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Hospitality Business Toolkit Assignment - Taste and Twist

Added on - 23 Nov 2020

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Hospitality BusinessToolkit
Table of ContentsINTRODUCTUION.......................................................................................................................1TASK 1............................................................................................................................................11. Principles of managing and monitoring financial performance...............................................12. Application of double entry book keeping system of debits and credits to record sales andpurchase transactions in a general ledger.....................................................................................33. Trial balance based on Balance-off rule..................................................................................4TASK 2............................................................................................................................................61. Different stages of the HR life cycle applied to Taste and Twist organisation......................62. Performance Management Plan of Taste and Twist organisation...........................................7TASK 3............................................................................................................................................71. Specific legislations that Taste and Twist organisation has to comply and adhere to.............72. Impact of company, employment and contract law on business.............................................9TASK 4............................................................................................................................................91. Interrelation of functional roles within the hospitality industry..............................................92. Methods of Communication, Coordination and monitoring to strengthen the value chain...11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTUIONThe hospitality industry is a broad category of fields in the service industry that includeslodging, event planning, theme parks, transportation, travel and tourism and many more.Businesses that are operating in this industry needs to understand their business together withother to perform various activities efficiently. To understand the importance of hospitalityindustry toolkit a new business is established in London, UK named as“Taste and Twist”.There are various rules and legislations imposed by government of the UK that is needed to befollowed by all the businesses (Bruce and Stephens, 2017). While providing healthy salads andjuices with smoothies there is a twist of some added alcohols to increase sales. In this projectreport various aspects of business such as finances, human resource various legislations and lawswill be discussed.TASK 11. Principles of managing and monitoring financial performanceA business of serving healthy and tasty juices and smoothies is operated at Bishops gatein London. As this business is gaining huge amount of positive response it is offering some moreblended juices and for evening alcoholic content is added to these juices. A business needs tomanage and monitor its financial performance with number of ways such as-Preparation of key financial statements:Basic reports that company needs to produceare balance sheet and the profit and loss statement. They are the vital indicators of financialperformance of the business by providing an overview of the financial health ofTaste and Twist.Preparation of inventory records:Business needs to invest on various day to dayoperations and also a considerable amount of fund is invested in raw material. Having a managedinventory system and calculating input and output ratio helps in managing finances ofTaste andTwist (Ervin, 2016).Analysis of overheads:Merely preparing financial statement is not enough. To find outweak areas in the business Taste and Twist organisation needs to go beyond preparation offinancial statements. Analysis of various overheads like rent, salaries, marketing expenses needsto be done. This will help in monitoring overall financial performance of the organisation.A. Income and Expenditure of Business over one calender yearIncomingsOutgoings1
WagesWeekly food shoppingGiftsClothesBenefitsGiftsAllowancesHousehold utility billsDrinksLunch purchasesB. Explanation of terms pertained in Hospitality industrySales:It is an activity that involves transfer of goods and services for consideration interms of money. As Taste and Twist receives funds by serving healthy juices and smoothies tovarious consumers. Sales is most important activity that brings inflow of funds in theorganisation (Foster and Carver, 2018).Purchases:It involves acquiring of various goods and services that helps inaccomplishing goals and object of Taste and Twist. It is an important process for operatingbusiness activity. Taste and Twist purchased various raw materials that helps in serving varioushealthy juices.Input cost:It is the set of costs incurred to create a product or service. These are somecosts that are related to product manufacturing or providing service such as direct material, directlabour and factory overhead.Direct material- Material that is consumed during the manufacturing of a product andcan be identified directly within the product manufactured. Items designated as directmaterials are usually listed in the bill of materials for a product.Direct labour-Employees and workers who are directly employed in the production ofgoods and services are termed as direct labour. Cost of direct labour is identifiable isspecifically applied to the product as its cost. For food business amount paid to foodmakers are termed as direct labour cost (Types of cost,2018).Factory overhead-Cost that is incurred in the process of manufacturing beyond materialand labour is covered in overheads. These are normally aggregated into cost pools andallocated to units produced during the period.2
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