Unit 04: Hospitality Industry Toolkit Submission Front Sheet Assignment Code: ABRQF0047H4TA/MP

Hospitality Industry Toolkit
Submission Front Sheet
Assignment Code: ABRQF0047H4TA/MP
Programme: BTEC HND in Hospitality Management (RQF)
Unit Title and Number: Hospitality Business Toolkit (Unit-04)
RQF Level: 5 Module Code Y/616/1791
Credit value: 15 credits
Module Tutor: Tanveer Ahmed, Michael Palkowski
Module Tutor Email: [e-mail],
[e-mail]
Date Set: 28th April 2021 Distribution Date 07/05/2021
Cohort January 21 A/B
Student’s name Tatyana Misheva
Registration number 25562
First Submission? Second Submission?
Word Count
Learner’s statement of authenticity
I certify that the work submitted for this assignment is my own. Where the work of others
has been used to support my work then credit has been acknowledged. I have identified
and acknowledged all sources used in this assignment and have referenced according to
the Harvard referencing system. I have read and understood the Plagiarism and Collusion
section provided with the assignment brief and understood the consequences of
plagiarising.
Signature Tatyana Misheva Submission Date
Tatyana Misheva 25562ABRQF0047H4TA /MP 10/07/2021
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Hospitality Industry Toolkit
Table of Content
Part A- Management of Finance and Record Transactions to Reduce Costs Within the
East London Catering.....................................................................................................3
Managing and monitoring financial performance principles..................................3
Transactions Records occurred in January 2021 at East London Catering.............4
Company.................................................................................................................4
General Journal........................................................................................................4
T Accounts...............................................................................................................5
Trial Balance...........................................................................................................6
Task B- Management of the Human Resources Life Cycle in the Reference to Human
Resources Strategy.........................................................................................................7
The human resource life cycle for an assistant general manager applied to East
London catering company.......................................................................................7
Performance management plan...............................................................................8
Task C- Effects of Legal and Ethical Consideration on Hospitality Industry................9
Legislation acts and regulation within the East London Catering context............10
The effect of the business, contract, and employment law on how East London
Catering make decision.........................................................................................10
Task D- The Influence of Coordinating and Blending Different Functions of the
Departments within the Hospitality Sector...................................................................11
Different function department and their interrelation at East London Catering....11
Communication, coordination, and monitoring methods used within East London
Catering front office department...........................................................................11
Conclusion....................................................................................................................13
References....................................................................................................................14
Introduction
The hospitality sector is a multi-billion-dollar sector that relies on leisure time
availability, availability of disposable income, and high satisfaction of customers. The
Tatyana Misheva 25562ABRQF0047H4TA /MP 10/07/2021
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Hospitality Industry Toolkit
four key business operations segments of the hospital industry include lodging, food
and beverages, recreation, and travel and tourism. Therefore, the hospitality industry
being diverse in operation requires better management of finance, human resources,
and necessary infrastructure to run effectively. This report looks at best practices for
management of finance and record intended to reduce the costs within East London
Catering. Additionally, this report assesses the management of human resources life
cycle as part of HR strategic plan as well as varied effects of legal and ethical
reflection on East London Catering. The report also explains the critical role of the
coordinating and integrating of different roles of the department at East London
Catering.
Part A- Management of Finance and Record Transactions to Reduce Costs
Within the East London Catering
Management of finance and record transactions is a key aspect of any business as it is
used as a strategic tool for planning, directing, organising, and controlling business
financial undertakings (Bhimani, 2012). This section of the report discusses the five
principles for managing and monitoring financial performance and various
transactional records at East London Catering.
Managing and monitoring financial performance principles
Monitoring and management of the hospitality company financial performance is
important to help in the evaluation of the business's success. To determine if the
business is performing better or failing, the key step to conduct management and
keeping an eye on the financial statements of the company (Plakhotnik, 2020). Some
of the key principles used for managing and tracking the financial performance of
East London Catering are discussed below;
Core financial statements preparation- important financial statements for any
business including East London Catering Company is the balance sheet and profit and
loss statements. In monitoring and managing the financial performance statutory
mandatory statements need to be well prepared by the concerned business
organisation.
Maintaining records of inventory- preparation and maintaining of records of
inventory assist the business to understand the amount of inventory available in the
stock. Additionally, maintaining inventory records assists in approximating the
needed to request for new inventory stock.
Working capital statements preparation and evaluating ratios of financial- this
principle involves the process of preparing a working capital statement and the
analysis of the financial ratios which is important in estimating the required capital
required to run effective service at East London Catering Company (Motta and
Sharma, 2020). The principle also helps the business to evaluate its liquidity position.
The principle Cash and fund flow statement preparation- preparation of cash and
fund flow financial statements are important to determine the level of liquidity of the
East London Catering. The principle also helps provides the necessary information
regarding the accurate and actual company cash position.
Overhead analysis- East London Catering Company needs to conduct an analysis of
the overhead expenses. This is necessary to check the business overheads expenses to
gain an understanding the status of overhead expenses such as salary, rent, wages, and
rates and determine that they are under control or not (Van Niekerk, 2016).
Transactions Records occurred in January 2021 at East London Catering
Company
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Hospitality Industry Toolkit
Date Transactions
01/01/21 The owner invested £30,000 cash in the business
05/01/21 Paid £1,000 cash for store rent for the month of February
06/01/21
Purchased washers and dryers for £25,000 paying £10,000 in cash and rest
on credit (interest-free)
07/01/21 Paid £1,200 for one-year accident insurance policy in cash
09/01/21
Purchased food supplies for £8,000 and beverage for £7,000 from WH
Adams Ltd (all on credit)
11/01/21 Paid in cash for laundry fees for the month were £200
15/01/21 Paid telephone and internet £2,220 in cash
15/01/21 Rates, water charges and refuse £950 in cash
16/01/21 Paid wages and salaries £1,740 in cash
18/01/21 The company food worth £20,000 was sold on cash basis
20/01/21 Beverage worth £13,000 was sold on cash basis
General Journal
Date Particulars Dr Cr
01/01/21 Cash
Capital
30,000
30,000
05/01/21 Store Rent
Cash
1,000
1,000
06/01/21 Washer and dryer
Cash
Credit
25,000
10,000
15,000
07/01/21 Accident Insurance Policy
Cash
1,200
1,200
09/01/21 Food Supplies
Beverages
Creditor- WH Adams Ltd
8,000
7,000
15,000
11/01/21 Laundry Fee
Cash
200
200
15/01/21 Telephone and Internet
Cash
2,220
2,220
15/01/21 Rates, water, and Refuse
Cash
950
950
16/01/21 Wages and Salaries
Cash
1,740
1,740
18/01/21 Company Food
Sales
20,000
20,000
20/01/21 Beverages
Sales
13,000
13,000
Total £110,310 £110,310
T Accounts
Dr Cr
01/01/2 Capital 30,000
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