Hospitality Business Toolkit

This project provides a comprehensive toolkit for hospitality businesses, covering key areas like financial management, talent acquisition and retention, and HR life cycle management. It includes practical examples, case studies, and recommendations for improving business operations and achieving positive growth. Desklib provides past papers and solved assignments for students.

HOSPITALITY
BUSINESS
TOOLKIT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
1. The introduction to financial transaction of hospitality business by identifying the types of
sources documents and the recording processes....................................................................4
2. The principles of double entry bookkeeping system..........................................................5
3. Demonstration the need of an accounting report and presentation of trail balance by using
sample data.............................................................................................................................6
4. The analysis of cost required to run a business and it's influence on managing financial
position...................................................................................................................................6
5. The importance of accurate financial transaction in line with accepted accounting
principles................................................................................................................................7
6. The role of financial management and monitoring in achieving positive growth in business.
................................................................................................................................................8
TASK 2............................................................................................................................................8
1. An overview of the issues in talent acquisition and retention within the food and beverage
sector.......................................................................................................................................8
2. Related factors to a specified hospitality job in the food and beverage sector...................9
3. Identify specified legislation that organisation must considered while making decisions.10
4. The stages of the HR life cycle and importance HR plays in supporting growing and
retaining talent applied to specified job role........................................................................10
5. Develop an performance management plan of a specific job...........................................11
6. Recommendation on process and documents at each stage of HR life cycle can be
improved...............................................................................................................................12
TASK 3 .........................................................................................................................................12
Covered in PPT.....................................................................................................................12
CONCLUSION .............................................................................................................................12

REFERENCES .............................................................................................................................13
INTRODUCTION
Hospitality industry is one of the fastest growing industry in all over world. It's
considered as a large category in services industry which includes event planning, lodging,
transportation, theme perks, cruise line, travelling, accommodation services and other fields in
tourism industry. It's a bustling industry with myriad categories and provide excellent customer
services. The individual has open up it's own business which Kenelog drinks and juices located
in Bishops gate in London. They are specialised in providing healthy & safe salad, blended
smoothies and juices. This report includes the manage of finance in company and the way to
minimise the cost of production. The talent acquisition and retention for specific job, HR life
cycle and roles of HR for specific job role. The coordination of Human resources management
with other departments in company.
TASK 1
1. The introduction to financial transaction of hospitality business by identifying the types of
sources documents and the recording processes.
The financial transaction refers to communication and agreement between seller and
buyer to exchange the product for payments. The financial transaction is signifies monetary
impact on financial statements of business by recording all the details in journals of a company
(Alofsin, 2014). There are different type of sources documents and recording processes to record
the financial transaction. The Kenelog drinks and juices sources of documents and record process
are given below:-
 Source documents:- To record all transaction it's essential for every business to find out
whether business is incurring profit or not. These debit or credit transactions will defines
whether business is growing or not. They serve as a physical evidence of financial
transaction actually occurs in business. In new era, companies are using electronic form
to record all transaction as it's not important to make hard copy of transactions. When it
comes to audit the transactions at end of year then these documents play curial role in
ascertaining the businesses position in market. To keep business operations smooth and
transparent it's essential for individual to store and kept all documents for future

references. The common documents are invoices, receipts, checks, computer generated
receipts, deposit slip, credit memo, employee time cards and purchase order.
 Recording processes:- Once the sales is made in business whether it's credit or cash
sales. The individual must record it's small and small transaction to make transparent and
clean (Chung, 2014). The recording of business transaction are made in journals, ledger,
trail balance, cash book and last financial statement is being prepared to ascertain
business position.
2. The principles of double entry bookkeeping system.
Double entry bookkeeping system is considered most reliable and scientific method of
according or keeping records of each financial transaction in business. The each transaction
involves two parties one is buyer and other is seller in business. It also known as dual entity of
transaction. The certain principles of double entry bookkeeping are:-
 The transaction always take place with equal amount, as amount of money party gives it
must be equal to amount party receives.
 In double entry system business is treated as separate entity from the ownership.
 In this systems debits must be equal to credit side transaction, to ascertainment of results
become easy.
The transaction take place between two parties one is creditor and other one is debtor. The date
of double entry systems are:-
Particulars Debit Credit
Cash in hand (Overdraft) 10700
Petty cash expenses 750
Cash sales 3350
Credit card sales 14795
Free issues 575
New kitchen equipments 6540
Food purchase 7900

