Hospitality Business Toolkit INTRODUCTION

Hospitality Business
Toolkit
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1Investigation for the principles of managing and monitoring financial performance........4
P2 Double entry book keeping system of debit and credit to record sales and purchases
transaction a general ledger....................................................................................................5
Detailed analysis of purchase and sales transaction so as to compile trial balance by
using double entry system:..................................................................................................6
P3Trail balance by using balance off rule to complete ledger...............................................7
TASK 2............................................................................................................................................8
P4Stages of HR life cycle for retaining and developing talent..............................................8
P5. A performance management plan..................................................................................10
TASK 3..........................................................................................................................................11
P6 Specific legislation adhering within hospitality organizations.......................................11
P7. Reflection on potential impact of regulations, legislations and ethical principles on
decision-making process......................................................................................................12
TASK 4..........................................................................................................................................13
P8. Different functional roles within hospitality sectors......................................................13
P9. An analysis on different methods of communication, monitoring and coordination within
hospitality department of an organisation............................................................................16
Recommendations..........................................................................................................................17
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18
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INTRODUCTION
Hospitality is defined as service or an act where lot of activity are being performed in
respect to entertaining guest, receiving, welcoming guest, etc. Businesses which are related to
hospitality industry render several kinds of services like lodging, catering, entertainment
services, etc. to guest so as to satisfy the customers need as well as to gain advantages in their
businesses. Present case study of this report is based on Tasty Bud espresso restaurant in
Bishops gate at London EC2N. This restaurant pauses certain speciality in rendering delicious
salads and splendid smoothes. This assignment explains about the project management plan
formative interconnection between different functions and rolls which are being perform in
hospitality sector. Apart from this different ways of communication and coordination in
businesses department is also being explained in this report.
TASK 1
P1Investigation for the principles of managing and monitoring financial performance
In order to carry out different function in smooth and effective manner it is essential for
manager of an organisation to monitor and control day to day business activity so as to increases
the proficiencies and profitability of business. Whereas on the other hand financial performance
is defined as capability to accomplish goals and target in efficient manner. In context to Tasty
Bud restaurant there are certain principals which will helps restaurant manager to monitor,
manage and control their financial performance and they are explain below (Sipe, 2013):-
Principal 1 Proper budget is require to be established: manager of Tasty Bud restaurant must
formulate effective policies and strategies so as to make proper and systematic budget which will
help to control wastages and will also helps to make optimum utilisation of resources.
Principal 2 Proper analyses of the budget must be made: it is essential for the manger of Tasty
Bud restaurant to frame budget only after analyzing the overall elements and factors of restaurant
goals and mission.
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Principal 3 Actual budget must be compared with daily based budget: In order to correct
transition and deduct errors in given time frame it is essentials for the manager of Tasty Bud
restaurant to compare daily based budget with actual budget.
Principal 4 When financial budget exceeds predetermined budget rectification needs to be done
by the manager Tasty Bud restaurant so as to improve the financial performance of the business.
A. During an accounting period income and expenditures of a business are specified
below:-
Income Expenditures
Benefits Lunch Purchases
Allowances Weekly Food ordering
Wages Home utility bills
Gifts Drinks
Therefore from the above didcuddion it can be said that certain recommendation is being
rendered to the manager of Tasty Bud restaurant that in order to monitor and control financial
performance in an effective manner its is essential for the manager to formulate necessary
financial statements in an effective manner and to maintain proper records in an balance sheet.
Apart from this other records like working capital requirements, financial ratios, and debtor trial
balance must be maintained in an effective and systematic manner as it will helps to determine
the actual position of an organisation.
Expiation of key financial terms
Sales: - It is one of the most important financial aspect as in this sales and sales transaction are
being recorded in periodic manner. Thus it will benefit to the manager of Tasty Bud restaurant in
maintaining proper record of expenses and quantity of raw material purchased.
Purchase: - It is another financial terminology in which calculation of purchase of inventory and
available current stock is being done so as to obtain good cost for example in context to Tasty
Bud restaurant is 6000 Euro and inventory purchases 9000 Euro whereas cost of product sold by
restaurant in a month is 1200 which is turn to be the actual inventory balance of the restaurant
(opening inventory + purchase - closing inventory) = cost of good sold
(6000 Euro + 9000 Euro - 1200) = 13800 Euro
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