The Hospitality Business-Toolkit: Financial and HR Management for East London Catering

This paper presents the basic concepts of financial and non-financial business tasks that are required to run a corporation efficiently and effectively. The hospitality manager of East London Catering, an event planning organisation, evaluates those needs in 2 components in this assignment. Including double accounting and general ledger with stability procedures, different financial administration ideas were outlined in the first half. The second section looks at the significance of the HR life cycle for a specific hospitality employment function, as well as the performance recovery plan. This also covers the many hospitality laws and how they are affected by corporation, contractual, and employee rights when making judgments.

The Hospitality Business-
Toolkit

Contents
INTRODUCTION...........................................................................................................................................3
PART A.........................................................................................................................................................3
TASK 1..........................................................................................................................................................3
Introduction of financial transactions of hospitality organisation by identifying types of source
documents and process of recording transactions..................................................................................3
Investigating the principles of managing and monitoring financial performance of chosen hospitality
organisation.............................................................................................................................................4
Explanation of principles of double entry book keeping system regarding debit and credit by using a
standard data of chosen organisation.....................................................................................................4
Producing a trial balance by using sample data by stating the steps for recording the transactions of
trial balance.............................................................................................................................................9
Analysing the types of cost and how they can be managed in respect to financial resources as well as
how profit margins can be calculated....................................................................................................11
Discussion on the importance of accurate recording of transactions in respect with accounting
principles...............................................................................................................................................11
Concluding the role of financial management and monitoring for achieving growth in business by
giving recommendations.......................................................................................................................11
PART B.......................................................................................................................................................12
TASK 2........................................................................................................................................................12
Reviewing the differential stages of HR life cycle in regards with talent acquisition and retention
within hospitality organisation..............................................................................................................12
Evaluate every stage of the HR life cycle and the importance of HR plays growing, supporting and
retaining the best talent as applied to the particular job role...............................................................13
Create a performance management plan to support the particular job role........................................13
Five recommendations and valid judgements on how processes and documents at every stage of HR
life cycle can be improved with support of examples............................................................................14
Identify particular legislation which hospitality organisations has to comply in the daily transaction of
business with support of examples wherever it is applicable................................................................14
Illustrate that in which manner the company's employment and contract law impact on business
decision-making.....................................................................................................................................15
Examine about the potential implications of any two of the regulations on standards using examples
...............................................................................................................................................................15
Reflect on the impact of ethical issues of legislations, regulations and principles................................16

CONCLUSION.............................................................................................................................................16
REFERENCES..............................................................................................................................................17

INTRODUCTION
The hospitality sector is defined as a broad and diversified business that specializes in
providing a broad array of services, including travel, lodging, transport, conference organizing,
culinary services, and also more. Based on changing client expectations, this business is always
encountering new service methods for more effectively pleasing customers, which has rendered
it more attractive. As a result, to stay ahead of the competition, hotel organizations focus on their
entire segmented divisions as well as client service. As a result, the purpose of this paper is to
present the basic concepts of financial and non-financial business tasks that are required to run a
corporation efficiently and effectively. The hospitality manager of East London Catering, an
event planning organisation, evaluates those needs in 2 components in this assignment. Including
double accounting and general ledger with stability procedures, different financial administration
ideas were outlined in the first half.
The second section looks at the significance of the HR life cycle for a specific hospitality
employment function, as well as the performance recovery plan. This also covers the many
hospitality laws and how they are affected by corporation, contractual, and employee rights when
making judgments. Furthermore, the role of cooperation and consultation in improving the value
stream inside a single function of the company has been examined thoroughly.
PART A
TASK 1
Introduction of financial transactions of hospitality organisation by identifying types of source
documents and process of recording transactions
The term "financial transaction" in the context of the hospitality industry refers to both the
records of financial transactions between a resort and a guest as well as a subset of those
interactions between visitors and non-guests. A formal process, referred to as the original
document, is produced whenever Marriott conducts a money transfer. Inspections, contracts,
reimbursements, and credit notes are some of the most typical source papers. The documentation
procedures essentially involve tracking sales income, prices of goods sold, operational costs, and
working capital (Ashqar and et.al, 2022). In this way, Marriott International Inc.'s money