Beverage purchases 12970
Purchase return 200
Discount received 2300
Credit notes 190
Rent 2850
Utilities 475
Functions and events (Income) 5967
Wages 4590
Debtors 700
Till shortage 152
Total 37502 37502
3. Demonstration the need of an accounting report and presentation of trail balance by using
sample data.
It refers to accounting report or bookkeeping method which lists all balances from
general ledger account of a organisation. The two columns are made for transaction and they
must be identical or same at the end of accounting year (Clark, 2014). If balance is not identical
then there is a error in between journal entry to trail balance of company. The Kenelog drinks
and juices prepared trail balance to make financial statement to ascertain business position
whether Kenelog is in profit or loss. The trail balance is prepared with the help of ledger
document of business transaction. The date of trail balance of Kenelog drinks and juices are:-
Particulars Debit Credit
Bank loan 12000
Cash in hand 11700
Capital 13000

Rates 1880
Trade creditors 11200
Purchases 12400
Sales 14600
Sundry creditors 1620
Debtors 12000
bank loan interest 1400
Other expenses 11020
Vehicles 2020
Total 52420 52420
4. The analysis of cost required to run a business and it's influence on managing financial
position.
Cost refers to amount which is required by company to run a business operation
smoothly. It's an amount of money that company used or spend on production or creating goods
and services. Cost doesn't includes profit or revenue of business (Doherty, Meehan and
Richards, 2015). If seller sales goods at it's cost then is difficult for company to make profit but
they don't even in loss as well. The various types of cost for a business are:-
 Fixed cost:- It refers to amount which is fixed and don't varies with the number of goods
and services. For example:- Kenelog has purchased machines to make juices and drinks
which is of £ 250000. The owner of a company has taken loan to purchase that machine.
Per month payment of that loan is £ 6500. This amount is always same, never vary
whether financial performance of business is good or bad (Jurigová, 2016). They can
easily influence financial position of business by producing more goods with same
machine as not additional cost will incurred but profit of business will increased so
automatically financial position will influence and manage properly with fixed cost.
 Variable cost:- It varies or fluctuate with the change in output or production of business.
It changes with the number of products company is producing. This cost easily influence

financial performance as production increased cost will increase and production decrease
cost will declines. For example, if sales of juices increased then raw material cost is also
increased as same when sales declines cost will also declines. They easily influence
financial performance due to increase or decrease in sales of juices and drinks.
 Operating cost:- It refers to cost which is associated with daily operations of business
activities whether it's related to production, packaging, distributing etc. Operation cost is
fixed for rent of premises and varies for raw material incurred in production product.
They can easily influence and manages financial position of company by giving accurate
method to control waste while producing juices and drinks.
5. The importance of accurate financial transaction in line with accepted accounting principles.
It is essential for every businesses to make accurate of record of each financial
transaction so that it become easy to report for income tax retune. It is also important for
business while making decisions for expanding business. There are certain accounting principles
are used to effectively record data and transactions to minimise risk of incurring extra expenses.
The principles are:-
 Accrual principles:- It refers to principles in which accounting transaction are recorded
within the accounting period rather than in a period when cash flow is associated. It is
essential for business to keep the data in accrual basis so that transparency as well as
accuracy in data is for management and for shareholders (Leach-Murray, 2014). The
data must in be line if company is using accrual principles record all transaction, as there
is no delay in recording because in this principles data is recorded when sales is made
rather than when cash flow is made.
 Cost principles:- The business must record all the transaction related to assets, liabilities
and equity at the original cost at which they are being sold or purchased rather then
market value. If all the data is appropriately recorded then it become easy for business to
file for income tax refund. The real value of product change due to depreciation or
inflation but these values is not used for reflecting purpose. The consistency of data is
maintained if principles are used to record each and every transaction of Kenelog juices
and drinks.

6. The role of financial management and monitoring in achieving positive growth in business.
Financial management refers to process of planning, organising, directing and controlling
certain financial activities like utilization of funds appropriately, accounting payments, risk
assessments and procurement. If funds in a business are properly managed, then it create quality
of fuel and regular services to ensure effective or efficient functioning of operations. If finances
are not appropriately dealt with organisation then businesses will face certain barriers which
have direct impact on growth of business. To achieve positive growth it's essential for finance
manger to make the advance estimation of funds or capital required by company (Liu and
Pennington-Gray, 2015). The estimation is related to expected cost and future polices. The
estimation must be adequate so that earning capacity of business can be increase. The source of
funds must be clear so that finances of business can be monitor accordingly and business can
achieve positive growth. If investments are high, then production or sales of Kenelog will also
increase and due to which businesses achieve positive growth. The business must manage there
finance properly so that operations cost will be minimised, waste in production is also reduced
by which business achieve positive growth in terms of profit and revenue.
TASK 2
1. An overview of the issues in talent acquisition and retention within the food and beverage
sector.
The food and beverage industry refers to establishing primarily engagement of preparing
snacks, beverages and meals which is ordered by customers whether it is for immediate
consumption or off premises consumption. This industry is grew since 10 years when more &
more people are about to travel due to some business work or have to desire to visit new places.
As they are away from home due to which new desire to eat as well as drink occurs in business.
The interest of public is increasing due to which this sector is also increasing. To run business
effectively it's very important to hire and retain talent employees which are being able to meet
customers demands and provide excellent services to customers but it is very much difficult for
organisation to hire talented employees.
The issues in talent acquisition and retention in food & beverage industry are:-
 Industry trends and innovation:- In food industry trends plays a crucial role for
influencing customer. The employers have to be up-to date with trends and innovation

