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Managing and monitoring financial performance in hospitality business toOLKIT

   

Added on  2020-11-12

15 Pages3339 Words79 Views
HOSPITALITYBUSINESSTOOLKIT
Managing and monitoring financial performance in hospitality business toOLKIT_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Determine the principles of monitoring and managing financial performance......................1Apply the double entry book keeping system of debits and credits for entered sales andpurchase transactions..............................................................................................................2Formulate a basic trial balance applying the use of the balance off rule to complete the ledger4TASK 2............................................................................................................................................5Different stages of the HR life cycle applied to a specific hospitality job role and theiradvantages for retaining and development talent...................................................................5Create a performance management plan for the role of hospitality industry.........................6TASK 3............................................................................................................................................7Specific legislation of the organisation of hospitality industry..............................................7TASK 4............................................................................................................................................7Different functional roles with in the hospitality sector interrelate........................................7Different methods of communication, coordination and monitoring applied within a specificdepartment of a hospitality organisation..............................................................................10Analysation of different methods of communication, coordination and monitoring inachieving organisational goals and strengthening value chain ............................................10Critical analysis of communication, coordination & monitoring methods along with justifiedrecommendations..................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONThe hospitality industry is a broad group of business that provides different type ofproducts and services regarding to different sector. It is a unique sequence because it relies soheavily on discretionary income and free time. This hospitality industry can divided into manysectors and these sectors mainly focus on customer services (Bowie and et.al., 2016). For thisreport chosen organisation Fire and Ice, which is based on UK. It is specialise in blended juice,ice cream, smoothies ans salad. This assignment going to manage finance and entered transactionto minimise costs responsibility in the reference of hospitality industry. For maintain books thereis applying double entry bookkeeping system to record transactions from general ledger. Apart ofassess how to manage the human resources life cycle with in the context of HR strategy. Inaddition illustrate of potential impact of legal and ethical consideration in hospitality industry.Identify the importance of coordination and integration of different functions of departmentsregarding to hospitality industry. TASK 1Determine the principles of monitoring and managing financial performanceFinance is a term which is related to study of system of money, investments and otherfinancial instruments. It will categorise into three parts – Corporate finance, public finance andpersonal finance. There is monitor and control activity of finance so there is following theseprinciple which is helping to management - Principle 1 – Actual result should compared to budget on daily basis – For preparing budget itcan analysed with actual performance of company because many time budgeted amount andactual amount has much more difference. It will create problem to control activities of company. Principle 2 – Establish budget in proper way – According to this principle there is address allincomes and expenses in budget for achieve desired goals and objectives. Therefore, the managerof Fire & Ice should measure financial performance on daily, monthly, regularly and yearlybasis. It will help to reduce errors and make it in perfect way (Bruce and Stephens, 2017). For instance, there is all incomes and expenses are recorded in particular side to showsperformance of Fire & ice - (a) Recording all expenditures and incomes with the help of tableIncomingsOutgoings1
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WagesWeekly food shoppingGiftsClothesBenefitsGiftsAllowancesHousehold utility billsDrinksAs per the above table it is recommended that Fire & Ice can prepare budget for monitorand control performance of company. On the basis of this take appropriate decision and it willhelp to know actual cash flow and cash outflow. (b) Explain following terms as per hospitality industry Types Of Cost – It is a set of cost which is incurred to different types of cost for monitorand measure performance of company on every stage. It will be categorise in severalterms for business output such as cost accounting, financial accounting, corporateaccounting and budgets. Therefore main types of cost are discussed below - Fixed Cost – It is an expenses which does not changes randomly on production volume and itwill remain same for long time perspectives. It is less controllable than variable cost due to basedon volume and operations (Chung and Chung, 2018). Variable Cost – It is a corporate expenses which is depended on quantity and production. It willnot remain same due to changes in production quantity and price of materials. Purchase – It states of a business or an organization for activity of get goods and servicesto achieve desired goals and objectives. Furthermore Fire & Ice can purchase allinventory and other products which is used by company and calculate cost of goods sold= (Beginning inventory + Purchase – Ending inventory) = Cost of goods sold(£70,000 + £100,000 - £30,000) = £140,000Sales – It is a basis word of finance which is incurred of all sales transactions in terms ofcredit and cash sales. It will important for Fire & Ice to take all summary about differentproducts which is sold by company like juices, smoothies and salad. Apply the double entry book keeping system of debits and credits for entered sales and purchasetransactionsDouble entry book keeping system – The double entry book keeping system means alltransactions are recorded in a minimum of two accounts. It is required to all transactions amounts2
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