Hospitality Business Toolkit

The Hospitality
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examine the principles that can manage and monitor the financial performance of an
organisation. ...............................................................................................................................3
P2 Use double entry book keeping system using debit and credit sides to record sales and
purchase transactions in a general ledger account......................................................................5
P3 Prepare a basic trial balance adopting the use to balance rules which will assist in
completion of Ledger..................................................................................................................6
TASK 2............................................................................................................................................7
P4 Review the various stages of the HR life cycle that is applied to the respective hospitality
job role and explain the significance of making them stay and enhancing their talent. .............7
P5 Develop a performance management plan for a specific hospitality job role applying
techniques to resolve both negative behaviour and overcome issues of staff retention..............9
TASK 3..........................................................................................................................................10
P6 Identify specific legislation that a hospitality organisation has to comply and adhere........10
P7 Use relevant illustrations showing how an organisation can create a potential impact on
business through its decision-making policies in hospitality industry......................................10
CONCLUSION .............................................................................................................................11
REFRENCES.................................................................................................................................12
Books and Journal.....................................................................................................................12

INTRODUCTION
Hospitality industry's huge service marketplace which caters is services and facilities in
restaurant and hotels. Hospitality sector has very dynamic culture in their sector which is very
bendable and flexible and turning towards several changes and modifications. When the
company are not going to accomplishing the needs and desired that is requested by the market,
so it will create impact on the sustainability of the company. The sector of hospitality involves
accommodation, food,drink, theme parks, lodging, bars and several more. This report is going to
explain about the ibis Edinburgh Centre Royal Mile - Hunter Square hotel that is situated in Old
town, Edinburgh, EH1 1QW, United Kingdom. This hotel is a three star hotel and have
ascendant presence in the United Kingdom. This is very reputed hotel because as they caters
effective and amended services to the their consumers (Semeniuk, 2019). They have nice
infrastructure and much pleasant view in their hotel which create positive impact on them
towards attracting the consumers. This hotel is considered as the on of the respected hotels
because it provide luxurious
services and facilities to their consumers. ibis Edinburgh Centre Royal Mile hotel is using
several kinds of tool and equipments that is very famous and help the company or industry to
gain high profits and get more opportunities for the effectiveness of the company. This things
happen when the company caters services according to needs and demands of the consumers.
This report is going to explains about strategies of hotel and how they generate their revenues
through some financial tools like double entry system, trial balance and some more. The
functions and activities of the staff and their rules also have been explained in this report.
MAIN BODY
TASK 1
P1 Examine the principles that can manage and monitor the financial performance of an
organisation.
Financial performance is defined as how successfully and effectively an company use or
applied their assets and generate profit. The financial performance is able to evaluate entire
financial condition of the company in the particular time period (KAWSAR and RASHID,
2018). Financial performance of the company can be developed or enhanced by analysation of
different aspect because these shows the deficiencies which is arising in the company. When

investment of financial resources are proper so it will support and help the company to gain
extreme high amount of return. The assets of the company should be applied in that manner that
can cater better outcomes for the company. When the allocation of the resources and assets are
performing and applying in a better manner that it will help the company to minimise the
deficiencies in the companies. ibis Edinburgh Centre Royal Mile is using or applying their
financial resources in order to minimise inadequacies. There are some financial principles which
are used by the company and shows the discrepancies while operating and performing:
Inventory Management: Inventory is defined as the raw material that are applied by the
company during execution of the goods and services that is provided by the company to thei9r
consumers. When the company buy the raw martial in bulk and in a very sufficient rate, then it
will leads and generate high profit for the company (Zhang, 2016). The inventory for ibis
Edinburgh Centre Royal Mile can be considered as accommodation, drinks, beverages and other.
Preparation of Cash Flow Statement: Cash Flow statements represent inflow and
outflow of the cash. The cash flow statement shows and makes adjustments to the canned income
statement. The purpose of the cash flow is to cater information about cash payments, cash
receipts and net modification in cash which is subsequent from the operating, investing and
activities of the company.
Assessing Overhead Expenses: Overhead expenses are the extra expenses that are
change or obtain on the time period of execution of the operations and functions in the company
These expenses are additional and were not explained or mentioned in program and budget that
was equipped earlier by the top level of the company. These activities and operations will going
to harm on appropriate functioning and operations of the company. ibis Edinburgh Centre Royal
Mile handle or manage their overhead expenses so that they gain high profit and minimise the
issues and obstacles.
Financial Statement: The financial statement represent inflows and outflows of
financial resources by profit and loss accounts, financial aspects, comprising of balance sheet .
This will going to support the company to evaluate their liabilities and assets so that they can get
or acquire and also they can evaluate the performance of the company according to the year or or
according to the time. This will also going to support the company to compare the performance
of the company with their past outcomes. These comparison is only held by the help of financial