take place in markets. Employers have to innovate themselves with new products and
techniques faced a lot difficulty while recruiting talented people or become very much
hard to hire talented people (Liu, 2018). Now a days, most of the hiring is done through
websites, if employers are not up-to-dated then it become accurate talented people is not
hired by organisation. Kenelog employers must create that kind of industry where more
young talents are attracted.
 Time:- It's a very big issues which food and beverage industry faced to hire talented
employees for company. It's a very much time consuming process at first interviews are
set, then hire a potential candidate and provide them certain job training through job role
is understand by employees. The hiring mistakes are very expensive, if wrong employee
is hired by organisation then a lot losses is faced by Kenelog in respect of employees
training.
 Salary distinctions:- If salaries are not given in time or discrimination between salaries
in between females or males (Lourenco, Sappleton and Lei, 2017). Then it is very
difficult to retain employees in organisation. It is very important for organisation to
provide equal salary to employees and also provide timely appraisal so that employees
are get motivated and do work as according to achieve desired objectives.
2. Related factors to a specified hospitality job in the food and beverage sector.
To hire HR executive in Kenelog drinks and juices, the employers must be up-to date
with trends and innovation so that potential and talented employees are hired by organisation.
The two factors are employers must be adopt trends and innovation & to retain employees it
essential to provide sufficient salary to consumers (Mita, 2016). To hire employee for vacant
position of HR executive it's important for organisation to have specified with these factor other
it become very much difficult for them to hire potential and talented employees. The salary of
female and male must be equal otherwise it is very much difficult or organisation to retain
potential employees in organisation.
3. Identify specified legislation that organisation must considered while making decisions.
To run business operations smoothly it's essential for every organisation to follow
legislation properly. This laws helps them to make effective decisions without harming any one
within company or outside of the company. The laws which Kenelog juices and drinks must
follow are:-

 Food act:- This act was passed in 1984, as this law cover all the part of food production
and it's distribution to customer. From production, processing, packaging to catering it
comes under this law. It compasses the wide range of food safety to consumers and make
them confident before buying that food from market.
 Food safety act 1990:- This act was to make sure that food must be safe and healthy. The
advertisement which companies are using to promote their products, they are not liable to
use wrong content along with this they must provide healthy and hygiene food to it's all
customers.
 Licensing act 2003:- To run a restaurants or cafe which is related to hospitality industry,
it's essentials for individuals to have a appropriate license. When it comes to sale alcohol,
provide regulated entertainment, provide night refreshments it is necessary to have
license.
4. The stages of the HR life cycle and importance HR plays in supporting growing and retaining
talent applied to specified job role.
HR manager is very important for every organisation through this only accurate talent is
being hired by company as well as retain in company. The life cycle of HR have different stages
through which every employee goes through in department. There is a place vacant in Kenelog
for HR executive. To hire potential employee and to train them there are certain process or cycle
are:-
 Recruitment:- When it comes to grow business, it's essential to hire right or potential
employee for company (Peric and Djurkin, 2014). The hiring decisions plays a curial
role in productivity, turnover and in growth. As to exceed in HR process individuals must
use certain plans and make effective decisions related to creating strategic staff plan
which includes expectation of employees, strategies for attracting best employees, or
hiring concern. Appropriate analysation of benefits and compensation to attract talented
employees. Develop or reviewing the protocol of a company.
 Education:- This process is start when employees joins for new position in the company.
Employees must know about their role in company, responsibilities and expectation. The
companies culture or values must be communicated properly, HR manager must train
new employees as they are being able to fulfil their roles and responsibilities. Introduce

