Hospitality Business Toolkit Assignment - Milano La salsa

Hospitality Business
Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1 Principles of managing and monitoring financial performance.......................................1
P.2 Applications of double entry book keeping and basic trial balance system.....................3
TASK 2............................................................................................................................................5
P.4 Stages of HR life cycle for retaining and developing talent............................................5
P.5 development of performance management plan..............................................................8
TASK 3 .........................................................................................................................................10
Covered in PPT.....................................................................................................................10
TASK 4..........................................................................................................................................10
P.8 Interrelation between different functions and roles within hospitality sector................10
P.9 Different methods of communication, ordination and monitoring applied within specific
department of the organisation.............................................................................................13
CONCLUSION..............................................................................................................................14
REFRENCES.................................................................................................................................15

INTRODUCTION
Industry of hospitality is defined as a service industry which deals in travelling, cruise
line, conveyance, theme park, event planning and living accommodations (Bowie and et.al.,
2016). It is amenable for accommodations and food services in places like restaurants,
conference centres, resorts, hotels or theme parks. In this report, Milano La salsa restaurant is
taken into reference. It is present in Bishops gate, London. It renders its services by offering
salads which blended with smoothies and juices. Furthermore, they have opted for fresh juices so
that customers may not be provided with any kind harmful products. In this report, financial
performance is monitored and managed. Furthermore, balance sheet and basic trial balance is
presented. Furthermore, life cycle of HR is provided and their carrying out direction is evaluated.
Structural function and performing in terms of skilfulness and communication are provided.
TASK 1
P.1 Principles of managing and monitoring financial performance
For carrying out operations and functionalities of organisation effectively, it is necessary
for them to maintain their finance. Finance refers to administration of money which is involved
in accomplishment of activities such as forecasting, saving, budgeting, lending, borrowing and
investing. According to given scenario, Milan La salsa is giving services in inventive healthy
salads which are integrated with juices and smoothies. They have analysed that market is highly
competitive and it is becoming complex for them to gain advanced profitability. For this
management of restaurant needs to bring off and admonisher financial performance, for this they
need to acknowledge some principles, they are mentioned below:
1. Establishment of budget: Restaurant needs to acknowledge all the resources which
they need for accomplishment of objectives and goals (Sing, 2015). For this,
management needs to take essential measures by which they can address financial
performance on day to day basis, evaluate different transaction errors and their effects
within organisation.
2. Exhaustive synthesis of budget: Management of Milano La salsa needs to formulate
their intention of budget, this signifies that for what all they need money and this must
be on the basis of their organisational goals and objectives. They need to have to
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effective strategies for this, so that they do not fall into any kind of shortage related with
resources in future.
3. Budget must be compared with financial outcomes on day-after-day basis: By this
they can analyse different errors which have occurred in transaction, discovery of
changes which have been occurred within business organisation and measuring of
business action to identify their profits (Anderson and et.al., 2017). This will assist
management to ensure that any kind of unneeded expenditures have not occurred.
4. Alterations in plans if financial outcomes have exceeded planned budget: When
such kinds of conditions have been occurred within organisation, then management of
Milano La salsa restaurant needs to evaluate reasons behind same and take reasonable
steps so that this do not occur again.
On monthly basis, real origin of financial gain and financial loss which have been
occurred within restaurant can be evaluated. In this way it can be done:
Origin of Income
(Incomings)
Kind of expenditures
(Outgoings)
payoff Weekly food shopping
Gifts Clothes
Benefits
Gifts and meal
Acquisition
Reimbursement Family secondary bills
Hence, this is necessary for administrator of Milano La salsa restaurant to have their
financial statement by which they can keep an eye on their financial performance. Moreover,
they need to have their own financial ratios, working capital statements, trial balance and
inventory records. This will aid them to identify exact flow of money with relation to business
execution.
Statement of important business terms:
i) Gross sales: This term indicates transaction which has been occurred with respect to
buying and selling of products. It is in form of money which includes credit sales and
cash. This will assist management of Milano La salsa to have details of services which
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