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Finance and HR Life Cycle of Hospitality Business ToOLKIT INTRODUCTION

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Added on  2020-12-18

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Double entry bookkeeping system of debit and credit to record sale and purchase.2 P3. 12 CONCLUSION 13 REFERENCES 14 INTRODUCTION Hospitality industry is a big part of service industry, it include many services like transportation, hotel booking, cruise, travelling, food and drink services, lodging, event planning and many more.

Finance and HR Life Cycle of Hospitality Business ToOLKIT INTRODUCTION

   Added on 2020-12-18

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HOSPITALITY BUSINESSTOOLKIT
Finance and HR Life Cycle of Hospitality Business ToOLKIT INTRODUCTION_1
INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Principles of managing and monitoring financial performance............................................1P2. Double entry bookkeeping system of debit and credit to record sale and purchase..............2P3. Produce a trial balance applying the use of balance off rule to complete the ledger............4TASK 2............................................................................................................................................5P4. Different stages of HR life cycle of hospitality job role and their importance in retainingand developing talent...................................................................................................................5P5. Develop performance management plan for a Carnival Cooperation Plc.............................7TASK 3............................................................................................................................................7P6. Identify specific legislations that Carnival Cooperation Plc has to comply and adhere to...7P7. Examples related with how company, employment and contract law has potential impacton business...................................................................................................................................8TASK 4............................................................................................................................................9P8. Interrelation between different functions and roles within hospitality sector.......................9P9. Different communication method, coordination and monitoring in the department...........12
Finance and HR Life Cycle of Hospitality Business ToOLKIT INTRODUCTION_2
CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
Finance and HR Life Cycle of Hospitality Business ToOLKIT INTRODUCTION_3
INTRODUCTIONHospitality industry is a big part of service industry, it include many services liketransportation, hotel booking, cruise, travelling, food and drink services, lodging, event planningand many more. This industry is very much dependent on the disposable income as well as theleisure time of the people Carnival corporation & Plc is taken for understanding this conceptmore clearly. It is an America based cruise operator which is working all over the world as alargest leisure travel company. Carnival has more than hundred chips which is designed in theform of hotels and serving all the required services. This will further help in covering sometopics in this report like financial performance of the company, life cycle of an HR and variousrule and laws made to per from the actives of the organisation..TASK 1P1. Principles of managing and monitoring financial performancePrinciples are the rules and regulations which s made by the company to run theirbusiness activities. These financial principles are made to analysing the financial performance ofthe company and it also provide support for improving or bringing changes in the performance.Some of the principle which Carnival Plc follow for their good financial performance are-: Arrangingfinance- This is the very basic step which is mandatory for Carnival. This isbecause it helps the organisation in running their business activities properly. Withoutadequate financial resources operations cannot be carried out in a best possible way.Carnival Plc have many options to raise the from banks and other financial institutions(Tanford, 2016). Preparation of financial statement- This a again one the very important step for theCarnival Plc in which they are require to make their financial statements. Thesestatements include profit and loss account, balance sheet, trial balance etc. it is importantfor the company as it will help them to determine their financial position.Management ofexpenditure- It is important for the Carnival Plc to manage their day today expenses so that they can cut their additional cost. Company can do it by appointingprofessionals for analysing and managing these costs. Risk- Carnival Plc has to manage their risk so that it can earn profit instead of losses. Butit is important for the company to take risk in their business because without risk there is1
Finance and HR Life Cycle of Hospitality Business ToOLKIT INTRODUCTION_4

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