transfers have been completed while also recognizing the underlying papers and recording
procedures.
Investigating the principles of managing and monitoring financial performance of chosen
hospitality organisation
The process of analyzing a firm's productivity, analysis of the financial sufficiency and
revenue that providing diversified daily operations is classified as financial efficiency. There are
several concepts that may be used to measure and control financial results in order to improve
the financial situation when implementing company plans. The following are the primary
principles behind East London Catering's successful business results:
Consideration of budget before taking action: As a hotel manager, they'll need the necessary
financial resources and costs to engage efficiently in order to complete the responsibilities
involved in producing a successful proposed budget. The budgeting must be based primarily on
the company's present financial situation, and that it must be monitored to discover and correct
bank transaction mistakes in order to reduce operational expenses.
Proper and detail record of financial transaction: Although financial info is interconnected,
everyday business activities must be ensuring a successful together with relevant papers and
structured in a certain order. The data must be thoroughly enrolled for analyzing financial effects
because the ultimate findings of such recordings aid in future judgments.
Explanation of principles of double entry book keeping system regarding debit and credit by
using a standard data of chosen organisation
The double-entry bookkeeping system is a business principle whereby each corporate
activity should be recorded in two distinct and equivalent entries, referred to as receivable and
payable, respectively (Antonelli et al, 2020). To do so, proper data must be input so that
repayments could be made and money earned from resources may be produced on schedule. East
London Catering's double-entry book-keeping method for recording buy and selling transactions
is supplied through into the general journal for use in the accounting records for the month of
March 2020, as the housing and finance management. The debit and credits of every account are
provided in the journal entry, which is a historical accounting record.

Ledgers:
DR Cash a/c CR
Date Particulars JF Amount Date Particulars J
F
Amount
4/3/2020 To capital a/c 30000 5/3/2020 By rent a/c 1000
18/3/2020 To sales a/c 20000 6/3/2020 By purchase
a/c
10000
20/3/2020 To sales a/c 13000 7/3/2020 By prepaid
policy a/c
1100
7/3/2020 By accidental
policy a/c
100
11/3/2020 By laundry
a/c
200
15/3/2020 By telephone
and internet
expenses a/c
2220
15/3/2020 By water
charges a/c
950
16/3/2020 By salaries
and wages
a/c
1740
31/3/2020 By balance
c/d
45690

DR Purchase a/c CR
Date Particulars JF Amount Date Particulars JF Amount
6/3/2020 To cash a/c 1000 31/03/202
0
By balance
c/d
40000
6/3/2020 To vendor a/c 15000
9/3/2020 To WH Adam
a/c
15000
40000 40000
DR Prepaid insurance policy a/c CR
Date Particulars JF Amount Date Particulars JF Amount
7/3/2020 To cash a/c 1200 7/3/2020 By Accident
insurance
100

policy a/c
31/03/202
0
By balance
c/d
1100
1200 1200
DR Accident insurance policy a/c CR
Date Particulars JF Amount Date Particulars JF Amount
7/3/2020 To cash a/c 1200 7/3/2020 By Prepaid
insurance
policy a/c
1100
31/3/2020 By balance
c/d
100
1200 1200

Producing a trial balance by using sample data by stating the steps for recording the transactions
of trial balance
The declaration of the balance of each accounts generated in the accounting records is
referred to as a trial balance. Trial balance assists the management in discovering and rectifying
potential financial problems, as well as facilitating the internal auditor system of the project.
When generating a trial balance that use the balancing off method, the final numbers of an

account are entered on both parts of the notebook there at end of the reporting period, and the
amounts are calculated through into the ledger. The financial statements for all activities in a
given financial statement are recorded here in the general ledger. As a result of using the balance
off rule, East London Catering's cash holdings are as tries to follow:
Trial balance:
Particulars Debit Credit
Capital 30000
Store Rent 1000
Purchase 40000
Creditors 30000
Accidental Insurance Policy 100
Prepaid Insurance Policy 1100
Laundry Expense 200
Telephone and Internet 2220
Rates, water charges 950
Wages and Salaries 1740
Sales 33000
Cash 45690
Total 93000 93000

