Hospitality Business Toolkit

Hospitality Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
ACTIVITY 1....................................................................................................................................1
1.Identifying the principles of managing and monitoring financial performance.......................1
2. Preparation of Journal entries, ledger accounts and Trial balance. Discussion regarding
hotel's accounting system software .............................................................................................1
3. HR strategy for new proposed business project.......................................................................4
4. Importance of HR life cycle.....................................................................................................5
5. Recommendations regarding how HR processes and documents can be improved for
effective workforce planning.......................................................................................................6
ACTIVITY 2....................................................................................................................................7
1. Specific legislation which the hospitality business needs to aware of ....................................7
2. How company, contract and employment law affects the decision making of Hotel
regarding its expansion................................................................................................................8
3. Analysing and evaluating different methods of communication and coordination for
enhancing the value chain of the organisation.............................................................................9
4. Interrelation of different roles within the hotel......................................................................10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Hospitality industry is one of the most challenging industry wherein the management of
human resources is very crucial because its staff of a hospitality organisation through which the
services of a hotel is delivered to a customer. The present report is about a small family run
boutique hotel in Central London which is wishing to expand its business. The report will
highlight the principles of managing and monitoring financial performance, double entry system,
HR life cycle, a performance management plan. Further, it will also include legislations which
HR managers needs to be aware of and methods of coordination, communication and monitoring
is applied in a specific department of the hotel.
ACTIVITY 1
1.Identifying the principles of managing and monitoring financial performance
Key performance indicators are the tools which evaluates the success of a company or its
any aspect. Boutique hotel is expanding its business for which it has estimated its annual costs
not exceeding £ 200000 and return on investment £ 700000. Hotel can evaluate its success on the
basis of ROI which is one of the KPI and can keep a check on its annual costs estimation for
monitoring and managing the financial performance.
2. Preparation of Journal entries, ledger accounts and Trial balance. Discussion regarding hotel's
accounting system software
Journal entries
S.No Particulars Dr. Cr.
1 Bank a/c 700000
To capital a/c 700000
2 lease a/c 200000
To bank a/c 200000
3 Furniture a/c 30000
To bank a/c 30000
4 F&B a/c 45000
To bank a/c 45000
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5 Business travellers booking a/c 600000
Wedding booking a/c 1200000
To bank a/c 1800000
6 wages a/c 150000
maintenance a/c 45000
House keeping a/c 60000
F*B a/c 55000
Sage software a/c 10000
professional fees a/c 10000
Insurance a/c 15000
To bank a/c 345000
LEDGER ACCOUNTS
Bank a/c
amount amount
To Wedding booking a/c 1200000 By wages a/c 150000
To Business travellers
booking a/c 600000 By maintenance a/c 45000
To capital a/c 700000 By House keeping a/c 60000
By F*B a/c 45000
By Sage software a/c 10000
By F*B a/c 55000
By professional fees a/c 10000
By Insurance a/c 15000
By lease a/c 200000
By Furniture a/c 30000
By balance b/d 1880000
2500000 2500000
Wage a/c
To bank a/c 150000 By balance b/d 150000
Furniture a/c
To bank a/c 30000 By balance b/d 30000
Maintenance a/c
To bank a/c 45000 By balance b/d 45000
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