Hospitality Business Toolkit Report

Hospitality Business Toolkit

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................3
LO 1.................................................................................................................................................3
P1. Principles of managing and monitoring financial performance ...........................................3
P2. Application of double entry book keeping system of debit and credit for recording sales as
well a purchase transactions. ......................................................................................................4
P3. Producing basic trial balance ...............................................................................................4
LO 2.................................................................................................................................................5
P4. Reviewing the different stages of HR life cycle which is applied to specifically hospitality
Job role. ......................................................................................................................................5
P5. Developing performance management plan. .......................................................................6
LO 3.................................................................................................................................................8
P6. Identifying specific legislation which hospitality organization is required to follow ........8
P7 . Illustrating the way employment and contract legislation have positive effect on business
decisions. ....................................................................................................................................9
LO 4 ..............................................................................................................................................10
P8 . Exploring the way different functional roles within hospitality sector interrelate ...........10
P9. Explaining the different methods of communication, coordination and monitoring which
can be applied in specific functional department in company .................................................10
CONCLUSION .............................................................................................................................11
REFERENCES .............................................................................................................................12

INTRODUCTION
Business practices can be defined as the procedure as well as code of conduct followed
by an organization in order achieve desired business objectives. It is very much important for
companies to concentrate on providing the high level of satisfaction as this will help them in
ensuring success. Business practices is also considered to be as implementation of new methods
or techniques for organizing routine process. Facilitating the best business practices is very much
crucial in context of long term sustainability of firm. A leader is required to have good
administrative skills which are required for managing business and people at workplace.
The study will emphasize on identifying the different principles required for managing as
well as monitoring financial performance in context of Marriott hotel. Report have focus on
analyzing the importance of human resource management in relation to retaining and developing
talent. Assignment will highlight the legislation which hospitality organization are required to
follow.
LO 1
P1. Principles of managing and monitoring financial performance
Every organization requires financial resources for performing different activities.
Managers and leaders in Marriott hotel is responsible for managing financial resources in an
effective as well as efficient manner. Ten principles of managing as well as monitoring financial
performance are:
Principle 1 : It is required by finance manager in Marriott hotel to prepare budget. In addition to
this, financial manager should arrange project resources required for accomplishing desired goals
or objectives. Finance manager in Marriott hotel is required to measure current financial
performance of firm as it is very much essential in order to manage financial performance of
company. Budgeting technique will assist finance manager in controlling the flow of funds.
According to first principle of financial management, finance manager in Marriott hotel should
address transaction errors (Agrawal,2018). They need to detect substantial changes in
circumstances.
Principle 2: Manager in Marriott hotel should develop reasonable, realistic and attainable budget.
Principle 3: The budget prepared by manager should be supported by throughout or detailed
analysis of tasks. In addition to this, the purpose of the budget should be clear and is required to
be based on objectives of different functional unit within an enterprise. It is essential for project

manager to prepare budget by assessing the financial needs of different departments within an
organization.
Principle 4: This principle states that actual financial results should be compared with the
budgeted by finance manager at regular interval of time in order to detect transaction errors, for
ensuring that unnecessary costs are avoided, making sure that expenditures are reasonable etc.
Principle 5: This principle states that is there are any variations between actual as well as
budgeted financial results then it is required by finance manager in Marriott hotel to determine
the reason or cause for the same (Lewis and Vandekerckhove, 2018). In addition to this,
manager should evaluate the activity and they are required to an appropriate action.
Principle 6: This principle of financial management states that different departments in Marriott
hotel should facilitates various activities within budget. If in case, the budget exceeds then
functional manager in organization is required to provide justification for that.
Principle 7: As per this principle, all the expenditures are required to be made according to the
organizational policies .
Principle 8: according to this principle of financial management, all the departments in Marriott
hotel are required to evaluate the financial consequences before planning to implement new
procedure or activity.
Principle 9: It is very much essential for each functional division in Marriott hotel to make sure
that costs incurred should be less that benefit gained.
Principle 10: As per this principle of financial management every functional department in
Marriott hotel should provide adequate safeguard for providing protection against financial
losses.
P2. Application of double entry book keeping system of debit and credit for recording sales as
well a purchase transactions.
` Purchase of new kitchen equipment
Debit kitchen equipment £6540
Credit cash £6540
Food purchases