Analysing the types of cost and how they can be managed in respect to financial resources as
well as how profit margins can be calculated
It is a set of charges related to various types of expenditures that are generated in addition
to identifying and analyses financial activities at every stage. Financial reporting, accounting
methods, company accounting, and planning will be categorized as company performance. As a
consequence, the many types of expenses are described below.
Fixed Price - A fixed price is an expense which does not change essential for quality production
and remains consistent throughout time. It is less regulated than the cost factor since it is
dependent on quantities and activity (Yan and Subramanian, 2018).
Variable Cost - This is really a form of company expense that is determined by the amount and
production of the product. It will not remain the same as for due to the variations in production
output and buying expenses.
Discussion on the importance of accurate recording of transactions in respect with accounting
principles
It is crucial to have an authentic track of all financial that adheres to recognized reporting
requirements. The accurate recording of activities aids in evaluating the development of the
company in a favorable way and then also demonstrates if the company is developing, what
changes need to be done, and which products are also appealing. This has been found that
maintaining solid recordkeeping can increase the probability that a firm would succeed. Because
of this, it's critical that East London Catering's entire organization maintains an authentic track of
all financial.
Concluding the role of financial management and monitoring for achieving growth in business
by giving recommendations
At the organizational level, financial management essentially makes decisions on the money
it takes and the best way using the resources at hand. It also concerns how to secure the
necessary funding. In order to analyses the initiative in a proactive way, periodic and speed
accounting records are another benefit of financial monitoring. In order to achieve East London
Catering's company development, money planning and oversight are supported in this. A

constant performance assessment of an organization's operations has been advised in order to
accomplish development in a constructive way.
PART B
TASK 2
Reviewing the differential stages of HR life cycle in regards with talent acquisition and retention
within hospitality organisation.
The HR lifecycle is a strategic human resource management paradigm that depicts the
stages of an employee's tenure with a company and the responsibilities of human resource
professionals at every step (Armstrong and Taylor, 2020). East London Catering's human capital
should be dealt with appropriately at many of these phases to ensure minimal labor turnover and
better worker engagement, as well as higher productivity. The significance of HR life cycle
phases for the job function of Sous-chef at East London Catering is examined below:
Attraction- It means how such a corporation appeals to a result of the massive marketplace
through promoting or presenting an image of the business and special perk packages in order to
attract competent personnel. To find a qualified sous-chef, the HR manager can use an
employment marketing approach to position advertising in the right places, emphasizing
excellent compensation packages.
Recruitment: It is an important aspect of the HR cycle. For a firm's growth and achievement,
finding the ideal applicant for a job is critical. It's critical to select the finest CV for a certain
position, attract the top prospects, prepare through the interviewing process and getting out the
essential talents, and finally offer adequate benefits to hire the greatest employees.
Onboarding: It is the procedure used to acclimate new hires to the company. After hiring a
sous-chef for East London Catering, the Hr department needs teach him to grasp the employer
brand and what is expected of them moving forward.
Development: Here, the Human resource meets with the worker, informs her of her career
opportunities inside the organisation, and outlines the required skills she will need to acquire to
reach her objective. In order for East London Catering at this point to help the company for such

lengthy period more successfully as a head chef or administrative assistant, the HR manager
wanted to promote the sous-chef to improve the abilities.
Retention: Given the significant expenses associated with turnover rates, it is imperative to
provide the drive and motivation in order to keep the talented sous-chef.
Separation: The employee leaves the company in this last stage for a variety of reasons,
including retiring, a family issue, a lucrative career, a higher paying position, and others. The HR
manager must oversee this procedure without interfering with other people's work.
Evaluate every stage of the HR life cycle and the importance of HR plays growing, supporting
and retaining the best talent as applied to the particular job role
There are several stages in the HR life cycle, and each step has its own requirements and goals of
the company. Each step of the HR life cycle is connected to the expansion and success of the
firm and the workers, and its application leads to the accomplishment of goals and targets inside
a predetermined time frame. At the operational level of Marriott International Inc., human
resources is the division that develops plans for properly maintaining and recruiting personnel as
well as plans for the organization's continued growth and advancement.
Create a performance management plan to support the particular job role
Employee engagement is a continuous process that takes place as part of the quality
assurance strategy, allowing for the alignment of work performance with company's objectives
(Baharin and Hanafi, 2018). In order to keep the talented sous-chef over the lengthy period, East
London Catering must routinely continuously assess and align personal objectives with corporate
objectives. The following is how the sous-performance chef's control measure is created-
Performance Management Plan for the Sous-chef at East London Catering
Skills Measured
performance
Actions required Resources Time
Administrative
skills
Through directing
and coordinating
the staff, organizes
and organises daily
Innovative kitchen
management abilities,
including financial
management and
Typical financial
planning
education
1 month of
regular
classes

