniques and practices help organisation to make a development
with an ethical format(Qin, 2021). An organisation helps to build and influence decision making
according to obligation which are made legally which is under law of employment. It is
compulsory for each organisation to maintain and follow legal procedures for reducing the future
risk. Various business practices related the development of individual employee and helps in
formulating the contract law.
Examine the potential implications of any two of the regulations on standards using examples.
The main two implications and regulations develop legal organisation. The rules and regulations
increase the practices for the better functioning to achieve organisational aim and objective.
These are different regulations in business that creates standards in the organisation are
responsibility which develops an evolution to achieve the internal and external targets of
employees(Nayak, and Taylor, 2018). Corporate social duty is another regulation to maintained
which is usually performed to support social responsibilities. In an organisation donates an
amount to the weaker sections presented in the society.
Critically reflect on the impact o ethical issues of regulations, legislations.
I understand all the challenges and issues which are developed in market place to take a place in
industry in a legal manner. I realised that the responsibilities toward society is the major practice
which is related to an organisation to develop social development. I consider that legal strategies
and planning framework is equally important in an organisation to achieve its aims and
objective.

TASK 4
Analysing the importance of coordinating and integrating various functions of departments
within the hospitality sector.
Describing the different functional roles within the hospitality sector and their interrelation.
There are various functional roles which are important in the development of operations. The
main roles which are performed in Travelodge are house keeping department which involves all
the maintained cleanliness in workplace, it takes cake of creating hygienic and healthy
environment. It also has a essential role in kitchen department which also includes the food and
beverages department and it involve all the essential food and drink part in the workplace.
Analysing different communication levels and methods used in an organisation.
Without communication no hospitality sector can succeed as business is developed through
communicating and discussing all the important roles and responsibilities of business or any
individual departments. There are mainly three ways of communicating each other which
involves formal communication, informal communication and written communication. In formal
communication the information is passed professionally in the organisation to accomplish the
targets(Pratt, and Sala, 2021). Informal communication supports the practices which are related
to the social responsibilities and environment and it develops an proper relationships in between
the employees. Written communication in which information is passed or transferred in an
evidence form which writing it in different aspects.
Analysing coordination and integration within the business organisation.
The organisations and firms should promote the practices which are based on integration and
coordination for the efficient and effective development of the business. Coordination is
increasing rapidly with days and it helps the organisation to perform various task in a précised
way this strategy also helps in the leadership styling and decision making of the business.
Analysing the effectiveness of different communication methods, integration and monitoring
within a specific department can help achieve organisational objective.
While the ongoing development and enhancement in the objective of the company it is a
responsibility of the organisation to encourage communication methods. An organisation of

hospitality sector should always focus on the strengths and mainly focusses on the
implementation of various communication methods.
Recommendations
There are various strategies which are recommended to the Travelodge to achieving the targets
more effectively. The main recommendation is an organisation should implement human
relationship theory for the employees and the customers in order to succeeding in the market
place(Pratt, and Sala, 2021). Another recommendation in which this hotel has to focus leadership
styles and most importantly democratic leadership style had been suggested for the better growth
in the organisation. An organisation should maintain their focus on the aim and objectives of the
company and achieve them with effective planning and strategies. Hotel Travelodge should also
pay attention towards cost leadership which can provide and reasonable and affordable price to
the customers.
CONCLUSION
The above report concluded that Hospitality industry is basically based on two rules which
involves guests respect to host and similarly host respect from guest. In hospitality it involves
many businesses which are restaurants, hotels, theme parks and resorts etc. The main aim and
goal of hospitality industry is providing customers a memorable and enjoyable experience. Each
organisation as well as Travelodge involves four financial transactions that are sales, purchases,
receipts and payments. This helps this business to maintain financial records and a plan budget to
save and utilize money in an effective way. This report concluded every thing is effective in the
organisation for the sustainable growth of the company.

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