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Assignment on Hospitality Business Toolkit - Doc

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Added on  2020-12-24

Assignment on Hospitality Business Toolkit - Doc

   Added on 2020-12-24

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HOSPITALITYBUSINESSTOOLKIT
Assignment on Hospitality Business Toolkit - Doc_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Investigate the principles of managing and monitoring financial performance.................12. Double entry book keeping system of debits and credits to record sales and purchasestransactions in general ledger.................................................................................................23 Produce a trial balance applying the use of the balance off rule to complete the ledger....3TASK 2............................................................................................................................................51. Review the different stage of HR life cycle applied to a specific hospitality job role andtheir importance for retaining and developing talent.............................................................52. Develop a performance management plan for a specific hospitality job role applyingtechniques to resolve both negative behaviour and over come issues of staff retention........5TASK 3............................................................................................................................................6Identify specific legislation that a hospitality organisation has to comply and adhere to......6TASK 4............................................................................................................................................6Different functional roles within the hospitality sector..........................................................6Different methods of communication, coordination and monitoring in specific department ofhospitality industry.................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
Assignment on Hospitality Business Toolkit - Doc_2
INTRODUCTIONHospitality industry is a broad category of fields which is included service industry suchas transportation, theme parks, travelling and additional fields (Kysilka and Csaba, 2013) .Hospitality important for business because it will help to keep customer happy and engage withthem for the growth of business. The hospitality industry depends on the availability of leisuretime and disposable income. The business organisations is hospitality sector are improving andimplementing effective strategies in order to achieve growth and success. The chosenorganisation Savage drink & food which is based on London, UK. It is specialises in salads,smoothies and blended juice. This report focused on manage finance and record transactions tominimise costs of hospitality industry. Apart from this manage the human resources life cycle inthe context of HR strategy, Potential impact of legal and ethical consideration on a hospitalitybusiness. In addition importance of coordination and integrating various function of departments.TASK 11. Investigate the principles of managing and monitoring financial performance(a) Recording all expenditures and incomes with the help of tableIncomingsOutgoingsWagesWeekly food shoppingGiftsClothesBenefitsGiftsAllowancesHousehold utility billsDrinks(b) Explain following terms as per hospitality industry Sales – A sale is a dealing between two parties where the buyer received goods(Intangible & intangible), services and assets from another party in exchange for money.It is a legal agreement between a buyer and seller on the basis of security money. A salefunction as a contract where the buyer and seller can select goods and services as perrequirement. In hospitality industry sales are depended on services and quantity becauseif they are provided good quantity and customer feel good experience so it will directlyaffect to sales of particular sector. 1
Assignment on Hospitality Business Toolkit - Doc_3
Purchase – It is states that business organization can acquire their goods and services forfulfil their goals and objectives. For purchasing process the company has applied set ofstandards according to hospitality industry. In the context of hospitality industry productsare purchases as per requirements like in hotel need much more products and item andmany times it will unlimited from quantity (Singh, 2015) . Types Of Cost – In the reference of hospitality industry cost are divided into three parts -Fixed cost - A fixed cost is an expenses or cost that does not change with an increases ordecreases in the number of goods or services which are produce and sold. It is paid by companyand it is independent business activity. It is important cost of hospitality industry because inbudgets all amounts will be change but fixed cost remain as it is. Variable cost – A variable cost is related to corporate expenses that will affect to changesin order to production output. It is mainly depended on production of company and their volume.When production is rises so it will increase and production decreased so it will decreases. Inhospitality industry it will include costs of raw materials of food and packaging. Semi variable cost – It is also known as semi mixed cost and semi fixed cost because it ismixture of variable and fixed cost. When production will be flexible so it will affect to cost and itwill became variable after the production when it will exceed. If no production occurs so it willstay remain. 2. Double entry book keeping system of debits and credits to record sales and purchasestransactions in general ledgerDouble entry system – The Double entry system of accounting related to transaction ofevery business. The amounts of transaction must be recorded in a minimal of two accounts. Thedouble entry system also needed all transaction of business and it is recorded in related accountsin particular side like debit and credit. In the end both side will be equal because it shows alltransaction are recorded and their effect show both side (Anderson and et.al, 2017). ParticularsDebitCreditCash in hand (Overdraft)10700Petty cash expenses750Cash sales3350Credit card sales14795Beverage purchases129702
Assignment on Hospitality Business Toolkit - Doc_4

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