Hospitality Business Toolkit

Hospitality Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
Part A...............................................................................................................................................3
Principles of monitoring and managing financial performance..................................................3
Journal entries and ledger............................................................................................................4
Trial balance................................................................................................................................7
Part B...............................................................................................................................................8
Develop a performance management plan and apply techniques to resolve negative behaviour
...................................................................................................................................................10
Part C.............................................................................................................................................12
Legislations with respect to hospitality organization ...............................................................12
Impact of business laws upon the business decision-making...................................................13
Part D.............................................................................................................................................13
Interrelation between different functional roles........................................................................13
Various methods of communication, coordination and monitoring applied within a specific
department of a hospitality organization to strengthen the value chain....................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
The hospitality industry is the most competitive industry currently as it focuses on
offering services with respect to accommodation, transportation, food and beverages and more.
In this report, East London Catering which is the engaged in event management is taken as an
organization. This report elaborate on the various ways for managing the financial performance
along with recording the financial transactions with the objective of minimizing the cost within
the industry. It also covers HR life cycle and the performance management plan for improving
the employee retention. This report provides an insight about the various laws which are required
to be considered by hospitality industry and the effect of contract, company and employment
laws on it. Also, it also provides an insight about the significance of coordination and integration
within different departments. This report is prepared considered myself as the hospitality
manager of East London Catering.
Part A
Principles of monitoring and managing financial performance
The financial performance analysis means analysing and interpreting the performance
level of the business on the basis of its financial viability and profitability. It becomes very
important to judge the financial performance of the business which helps in forming business
strategies. The below given points are the key principles which provides support in measuring
the performance level which are stated below.
Principle 1: Budgets should be effective and accurate
The financial manager of the company must focus on preparing the list of all the
resources and finances which might be required to perform the required task with the help of
effective budget plan (Khalatur and Zubkova, 2018). The East London Catering need to measure
the performance level of the company financial terms in order to identify and rectify the mistakes
within the financial business transaction which helps in minimizing the operational cost.
Principle 2: The budget should be set that are attainable and reasonable
The budget plan prepared by the company should be strictly formed with the objective of
minimizing the expenses and also it should be prepared in such a manner which is realistic,
attainable and reasonable. This will help East London Catering to perform their business
operations effectively without making any changes to its quality and profitability.
Principle 3: Budget should be created after complete analysis

Under this principle, the budget should be prepared after carrying out the complete
analysis with respect to the business operations and the activities carried out. East London
Catering is required to consider their mission and aim which will help in better performance of
the business operation with the available funds.
Journal entries and ledger
General Journal
Date Account Name Dr (£) Cr (£)
04/03/202
0 Cash 30000
Capital 30000
05/03/202
0 Store rent 1000
Cash 1000
06/03/202
0 Washer and Dryers 25000
Cash 10000
Creditor (Supplier of
Washer and Dryer) 15000
07/03/202
0 Insurance Policy 1200
Cash 1200
09/03/202
0 Food supplies 8000
Beverage 7000
Creditor (WH Adams
Ltd) 15000