tasks. judgement
Kitchen skills &
knowledge
Excellent cutting
abilities and
familiarity with
various meal
components
Thorough
understanding of how
to use culinary
components.
Training,
Coaching.
Weekly
training for
1 month.
Communication
skills
Connections with
teammates are
strong.
Assuring judgement
and customer
satisfaction via active
interaction with
membership
Meetings, open
discussion, and
seminars.
Weekly
workshops
and daily
after-work
meetings.
Proper health and
safety standards
Incompetent in
following safe
workplace
procedures
improved ethics via
improved personal and
professional
cleanliness
OSHA
standards,
training.
2 months
of training.
Five recommendations and valid judgements on how processes and documents at every stage of
HR life cycle can be improved with support of examples
It has been suggested that East London decrease documentation and digitise all processes
to make it simpler to attain objectives in the purposeful way. They may also employ robots in
terms of enhancing the attempt to work and apply it at the corporate level to ensure to quicken up
the method into performance driven shape. The plans can be created in electronically stored so
that they can be quickly modified in accordance with constant changes throughout time.
Identify particular legislation which hospitality organisations has to comply in the daily
transaction of business with support of examples wherever it is applicable
The following laws, which were formed in the UK and which each law must follow, must
be complied with by the hospitality industry:
According to the Health and Safety at Work Act of 1974, the hospitality industry is required to
follow safety procedures and refrain from using any chemicals that might endanger its workers.

In accordance with the Credit Card Order of 1990 and the Data Protection Act of 1998,
hotels are required to safeguard guests' confidential info, including credit card and bank account
information, as well as individual contact details, when making reservations.
Furniture and Furnishing Regulation 1994: This regulation stipulates that the hospitality
enterprises must preserve and conform with both the fore regulatory standards that is companies
must pick furniture and accessories in the hospitality industry that has to be not cause an
explosion (Ma, Cheng, and Hsiao, 2018)
Illustrate that in which manner the company's employment and contract law impact on business
decision-making
According to the definition of contract law provided above, the hospitality sector must
abide by the regulations in order to operate in a way that is both morally and legally correct. The
Credit Card Order of 1990 and the Data Protection Act of 1998 are two such examples of the
laws that East London Catering conforms to in addition to making key business decisions. East
London Catering uses such legislation to encrypt the confidentiality and privacy of its clients and
uses a variety of operating system to preserve its big data and data security mechanism. It aids in
developing the company's product or brand so that consumers feel committed to it.
East London conforms with the Furnishings and Decorating Regulations of 1994, which is an
important piece of corporate legislation for ensuring workplace security measures in place
furnishings and other infra structure from fire.
The Health and Safety at Work Act of 1974 requires employers to provide and implement safety
countermeasures utilizing materials that pose no risk to workers. This helps employers create a
good work environment and enhance staff morale.
Examine about the potential implications of any two of the regulations on standards using
examples
Consumers of East London will be assured under the data protection legislation that their
private details won't be disclosed to anybody and will only be utilized for the process of
registration for online check. Additional piece of law relating to the occupational health and

safety mandates that hotels cover its staff members' wellbeing but also that, in the event of an
accident or other issue, hotels must pay for it as parts of the coverage so that staff members may
have a favorable perception of their company (Vargas and et.al, 2020). Whenever East London
takes care of its staff, they work to the best of their abilities and pay attention to detail. In this
way, these two rules also help to the healthy expansion and development of responsible
leadership.
Reflect on the impact of ethical issues of legislations, regulations and principles
The two key ethical concerns at the institutional level are data disclosure and the hazards
associated with using new technology. Once relevant legislation has been applied at the
organization context of East London, then it offers the confidence to manage the scenario from
workers and customers point of view into positive fashion. The Health and Safety Act guarantees
that their organisation has taken good care of their health. This has been suggested that such
regulations provide a type of tight, encouraging atmosphere where everyone abides by the
legislation, resulting in constant appreciation for the employer's employment law.
CONCLUSION
Therefore, the aforementioned report explains how a company should handle its company
operations to ensure efficient business operations. A hospitality firm has four main
responsibilities: handling finances, human resources, adhering to regulatory requirements, and
overseeing various corporate divisions and operations. To determine the income earned and the
expenses paid from various functions, finance requires managing the financial resources and
making the greatest use of them together in corporate processes measurement and reporting.
Last but not least, ability to manage multiple roles and agencies tends to involve how another
dept appears to be able and specific roles and the worldwide of such agencies to assess the
cooperation among some of the divisions. The Functional areas handle the human capital
performance of an organisation and guide them greatest in order to achieve the focused specific
objectives.

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MANAGEMENT TO IMPROVE RECRUITMENT AND RETENTION OF
RESILIENT HOSPITABLE TALENTS IN THE SECTOR.