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Hospitality Business Toolkit Principle

Added on - 23 Nov 2020

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HospitalityBusiness Toolkit
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Investigate principles of managing and monitoring financial performance................................1TASK 2............................................................................................................................................4Different stages of HR cycle applied to specific hospitality job role and their importance forretaining and developing talent...................................................................................................4Evaluate the importance of HR lifecycle in relation to strategic talent management.................5Valid judgement and recommendation on how HR processes and documents can be improved.....................................................................................................................................................6Performance management plan for specific hospitality job role applying techniques toresolved.......................................................................................................................................6TASK 3............................................................................................................................................8Identify specific legislation that hospitality organisation has to comply and adhere..................8Using specific examples illustrate how company, employment and contract law has impact onbusiness decision making............................................................................................................8Examine the potential implications of regulations, standards and legislation upon decisionmaking in hospitality organisation..............................................................................................9Critically reflect on potential impact of regulations, legislation and ethical principles upondecision making..........................................................................................................................9TASK 4..........................................................................................................................................10Explore how different functional roles within hospitality sector interrelate.............................10Explain different methods of communication, coordination and monitoring applied withindepartment of hospitality organisation......................................................................................12Analyse how different methods of communication, coordination and monitoring within aspecific department achieve organisational objectives.............................................................12Critically analyse different methods of communication, coordination and monitoring within aspecific department of hospitality organisation........................................................................13CONCLUSION..............................................................................................................................13
INTRODUCTIONHospitality industry is the board category of sector within service and facilities whichincludes event planning, lodging, them parks and travelling and additional fields within tourismindustry. The sector mainly deals with large number of people who are come to visit and feelcomfortable in the hotel (Langvinienė and Daunoravičiūtė, 2015). In hospitality sector, businessconcerns are developing and executing innovative strategies and policies which assist them inreach with high growth and success level in the market place. The report is based on Dreamconnect hotel which is situated in London and they are mainly deal in food, beverage,accommodation and other services. The main motive of this assignment is to analyse principlefor managing the financial and it is applied double entry bookkeeping system on transaction inledger. This project is review the stages of HR cycle that are used for job role in hospitalityindustry.TASK 1Investigate principles of managing and monitoring financial performance(a) Recording all expenditure and income with the help of table:IncomingsOutgoingsWagesWeekly food shoppingGiftsClothesBenefitsGiftsAllowancesHousehold utility billsdrinksLunch purchases(b) Explain following terms as pertain in hospitality industry:There are various terms which are described as under:Sales– It refers to the exchange of goods, services and property for money, sales and thetotal amount of capital that a business receives from selling of products and services(Bowie and et. al., 2016). In Hospitality industry, manager sales huge amount of servicesand facilities among customers which can be used for higher the income and profitability.1
Purchase– This is that term which refers to a business or organisation attempt foracquiring effective products and services in order to reach with desired goals and targets.There are various hospitality industry which can set standards in the purchasingprocedures, process can different between organisation. Dream connect hotel can use thissystem for maintaining and managing all purchasing process which occurs within anorganisation (Oskam and Boswijk, 2016).Input cost– It is the cost of direct material, direct labour and other overhead items whichindicates the production of products and services in proper manner.(c) Double entry bookkeeping system of debits and credits to recording:Double entry book keeping system –This is that system where business transaction arerecorded in twice manner in the books. It is ensure about that amount added in debit side ismatching with amount mentioned on credit side (Xu and Gursoy, 2015). Dream connect hotelcan use this system which assist in determining profitability along with expenses.ParticularsDebitCreditCash in hand (Overdraft)10700Petty cash expenses750Cash sales3350Credit card sales14795Free issues575New kitchen equipments6540Food purchase7900Beverage purchases12970Purchase return200Discount received2300Credit notes190Rent2850Utilities475Functions and events (Income)5967Wages4590Debtors700Till shortage15237502375022
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