Assignment on Hospitality Business Toolkit (pdf)
Added on 2021-02-21
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HOSPITALITYBUSINESS TOOLKIT
INTRODUCTIONThe hospitality industries are affiliated to the businesses of travelling and tourism withthe motive of providing essential services to travellers. In hospitality industries, there are variousbusinesses which are included in this section like hotels, conference centres, resorts, and themeor amusement parks who are responsible for providing primarily food services andaccommodation facilities in these places. In this report, the industries which is taken forexplained the hospitality industries that is ABC Catering which is specialised in organisingevents like birthday parties, weddings or family gathering. As they are in a growing position sothis report will help them to increase their enterprise. In this file, there is mentioned principals ofmonitoring and managing, book-keeping system, different HR cycles and various legislationwhich are applied on the hospitality industries. This study will ensures the ABC Catering to growin the market with a specific manner.P1 .Managing a financial presentation of a enterprise over a particular time period is theessential function of every organisation to determine their profit and loss(Bharwani and Butt,2012). Being a manager of ABC catering's this really important to measure financialperformance which will permit the company to formulate their business strategies that will resultin medium of exchange . Following are the rule which helps in managing and watching businessaction :-Preparation of key financial statements : It is the basic report that ABC catering's isrequired to hold balance sheet, profit and loss account, ledger as it gives a summary about thefinancial position of the organization throughout the year .It will help the organisations inmaximization of cost by reducing other expenses.Preparation of inventory records: This would help ABC catering's to keep record of allthe inventory that they possess and is available for them so that the operations of the firm can becarried out smoothly. It will also help them in determining the amount of wastage that incurredover a period of time.Analysis of overhead: It will help the business of ABC catering's to determine all thosecost that is not affiliated to their dealings and would help in allocating the money so that morecost will not obtain and firm can earn maximum profitability.
Preparation of Budget: Budget preparation will help ABC catering's in determining theinvestment that are to be made in near future and will help in controlling costs ,it will also helpthe company in achieving their goals and objectives.Risk factors : The risk and uncertainty that comes with the business must be analysed bythe manager of ABC catering's(Bharwani and Jauhari, 2017). This is because if the businessknows all about the risk that are involved in carrying out activities ,they will focus on reducingthe certainty of risk and can enhance their growth and profit margins . This principle willimmediately help the system in devising proper plan of the business constitution and also inmanaging the fund in foremost way . The key action indicators for the ABC catering's are theirfood cost and kitchen labour-Food costs:Expenses through the purchase of food items necessarily to be managed in aorganized manner. The intake of food per head will help ABC catering's in calculating the profitmargins.Kitchen labour: IT would help in measuring the amount of food that has been sold of theorganisation. To understand the level of productivity of the kitchen we can use the performancesignal plan.P2. Double entry book keeping bring up to the method of accounting that allows enterprisedealing to involve two accounts for balancing the accounting correspond(Bharwani andMathews, 2012).Below, double entry system has been prepared:
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