Hospitality Business Toolkit Assignment
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Added on 2020-10-05
Hospitality Business Toolkit Assignment
Added on 2020-10-05
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Hospitality BusinessToolkit
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1A: Investigate principles of managing and monitoring financial performance...........................1B: Identifying different terms as pertain in hospitality industry...............................................2C: Double entry book-keeping system of debit and credit record sales and purchasing inledger...........................................................................................................................................2D: Applying use of trial balance in order to complete ledger.....................................................3TASK 2............................................................................................................................................4A:Different stages of HR life cycle of hospitality it importance in retaining and development.....................................................................................................................................................4B: Importance of human resource life cycle in strategic talent management and overcomingstaff retention..............................................................................................................................5C: Judgements and recommendation of human resource process to improve effectivelyplanning.......................................................................................................................................6D: Performance management plan for specific hospitality job role techniques to resolved.......7TASK 3............................................................................................................................................8A: Legislation of hospitality within an organisation..................................................................8B: Company's employment and contract law potential impact upon business decision-making9C: Potential Implication of regulation and standards upon decision making..............................9D: Potential impacts of regulation, legislation and ethical principles upon decision making.10TASK 4..........................................................................................................................................10A: Different roles within hospitality sectors.............................................................................10B: Different methods of communication, coordination and monitoring applied to hospitality12C: Different methods of communicating, coordinate and monitoring within department ofhospitality organisation for achieving organisation goals and objectives.................................13D: Different methods of communication, coordination and monitoring recommendationwithin hospitality organisation and recommendation...............................................................13CONCLUSION..............................................................................................................................13REFRENCES.................................................................................................................................15
INTRODUCTIONIn today's era hospitality management usually involves overseeing administrative task ofa hotel or a resort. It is a board group of business that basically provides services to customers,focused on satisfaction of customers are per need and requirement by providing specificexperience for them (Bowie and et.al., 2016). Additionally, it is a specialised field ofmanagement service within hospitality industry as it includes loading, food and beverageservices, tourism, sports and entertainment. This report is based on Health & Lockhart which islocated in London United Kingdom. It is specialised in offering in Smoothies, salads and juicesfor health conscious people. This report is going determine principles of managing andmonitoring financial performance with different management plan that help in performing jobrole. Eventually identifying different relation with other function of hospitality industry byadopting methods for communication, coordination and monitoring that is necessary for anbusiness to carry outs its function effectively.TASK 1A: Investigate principles of managing and monitoring financial performance In an organisation, principles are refer as guidelines to conduct or prepare activities toimprove business function in an attractive manner. Additionally, financial performance areefficiencies and abilities to accomplish task or activities so that goals and objectives can beachieved within stipulated time period. Herein, managers of Health & Lockhart are investigatingprinciples of managing and monitoring financial performance are as follows:Composite of finance: It is important for an organisation to achieve composite offinance as sources of finance is directly or indirectly linked with an organisation performance(Singh, 2015). Herein, mangers need to monitor financial performance so that excessive debtscan be reduce and financial performance can me managed and perform in a systematic manner.Actual financial performance: In an organisation it is necessary to compare budgetoutcomes with the actual financial outcomes. Herein, the managers should compare financialoutcomes with the budget result on regular basis so that financial performance can be measuredin an appropriate manner so that goals can be achieved in effectively manner.Identification of risk factor: In order to achieve high and stable growth the managersneed to identify potential and risk factor that usually effect organisation financial performance. It
is necessary for an organisation so that effective principles can be adopted to avoid certaindifficulties if arise within an organisation.Recording all expenditure and income with help of table is determined below:IncomingsOutgoingsWagesWeekly food shoppingGiftsClothesBenefitsGiftsAllowancesHousehold utility billsdrinksLunch purchasesB: Identifying different terms as pertain in hospitality industrySales: Sales refers to exchange of goods and services between two parties where buyerreceives goods or services in exchange of money( Anderson and et.al., 2017). In case ofhospitality industry, mangers are generating huge amount of sales by offering facilities to itscustomers as well as attaining highr income and profitability.Purchase: In terms of business a purchase means to take possession of given asset orattaining right by paying amount of money for the transaction to become successful. Herein,mangers are acquiring various hospitality industry standards in purchasing goods and servicesbetween different organisation. Input Cost: Input cost consist of direct material, direct labour and other overhead itemswhich usually indicates cost of production and offering services in an appropriate manner.C: Double entry book-keeping system of debit and credit record sales and purchasing in ledgerParticularsDebitCreditCash in hand (Overdraft)10700Petty cash expenses750Credit card sales 14795Cash sales3350Free issues575New kitchen equipments6540Food purchase7900Beverage purchases12970Purchase return200Credit Notes 190
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