Hospitality Business Toolkit

Hospitality Business
Toolkit

INTRODUCTION
As hospital industry are considered as very wide and complex industry because large
number of different type of activities are involve in it. These services are related to travelling,
catering, event management, food, restaurants, hotel facility, cruise, theme park etc. It is known
as most famous developing industry which tends to contribute towards economic development as
well as prosperity. The industry that was selected in this project is Hospitality. In this we choose
the organisation East London Catering which is specialised in weddings, Birthday parties, family
gathering, events. It serve their services to the audience of London. The topics that are discuss in
this assignment are Investigations in what manner transactions, and finance can be managed in
order to minimise cost responsibility with in the hospitality sector , how HR life cycle can be
manage in context to HR stategy. Affect of legal as well as ethical consideration on hospitality
business are briefly discuss by giving examples in this report. Importance of integrating as well
as coordinating various functions of different unit in context to hospitality sector are explain
under it (Hassanien, 2010)
TASK 1
P1. Investigate the principles of managing & monitoring financial performance.
Financial performance indicates the capability of company to earn money. Financial
performance are analysis of actual position of organisation in terms to revenues or earning. It can
be measure time to time to known the financial status of the firm. On the basis of this only,
decision making is done for the purpose of investment. The business success is totally depends
on financial performance because if the entity is not financially strong or their related
performance is low that it leads to increase the chances of business failure.
Principles of controlling financial performance
There are various principles to monitor & manage financial performance as these are
timeliness, Justification, Certification, Documentation, consistency. As East London catering
company manage all their financial transactions with the help of their smart team of finance. This
will provide support to business to effectively increased productivity. Few examples to serve the
purpose in the organisation are discuss briefly below mentioned paragraphs such as -

Systematically organise finances- It is initial stage to create wealth. Budgeting software are used
by East London catering to provide complete solution to track bank account, mortgages, personal
loan, car loans, brokerage account etc. through taking entry in it. We are in the situation to spend
less time to get organised and having more time to make sense of situation (Lee-Ross, 2010) Spend less : East London catering use financial software , which is a powerful tool that
help to track as well as to budget their spending which support company to achieve long
term goal. Risk and return principle- To get high return there is requirement to take more risk also.
Because all the projects which gives high return must involve heavy risk. East London
catering company adopt this principle because they always taking risk in business
activities and earning high level off profit. To manage the function effectively it is most
commonly used by company Pay attention toward taxes: As the software financial planning help the organisation to
manage all the tax related information. Taxable investment can be analysed quickly with
the help of this software. Taxable investment are quickly analyse due to which tax filing
go much smoother.
Diversity principle. This portfolio contains a variety of assets. It also includes a variety of assets
that are less risky than a portfolio. As the finance manager of an East London catering firm, I use
this technique to analyse situations that are more dangerous in order to solve them. (Reich, 1997)
P2. Application of double entry book keeping system of debit and credits to records sales and
purchase transactions in a general ledger.
Double entry book keeping is the method to record transactions which are related to
business. In this system amounts are placed into two accounts such as Debit and Credit. As per
accounting rule values are recorded in Dr. or Cr. Side. To making record of purchase and sales,
East London catering company use the system of double entry -
Into various categories like advertising, capital, promotion, material , apportionment of expenses
are done in the company (Reich, 1997)
 The payment of bill can be utilised within the date which is specified together with
considering all the expenses.