The Hospitality Business Toolkit

The Hospitality
Business Toolkit

INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Investigate the principles of managing and monitoring financial performance...............1
P2. Double entry book keeping system of credits and debits in order to record sales and
purchase transactions in the general ledger............................................................................3
P3. Balance off rule in order to complete the ledger..............................................................7
TASK 2............................................................................................................................................9
P4. Review the several stages of HR life cycle in order to apply in a particular hospitality job
role and their significance for retaining and developing talent..............................................9
P5. Develop the management plan for a particular hospitality job role applying techniques to
resolve negative behaviours and reduce the issues of staff retention...................................10
TASK 3..........................................................................................................................................12
P6. Specific legislations adhere within the hospitality organisations...................................12
P7. Impact of company's employment and contract law on decision making within hospitality
industry.................................................................................................................................12
TASK 4..........................................................................................................................................14
P8. Several functional roles with in the hospitality sectors..................................................14
P9. Several method of communication, coordination and monitoring within department of
hospitality organisation........................................................................................................17
CONCLUSION..............................................................................................................................18

INTRODUCTION
Hospitality is one of the fastest and leading sector within which different types of
organisations perform their functions and offers wide range of services as to satisfy customer
needs. In context with the hospitality business toolkit there are different types of organisational
practices which are mainly based upon practical and inclusive approach. With the help of these
approaches organisation can effectively able to manage their process, action plans and self
declaration activities (Alfes, 2013). This report is based on Carnival UK which is a British
American Cruise operator and it claims to offer world largest leisure travel services.
Organisations currently have 100 ships that engage in the offering of Hotel style events,
accommodations, entertainment shows, food, cross travel and tourism services to their
customers. In this report formative discussions has been made on HR life cycle with the help of
which organisation can actually able to manage their performance as per going to job role. In
addition with this report covers different types of laws and legislations in context with hospitality
sector required to be undertaken.
TASK 1
P1. Investigate the principles of managing and monitoring financial performance
Finance is lifeblood in each and every organisation despite of their size and scope.
Finance is always concern towards investing in Assets and liabilities while undertaking risk in
order to increase financial efficiency of organisation. With the help of suitable and continuous
financial flow business organisations can actually able to operate their functions. Thus, with the
help of proper monitoring and managing of financial performances carnival UK can effectively
able to conduct their operation even in difficult situation mention below there are some
principles:
Budget must be properly form major focus of an organisation is to effectively manage
their resources as to fulfil business objectives in well define manner. In context with carnival UK
organisations are required to evaluate each and every aspect of the financial performance on
continuous basis in order to frame budget in appropriate manner.
Budget should be based on effective analysis managers of Carnival UK required to
effectively concern financial budget as to perform their daily basis organisational activities as per
1

according to company pre determined values this will help entity to accomplish their goals and
missions in well effective manner. In order to accomplish this carnival UK can undertake
concept of financial techniques as to further enhance their future benefits.
Realistic financial results should be maintained with daily basis budget activity with
the help of this principle organisation can effectively able to decrease the transactional errors.
For this financial aspects are required to evaluate effectively by business organisation to compare
their Financial Service on daily basis budget activities. This helps them to analyse the gap with
the help of which entity can take preventive measures to fill those gaps as to avoid unnecessary
expenses.
Determine the condition when financial research exceed the planned fund it is
important for UK control manager to effectively identify actual reason behind variances in
financial results if it exceeds to the planned fund. Thus with the help of different type of
strategies manager can able to take preventive measures as to overcome main reason behind
financial exceeding.
Thus, it has been recommended to carnival UK manager to take advantage of effective
financial statements in order to manage their financial performance. In order to accomplish this
managers are required to evaluate and frame working capital, trial balance, financial ratio and
inventory records in well effective manner as to manage the organisational functions. This will
help them to determine actual cash flow with the help of which entity can gain various
advancements in financial terms.
2

P2. Double entry book keeping system of credits and debits in order to record sales and purchase
transactions in the general ledger
In context with, accounting double entry book-keeping system, this effectively helps in
keeping book-keeping in an effective manner. Double entry book-keeping system hold equal
corresponding that is mainly in debit and credit form. In context with, Carnival UK there is a
requirement of effectively ensure that different types of accounting equations such as sum
liabilities, assets are managed in well defined manner. In order to elaborate area table is
mentioned below:
Journal Entries
Date Particulars Debit Credit
Feb, 1 Purchase account 5001
To Kate's kitchen
account 5001
Feb, 1 Purchase account 29552
To Harry's account 29552
Feb, 3 Beverage account 11203
To Sales account 11203
Feb, 3 Food account 1824
To Sales account 1824
Feb, 1 Kate's kitchen account 5001
To Bank account 5001
Feb, 10 Beverage account 8966
To Sales account 8966
Feb, 10 Food account 1687
To Sales account 1687
Feb, 14 Bank account 2008
To Megaane account 2008
3