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Towards Financial Performance Improvement of Healthy and Yummy 5

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Added on  2020-12-18

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Application of double entry book keeping system of debits and credits and Analysis of sales and purchase transactions to compile trial balance 3 3. In this project report a new restaurant Healthy and Yummy is being opened in London, UK which is offering health smoothies with blended juices and smoothies.

Towards Financial Performance Improvement of Healthy and Yummy 5

   Added on 2020-12-18

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Hospitality BusinessToolkit
Towards Financial Performance Improvement of Healthy and Yummy 5_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Investigation of the principles of managing and monitoring financial performance...............12. Application of double entry book keeping system of debits and credits and Analysis of salesand purchase transactions to compile trial balance......................................................................33. Formulation of basic trial balance by applying balance off rule.............................................4TASK 2............................................................................................................................................51. Reviewing the different stages of the HR life cycle applied to Healthy and Yummy.............52. Development of performance management plan for Healthy and Yummy.............................7TASK 3............................................................................................................................................81. Covered in PPT........................................................................................................................82. Covered in PPT........................................................................................................................8TASK 4............................................................................................................................................81. Interrelation between different functions and roles within hospitality sector..........................82. Different methods of communication, coordination and monitoring applied within specificdepartment of the organisation...................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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Towards Financial Performance Improvement of Healthy and Yummy 5_3
INTRODUCTIONHospitality industry is concerned with the process of rendering services to the customers.For all the organisations that are operating business under this it is very important to analyse thatall the services that are provided to the clients are fulfilling their requirements or not. There arevarious types of legislations that are imposed by government and it is essential for all thecompanies to follow them in order to operate the business appropriately and successfully(Anderson and et.al., 2017). In this project report a new restaurant Healthy and Yummy is beingopened in London, UK which is offering health salads with blended juices and smoothies. Thisreport aims at various aspects of the business such as financial, human resource, legislations andlaws.TASK 11. Investigation of the principles of managing and monitoring financial performanceA new restaurant named Healthy and Yummy is being opened in London which isturning in to thriving enterprise on Bishops gate in London. Healthy salads with blended juicesand smoothies are offered by it to the customers. There are various types of principles that can beused by the restaurant in order to measure its performance. All of them are as follows:Organisation of finance: It is very important for Healthy and Yummy to organise itsfunds appropriately so that business may have sufficient funds to conduct operationalactivities. This principle may help the organisation to manage the finance in propermanner (Bowie and et.al., 2016).Spend less then the earnings: For all the business entities it is very important to spendless then the total incomes so that profits can be acquired. This principle also helps toanalyse that the restaurant is generating profits or bearing losses.Identify risks: It is the last principle which should be implemented by Healthy andYummy in order to manage financial performance because it can help to assess thefuture risk that may take place and affect the financial status of the company.All the above described principles can help Healthy and Yummy to manage and monitorits financial principles as they guide to spend and organise fund effectively and estimate futurerisks.A. Over one calender year incomes and expenditures of the business are as follows:1
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