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Hospitality Business Toolkit PDF

   

Added on  2020-10-04

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HOSPITALITY BUSINESS TOOLKIT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Principles of managing and monitoring financial performance........................................1P2 Double entry bookkeeping system of debits and credits to record sales & purchasetransaction in general ledger...................................................................................................2P3 Basic trial balance applying the use of balance off rule....................................................5TASK 2............................................................................................................................................6P4 Different stages of HR life cycle applied to specific hospitality job role and theirimportance..............................................................................................................................6P5 Prepare a performance management plan for specific job role along with measure to reducenegative behaviour..................................................................................................................8TASK 3..........................................................................................................................................10P6 Specific legislation that a hospitality organisation has to comply and adhere................10P7 How employment, contract and company law impacts on business decision making inhospitality industry...............................................................................................................10TASK 4..........................................................................................................................................11P8 Different functional roles within hospitality sector.........................................................11P9 Different method of coordination, monitoring and communication applied in a specifichospitality sector ..................................................................................................................13CONCLUSION .............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONHospitality sector is a broad category within service industry which involves food, drink,event planning, lodging, transportation, travelling, theme park along with other fields related tohospitality industry. Main objective of this industry is to provide standardised service to itscustomers so that their satisfaction level can reach maximisation (Jayawardena and et. al., 2013).This assignment is based on Royal Lancaster London which is a Britain based hotel establishedin 1967 and headquartered in London, England, UK. Hotel offers different kind of services to itscustomers which are restaurant, Wi-Fi, room service, fitness centre, laundry, parking, bar etc.This report is going to cover different principles of managing and monitoring financialperformance along with double entry bookkeeping system of debits and credits. Beside this, abasic trial balance is carried out to complete ledger. Various stages related with HR life cycle ismentioned along with performance management plan. Identification of specific legislation andimpact on decision making due to different laws is carried out. Beside this, different functionroles methods of communication within hospitality sector are mentioned. TASK 1P1 Principles of managing and monitoring financial performanceRoyal Lancaster London is a renowned hotel which is situated in England. There aredifferent departments in hotel such as Finance, housekeeping, front desk and other departments.This report is written on the basis of housekeeping department and its operations. Principles are defined as the set of techniques and tools which is required to interpret andanalyse financial performance of a company. These rules and principles will help RoyalLancaster London in enhancing and improving their performance. This assist in achievement oforganisational goals in a timely manner. Different principles of managing and monitoringfinancial performance are given below:Arrangement of finance: It is essential for Royal Lancaster London to formulate betterplans in terms of finance as it will benefits the company in appropriate functioning ofbusiness activities. If finance and budget of company will be maintained then it willprotect Royal Lancaster London from financial risks. Company can manage its financethrough banks and other financial institutions. As these institution will provide finance at1

low interest. Hence, taking help form them will be profitable for company (Jauhari,2014). Preparation of financial statement: It is another important principle which isassociated with monitoring and managing financial performance. Financial statement willbenefits in preparing profit and loss account along with balance sheet in a chronologicalorder. It will help the firm in understanding their financial position for future.Expenditure management: It is essential for Royal Lancaster London to manage theirregular expenses in an organised way. As business organisation is going to enhance theirability to take timely and strategic decision, appropriate management of expenditure is animportant aspect in this regard. Manager in Royal Lancaster London can chose a team ofprofessionals so that monthly and yearly expenditure of firm can be managed andcoordinated in a proper way. These principle will benefits the concerned hotel in formulating proper guidelines. Thiswill allow the company to have an organised structure and funds of company will also getmanaged desirably. Key performance indicators for restaurant are defined below:Food cost: Investment carried out in food and beverages is required to be managed in asystematic way. Food consumption for each person can be acknowledged by calculatingprofit margin for per customer of hotel. Kitchen labour: It can be evaluated by acknowledging the total food sale of company.To identify the productivity of kitchen, performance indicator plan can be usedconsiderably (Hoboken and et. al., 2010).P2 Double entry bookkeeping system of debits and credits to record sales & purchase transactionin general ledgerCase scenario:1st February, purchase goods from Jane’s enterprises (new food supplier, 30 days credit) £5,000buy room stuffs from Robert (our long-running drinks supplier, we have good credit)£29,5523rd Paid maintaince cost £30006th February - pay off Jane’s account in full by bank transfer;10th February – end of week 2 – buying packaging stuffs £8,900 and cleaning material £900014th February – Valentine’s party – private room hire and catering for Meganne £20002

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