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Hospitality Business Toolkit Assignment - Hilton Hotels & Resorts

   

Added on  2020-12-10

15 Pages3845 Words119 Views
Hospitality businessToolkit
Hospitality Business Toolkit Assignment - Hilton Hotels & Resorts_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Principles of managing and monitoring financial performance with the help of table.........1P2. Double entry book keeping system and basic trial balance to record purchase and salestransactions in general ledger......................................................................................................2P3. Formation of basic trial balance by applying balance off rule: ...........................................4TASK 2............................................................................................................................................5P4. Different stages of HR life cycle for retaining and developing talent..................................5P5. A performance management plan.........................................................................................6TASK 3............................................................................................................................................7P6. Specific legislation adhere within hospitality organisations.................................................7P7. Reflection on potential impact of regulations, legislations and ethical principles ondecision-making process.............................................................................................................8TASK 4............................................................................................................................................9P8. Different functional roles within hospitality sectors.............................................................9P9. Different method of communication...................................................................................11CONCLUSION..............................................................................................................................11REFRENCES.................................................................................................................................13.......................................................................................................................................................14
Hospitality Business Toolkit Assignment - Hilton Hotels & Resorts_2
INTRODUCTIONHospitality sector is that which offering primarily food services as well asaccommodation also within several places like resorts, hotels, conference centres, amusementparks and so on (Deale, 2017). Along with this, hospitality is an service in which severalactivities are done such as entertaining guest, receiving them, welcoming etc.. Within respectivesector there is requirement of good relation within organisation and their guest. This assignmentis classified within four task out of which first is based on Mr. Happy restaurant which is locatedon Diana Road, England. They have speciality in offering delicious salads and splendidsmoothies. Whereas, rest of the task are based on Hilton Hotels & Resorts which is serving atworldwide level. This report is going to discuss management plan, governmental legislations andformative interconnections between different roles and functions in hospitality sector. Moreover,same assignment is going to include various ways of communication as well as coordination inorganisation departments. TASK 1P1. Principles of managing and monitoring financial performance with the help of tableThere are several principles of managing and monitoring financial performance of Mr.Happy Restaurant. Explanation of these are as follows :- Principle 1: Rectification is required when financial budget exceed limit ofpredetermined budget – It is the responsibility of Mr. Happy Restaurant manager to findthe reason behind variation in actual and standard budget. After finding causes it isnecessary to design strategy in proper manner and fill the gap of actual and estimated. Principle 2: Budget is required to be established in proper way – it is necessary forrespective restaurant to manage their financial resources in better manner for runningtheir business operations in effective manner (Esparza-Aguilar, García-Pérez-de-Lemaand Duréndez, 2016). Thus, manager have to formulate effectual strategies as well aspolicies for designing budget in appropriate manner and result in controlling wastage aswell as utilise funds in better manner. Within accounting period several expenditure and income occur within an organisationthese are as follows :-
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Incomings (Source ofIncome)Outgoings (Types ofexpenditures)WagesWeekly food shoppingGiftsDrinksBenefitsLunch PurchasesAllowancesHousehold utility billsManager of Mr. Happy Restaurant have to prepare balance sheet and other importantfinancial statements in correct manner. So that, financial performance of company can bemonitor in appropriate manner (Griffin, 2017). Apart from this, it is also necessary to makerelated statements such as financial ratio, inventory account, working capital requirement,debtors trail balance and so on. Because all these will give advantage in identifying position ofactual cash flow for effectual financial performance level. Apart from this explanation of somekey financial terms are as follows :- Purchase – For obtaining actual cost of good purchase, calculation of current availablestock and purchase of inventory is done. For instance, openining balance of Mr. Happyrestaurant is 60,000 Euro and inventory purchased is of 90,000Euro so cost of good soldare 12,000 per month. So, Opening inventory(60,000)+ Purchase (90,000)-Closinginventory(12,000)= Cost of good sold (3,000,00 Euro)Sales – It is important for manager of respective restaurant to maintain proper record oftheir quantity sales. Type of cost – This is crucial element within expenditures that need to be calculated aswell as properly monitored for measuring performance in formative manner. Cost withinthe organisation are divided in two part one is fixed and another is variable (Hudson andHudson, 2017). Thus, fixed cost never get change with the level of output but variablecost get changed with the changes in output. P2. Double entry book keeping system and basic trial balance to record purchase and salestransactions in general ledgerDual entry book keeping system means that every transaction of organisation must berecord in minimum two accounts. Along with this, it also needed for each and every transaction
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