new employee to existing staff of a company so that they feel comfortable in
organisation.
 Motivation:- It very important to motivate employees through specific compensation and
benefits so that they are being able to work as to achieve organisation goals. The manager
must appreciate employees contribution towards successful business.
 Evaluation:- The evaluation determines whether employee is fit for job or not. It also
provide leaders and employees the specific metrics. Conduct performance conversation
on facts rather than on feeling of employees.
 Celebration:- It's a last step in which organisation show appreciation of employees by
providing specific promotion, unique benefits, compensation etc. the smart leader always
try to make their employee feel empowered by giving certain amount of sense of
ownership.
5. Develop an performance management plan of a specific job.
The performance development plan refers to a tool used to give employee with
performance deficiencies as a opportunity to succeed (Stanciu, Constandache and Nenciu, 2015).
Sometimes it is also used when manager is failed to meet a specific job goals or to ameliorate
behaviour related concerns. It is also known as performance action plan. The script of a role play
within organisation in script 1 manager is very much rude and in second one manager is polite
towards employees.
Script 1:-
Manager:- Is this a correct way to talk to your colleagues?
George:- No, sir but intention was not like that.
Manager:- Listen to me very careful, if next time anything like this happen or you misbehave
with any of other colleague, then you have to face a certain replication of it, nixt time no warning
are given to you. Is this okay?
George:- Yes, sir next time this will not happen.
Script 2 :-
Manager:- Don't behave like this and what the reason behind your this behaviour?
George:- Due to some stress, my intentions was not like that.
Manager :- Next time be careful.

George:- Yes, sir from next time nothing like this happen and I will behave properly with
colleagues.
6. Recommendation on process and documents at each stage of HR life cycle can be improved.
There are five stages in HR life cycle as starts with recruitment to celebrating success of
employees as well as accomplishing desired goals effectively in organisation. The Kenelog HR
manager is using this method to provide specified compensation to employees through they fell
motivated (Stumpf and Califf, 2018). The HR manager must use proper process like starts from
recruiting, educating, motivating, evaluating to celebrating success. The documentation must be
proper like to record each and every employee performance in time so that no discrimination is
happen in organisation when it comes to appraise employees with compensation and benefits. If
stages are not appropriately used like if they don't provide proper training to their employees
then it become very much difficult for employees to work according to plan which is drafted by
manager or leaders of organisation.
TASK 3
Covered in PPT.
CONCLUSION
From the above report, it can be concluded that if transactions are properly record in
company then become easy for company to file for income tax retune. The company must use
double entry systems to avoid issues created due to transactions. Certain cost are incurred to run
a business like fixed cost, variable cost etc. but variable cost is a cost which influence financial
position of a business. They must use accounting principles to record all transactions. If proper
finance are managed then business achieved positive growth. If employer is not up-to dated the it
is very difficult to hire talented employees for organisation and if salaries are appropriate then it
very difficult to retain them. The company must follow all laws related to hospitality industry.
There are different life cycle of HR to hire and retain effective employees. The interrelation is
essential for each department manager, written communicate is method that company is using. If
managers are using effective communication method then it become easy to communicate and no
conflicts are raised.

REFERENCES
Books & Journals
Alofsin, A., 2014. How Architecture Works: A Humanist's Toolkit: Witold Rybczynski Farrar,
Straus and Giroux, 2013 355 pages, 318 illustrations $27.00 (hardcover). Journal of
Architectural Education. 68(2). pp.269-269.
Chung, H. D., 2014. Creative Confidence: Unleashing the Creative Potential Within Us All by
Tom Kelley and David Kelley: New York, NY: Crown Business, 2013. 304 pp.. $28.
ISBN 978-0-3853-4936-9.
Clark, E., 2014. Learning in the workplace: a toolkit for facilitating learning and assessment in
health and social care settings.
Doherty, B., Meehan, J. and Richards, A., 2015. The business case and barriers for responsible
management education in business schools. Journal of Management Development.
34(1). pp.34-60.
Jurigová, Z., 2016. Tourism: new destination of global business environment. International
Advances in Economic Research. 22(3). p.351.
Leach-Murray, S., 2014. Tech Services on the Web: Getting It System Toolkit (GIST) Project;
www. gistlibrary. Org. Technical Services Quarterly. 31(2). pp.199-200.
Liu, B. and Pennington-Gray, L., 2015. Bed bugs bite the hospitality industry? A framing
analysis of bed bug news coverage. Tourism Management. 48. pp.33-42.
Liu, Z., 2018, August. Creative Graphics Education Potential for Creativity of Hospitality
Students via Virtual Environment. In International Conference on Geometry and
Graphics (pp. 1643-1654). Springer, Cham.
Lourenco, F., Sappleton, N. and Lei, W. S., 2017. Teaching sustainability via entrepreneurship in
tourism and hospitality school. CAUTHE 2017: Time For Big Ideas? Re-thinking The
Field For Tomorrow, p.226.
Mita, A., 2016. DigiPres commons: http://www. digipres. Org. Technical Services Quarterly.
33(4). pp.464-466.