Hospitality Business Toolkit Analysis

Added on - Dec 2020

Trusted by 2+ million users,
1000+ happy students everyday
Showing pages 1 to 4 of 13 pages
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.Theimportanceofaccuratefinancialtransactioninlinewithacceptedaccounting
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 alarge 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 acquisitionand 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 areinvoices, 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:-
ParticularsDebitCredit
Cash in hand (Overdraft)10700
Petty cash expenses750
Cash sales3350
Credit card sales14795
Free issues575
New kitchen equipments6540
Food purchase7900
Desklib Logo
You are reading a preview
Upload your documents to download or

Become a Desklib member to get access