Hospitality Business Toolkit

Hospitality Business Toolkit

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Principles of monitoring and managing financial performance.......................................1
P2. Apply double entry bookkeeping system of debit and credit record sale and purchase
transactions in general ledger.................................................................................................2
P3. Prepare trail balance.........................................................................................................3
TASK 2............................................................................................................................................3
P4. Review the stages of HR life cycle..................................................................................3
P5. Develop a Performance management plan and apply techniques to resolve unconstructive
performance............................................................................................................................5
TASK 3............................................................................................................................................7
P6. Legislations that a hospitality organisation should comply and adhere to.......................7
P7. Probable impact of company, employment and contract law ended business decision
making in hospitality sector....................................................................................................8
TASK 4............................................................................................................................................8
P8. Interrelation between different functional role within hospitality sector.........................8
P9. Different methods of communication, coordination and monitoring within hospitality
organisation............................................................................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Hospitality business has provides the widest services to the customer and includes the
food and beverages, accommodation, lodging, event management, travel and tourism, cruise line
and many others too. (Boella, 2019). They have been providing the vast services to the customer
by which they have provide the most significant and vital treatment to the visitors by which they
feel so special. This report is based on the Marriott International Hotel that is an American
multinational hospitality provider company and having the business across all around the world.
This report includes the different way to manage and operate the financial performance,
transaction recording to reduce the cost, HR life cycle, performance management plan, different
law and regulation that get followed by the hospitality industry, importance of coordination and
integration of different working department.
TASK 1
P1. Principles of monitoring and managing financial performance
The performance will get monitored and managed to get ensure that the adequate amount
of funds will get circulated within the business within the particular period of time. It is more
important for the account assistant of Marriott International Hotel to measure the financial
performance to get develops the effective strategy for the development of the business and they
follow some basic principle that is as defined below as:
 Grounding of key financial statement: It includes the basic management of the balance
sheet and the profit and loss statement to get forecast the predicted sales by analysing the
overall sales of the year and it is more beneficial to get reduces the overhead and the
residual expenses from the business.
 Preparation of inventory documentation: It is most important that the stock will get
balanced by which company must get purchase the appropriate amount of stocks by
which more profit has been gained. It has been used to analyse the overall sales to reduce
the future wastage to increases the sales and profit ratio (Bowen, 2018).
 Analysis of transparency: - There are some of the different expenses that has not been
directly related to the Marriott International Hotel and this amount will get checked out to
manage the adequate fund by which the profit ration of the business didn’t get affected.
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P2. Apply double entry bookkeeping system of debit and credit record sale and purchase
transactions in general ledger
Double entry book keeping is the method that is more useful for the Marriott
International Hotel as by this they have sufficient information about the credit and the debit
values and it is to measure each and every transaction that is performed within the business.
There is some general ledger that is as defined below as:
Sales account
Particulars Amount Particulars Amount
To balance b/d 7500 By bank account 5000
By Mr. John account 2500
Total 7500 Total 7500
Purchases account
Particulars Amount Particulars Amount
To bank account 6000 By balance b/d 6500
To Ms. Rachial account 500
Mr. John account
Particulars Amount Particulars Amount
To bank account 6000 By balance b/d 6500
To Ms. Rachial account 500
Ms. Rachial account
Particulars Amount Particulars Amount
To balance b/d 500 By bank account 500
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