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Managing and Monitoring Financial Performance in Hospitality Business Toolkit

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Added on  2020-10-22

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Hospitality Business Toolkit INTRODUCTION 1 TASK1 1 P1: Managing and monitoring financial performance 1 P2: Double-entry system to record sales as well as purchase transaction being followed by general ledger 2 P3: Preparation of trial balance to balance off ledger4 TASK 24 P4: Different stages of HR life cycle to retain and develop talent 4 P5:Performance management plan for hospitality job 5 TASK 36 P6: Legislation related to hospitality organisation6 P7: Employment and contract law for business decision-makingwithin

Managing and Monitoring Financial Performance in Hospitality Business Toolkit

   Added on 2020-10-22

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Table of ContentsINTRODUCTION...........................................................................................................................1TASK1.............................................................................................................................................1P1: Managing and monitoring financial performance ...............................................................1P2: Double-entry system to record sales as well as purchase transaction being followed bygeneral ledger..............................................................................................................................2P3: Preparation of trial balance to balance off ledger.................................................................4TASK 2............................................................................................................................................4P4: Different stages of HR life cycle to retain and develop talent..............................................4P5:Performance management plan for hospitality job................................................................5TASK 3............................................................................................................................................6P6: Legislation related to hospitality organisation......................................................................6P7: Employment and contract law for business decision-making within hospitality industry...7TASK 4............................................................................................................................................8P8: Different functional roles of hospitality sector.....................................................................8P9:Different method of communication, coordination as well as monitoring for hospitalityorganisation.................................................................................................................................9CONCLUSION..............................................................................................................................10REFRENCES.................................................................................................................................11
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INTRODUCTIONHospitality industry provide various services to the customer such as accommodation,travel and tourism as well as food and beverages to make up valuable experience of customer. Itmostly gets functional at the leisure time of people depending upon their disposable income ofvisitor (Jayawardena, et.al., 2013). This sector provide premium quality services that not onlyhelps to increase the productivity as well as profitability of company but also increases theloyalty of customer. For the better understanding Carnival Corporation and plc has been takenwhich is world's largest cruise operator. It provide various services to its guest such asentertainment, organise event, bar, accommodation, food and beverages. This research carriesseveral topics such as management of all financial transaction within hospitality sector bypreparing journal entry, ledger account as well as trail balance. Moreover, management ofhuman resource life cycle and impact of legal as well as ethical consideration within hospitalityindustry. TASK1P1: Managing and monitoring financial performanceFinancial performance refer to the financial health of the company which is used tomeasure as well as monitor the performance of internal staff as well as helps in making bettercomparison among the similar industry (Legrand, Chen and Sloan, 2013). It include the interestof various stakeholders of company such as creditors, investor, managers, shareholders,
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employee and so on that help the company to achieve its objective by strengthen the relationshipwith the firm. Thus, it helps to analyse the financial position of company over a period of time. Moreover, company prepare its budget to allocate the fund significantly in order toperform various activities of business. For instance, within cruise operator the financialdepartment of company prepare budget for various activity such as promotion so accordinglycompany work build the most feasible strategy that can attract huge number of visitors.Additionally, budget is prepared before conducted any expenses then at the end of financial yearactual budget as well as standard budget is compared. This help the company to identify thewhether it has been successful in cutting down the unnecessary expenditure or not. Therefore,variance is calculated after comparing pre and post budget which act as a constructive feedbackfor company to take the corrective or significant actions that helps in the further formulation ofbetter decision (Nayak and Taylor, 2018). Hence, Carnival Corporation and plc company can uses different method for measuring andmonitoring financial performance that is defined below:Financial statements: Financial statement carries the financial information of wholeaccounting year which finally determined the position of company (Kysilka and Csaba, 2013).Competitive analysis: On the basis of financial statement comparison is made among thecompetitors of similar industry. This act as a standard based on which company take efforts togive tough competition to their competitors.P2: Double-entry system to record sales as well as purchase transaction being followed bygeneral ledgerJournal Entry: The role of journal entry is to record whole financial or monitorytransaction in relation to business on the day they were incurred (Pirani and Arafat, 2014). Itconsist of debit and credit balance and both the balances needs to be equal. It finally helps thebusiness in computation of financial statement which shows the actual position of business.Journal EntriesAmountDateParticularsL.F.Dr.Cr.1st FebPurchase A/c Dr.5001To Kate's Kitchen A/c5001(Being food purchase from Kate's kitchen at30 days credit)
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