Hospitality Business Toolkit: Managing Financial Performance, HR Life Cycle, and Performance Management

This presentation explores the different principles of managing and monitoring financial performance in the hospitality industry. It also discusses the various stages of the HR life cycle and the importance of performance management. Learn how to gain a competitive advantage in the hospitality business.

Hospitality
Business Toolkit

Content Table
 Introduction
 Different principles of managing and monitoring financial
performance
 Double entry bookkeeping system of debits and credits
 Basic trial balance
 Various stages of HR life cycle
 Performance management plan
 Conclusion
 References

Introduction
Hospitality refers to rapport between the guest and host which
includes serving of food and beverages, entertainment
activities etc with the aim of satisfying the host in
exchange of money. Business toolkit means collection of
actions which host should be followed so to attain
competitive advantage over others.

Different principles of managing and
monitoring financial performance
Understand Risk: It is an essential factor that is very useful for
controlling and managing the financial performance of firm.
Pay Attention to Taxes: Managers of Foopo have to consider this
factor because it can influence negatively on the brand image
of firm.
Organize Your Finances:In this step, managers have to manage
the financial performance of organsiation.

Income and expenditure
Incomings Outgoings
Benefits Drinks
Allowances Lunch purchases
Wages Household utility bills
Gifts Weekly food shopping
Clothes
Gifts

Double entry bookkeeping system of debits
and credits
Particulars Debit Credit
Cash in hand (Overdraft) 10700
Petty cash expenses 850
Cash sales 3350
Credit card sales 14795
Free issues 675
New kitchen equipments 6540
Food purchase 7900
Beverage purchases 12970
Purchase return 200
Discount received 2500
Credit notes 190

Continue..
Rent 2850
Utilities 475
Functions and events (Income) 5967
Wages 4590
Debtors 700
Till shortage 152
Total 37702 37702

Continue..
Sales: It is an accounting term which refers to earning of
monetary value by company through giving their
products or services to the customer. For instance, Foopo
provide juice to the customers in exchange of money
which refers as sales.

Continue..
Purchases: It refers to possession of goods or services by
customer by giving monetary value accordingly. For instance,
if customers buy from Foopo restaurant then it refers to as
purchase from the end of customer and sells from the end of
Foopo. In other context, if Foopo buys from their vendors then
it will also considered as purchase.

Continue..
Particulars Debit Credit Transaction amount
Wages 16489 16489
Gifts 24000 24000
Benefits 25000 25000
Allowances 15900 15900
Weekly food shopping 26415 26415
Clothes 17809 17809
Gifts 15000 15000
Household utility bills 3678 3678
Drinks 10032 10032
Lunch purchases 8455 8455
Total 81389 81389 162778

Basic Trial Balance By Using Trial Off
Balance
Particulars Debit Credit
Bank loan 12000
Cash in hand 11700
Capital 13000
Rates 1880
Trade creditors 11200
Purchases 12400
Sales 14600
Sundry creditors 1620
Debtors 12000
bank loan interest 1400
Other expenses 11020
Vehicles 2020

Various stages of HR life cycle and its
importance of retaining employees
 Recruitment
 Education
 Motivation
 Evaluation
 Celebration

Performance Management Plan
 Plan
 Implement
 Evaluate
 Feedback

Conclusion
As from the above mentioned information, it can be
concluded that stages of HR life cycle is important for
any company business operations as it assists them to
retain their employees for a longer period of time. There
should be free communication and coordination within
workplace as then only company would be able to gain
competitive advantage over others.

References
Kukushkina, V., 2016. Innovations in the Hospitality
Sector(Doctoral dissertation, Vysoká škola hotelová v
Praze).
Lashley, C., 2018. Academy of International Hospitality
Research Conference, 27–28 March 2018: Slavery and
Liberation. Research in Hospitality Management.8(1).
pp.1-4.
Lourenco, F., Sappleton, N. and Lei, W.S., 2017. Teaching
sustainability via entrepreneurship in tourism and
hospitality school. CAUTHE 2017: Time For Big Ideas?
Re-thinking The Field For Tomorrow, p.226.

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