Hospitality Business Toolkit Assingment (pdf)
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Added on 2021-02-18
Hospitality Business Toolkit Assingment (pdf)
Added on 2021-02-18
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Hospitality Business Toolkit
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Investigate principles of managing and monitoring financial performances.........................1P2 Double entry system of debit anf credit records of sales and purchase transaction in generalledger...........................................................................................................................................3P3 Basic trial balance that applying use of balance off rule to complete ledger.........................4LO 2.................................................................................................................................................5P4 Different stages of HR life cycle which applied in specific hospitality job role and theirimportance...................................................................................................................................5P5 Performance management plan for specific hospitality job role that applying techniques toresolve negative behaviour and overcome issues of staff retention............................................6LO 3.................................................................................................................................................8P6 Specific legislation that hospitality organisation need to comply and adhere to ..................8P7 Specific example of company that how employment and contract law has potential impacton business decision in hospitality industry................................................................................9LO 4.................................................................................................................................................9P8 Explore how different functional role in the hospitality sector interrelate............................9P9 Explain different methods of communication and monitoring applied in specificdepartment of hospitality organisation to strengthen value chain.............................................10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONHospitality business contain several operations and functions that assists to use marketingstrategy to build successful brand. In this regard, goals and objectives of the enterprise has beenaccomplished to create more employment and increase productivity as well. With this regard,more income also generate in which individual take steps for future growth (Bowie, Buttle andMariussen, 2016). Present study based on Hilton hotel which is one of the largest business and providedifferent types of products and services in different areas of the world. With this regard, it can bestated that they are trying to gather several customers to maintain relationship with them.For gaining insight information of the present study, it covers principles of managing andmonitoring financial performances. Furthermore, it includes basic trial balance which can besuccessfully apply to complete ledger. Moreover, it considers performance management plan forspecific hospitality job role and its importance. At last, different functional role in the hospitalitysector interrelate to attain overall goals and objectives. LO 1P1 Investigate principles of managing and monitoring financial performancesFinancial and performance management consider management, process and behaviouralaspects with strategy execution (Kandampully, Zhang and Jaakkola, 2018). In this way, Hiltonhotel can easily manage and monitoring performances which is important to focus and helpingorganisation delivery objectives and goals. Following are different principles of financialmanagement can be implemented in Hilton hotel:Principle 1: According to first principle of financial management, the chosenorganisation need to prepare budget. Therefore, manager must analysing requirement ofseveral functional units which develop for flexible budget and manage changes easily.Furthermore, it is important to detect substantial changes in circumstances or businessconditions (Uysal, Schwartz and Sirakaya-Turk, 2017). Principle 2: As per second principle of financial management, budget of Hilton hotelmust be realistic, reasonable and attainable. Principle 3: Budget of the chosen business must based on analysis which includeidentification of purpose to accomplish mission, goals and objectives. In this aspect,1
comprehensive assessment of unit's financial needs implement to fulfil goals. Plan mustincrease resources and modify goals when current resources of Hilton hotel meeting withneeds (Pereira-Moliner, Font and Pertusa-Ortega, 2015). Principle 4: Actual financial results must compared to the budget at regular basis so thatit helps to detect changes in circumstances or business environment. It also assists todiscover transaction errors, measure financial performance, ensure unnecessary costinvolved to accomplish goals. Transactions are adequately supported in Hilton hotel tomanage functions (Kandampully, Zhang and Jaakkola, 2018). Principle 5: As per this principle, when actual financial results vary significantly frombudget so that manager must determine cause, evaluate activity and take correctiveactions. Consequently, in selected business appropriate outcomes ascertained insystematic consideration (Kovaltchuk, Dedusenko and Miloradov, 2016). Principle 6: Hilton hotel need to operate with their accurate budget amount. As per thisprinciple, it is essential to justification of such excess when expenditure incurred more.Hence, unit must develop formal plan to eliminate deficit generated. Principle 7: Within the chosen business, all expenditure must comply with severalpolicies, regulations and rules so that it helps to concentrate on effectiveness(Kandampully, Zhang and Jaakkola, 2018). Principle 8: In the selected business, 8th principle stated that each unit must evaluatefinancial consequences with new activity which is started with current activity that ischanged or eliminated (PRINCIPLES OF FINANCIAL MANAGEMENT, 2019). Principle 9: Each unit must ensure that benefits are anticipated are greater than the costswith planned or ongoing activities. Principle 10: In the business, 10th principle is that each unit must provide adequatesafeguards to protect against loss and unauthorised used of university assets. A) Income and expenditureIncome and outgoings of Month February 2019IncomeAmountOutgoingsAmountGifts£200.00Food shopping£300.00Benefitsandallowances£150.00Clothes£200.002
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