Hospitality Toolkit: Managing Financial Performance, Legal and Ethical Considerations, HR Life Cycle

HOSPITALITY
TOOLKIT

Table of Contents
INTRODUCTION: .........................................................................................................................3
MAIN BODY:.................................................................................................................................3
TASK-1..................................................................................................................................3
IMPLEMENTATION OF BOOKKEEPING SYSTEM:..................................................3
PREPARE TRIAL BALANCE WITH THE HELP OF BALANCE OFF RULE IN
ORDER TO COMPETE THE LEDGER:.........................................................................8
TASK-3..................................................................................................................................8
IMPACT OF LEGAL AND ETHICAL CONSIDERATIONS ON A HOSPITALITY
BUSINESS:.......................................................................................................................8
DETERMINE THE EFFECT OF COMPANY, EMPLOYMENT AND CONTRACT LAW
ON THE DECISION MAKING PROCESS IN HOSPITALITY INDUSTRY:...............9

INTRODUCTION:
The hospitality sector in the market needs to have a hospitality toolkit which provides the
institution with the tips and resources. The tool educates the employees and provides them with
training and information such as human trafficking. The hospitality sector is very wide field
which provides a wide variety of services which includes lodging, food and drinks services,
amusement parks, and so on. Hotels, bar and restaurant comes under the hospitality sector. These
sector provides the customer accommodation and logistics, and tries to fulfil its customer
satisfaction. The report consist of the study on a UK based hospitality company that is Marriott
internation, Inc. Marriott company is an US based company that has a huge range of franchises
and manages broad portfolio of hotels. Marriott is owned by J. Williard Marriott and is
headquartered in Bethesda, Maryland. The company is worlds largest chain of hotels in terms of
rooms available. Marriott hotel in England attracts the tourists who come to visit the place, main
focus of the company is to serve tourist public and businessmen who books the place for the
business meets. The company maintains the relationship between the company and the customer
by providing satisfactory hospitality services.
MAIN BODY:
TASK-1
MAIN BODY:
TASK-1
Investigate the principles of managing and monitoring financial performance.
Managing the financial performance is very important in the organisation it helps in
maintaining the performance of the business financial performance helps in analysing the areas
where organisation is lacking behind which helps the business improving its performance
(Becker-Haimes, and et.al, 2017). Monitoring the financial performance of the business helps in
analysing the profit of the organisation which helps the business in achieving the goals of the
organisation effectively. Financial performance of the business helps in getting the competitive
advantage in the market.

There are various principles of financial performance management which helps in maintaining
the financial stability of the business.
 By preparing the key financial statement which are balance sheet and profit and loss
statements they helps in analysing the performance so that best result can be provided to
the organisation.
 Preparation of inventory records helps in maintaining the record of inventory so that fund
of the business can be managed and performance of the business can also enhanced
because organisation invest huge amount in equipment, machinery and raw material
which has to be managed.
 Creating working capital statement and financial ratios helps the business in analysing the
number of assets compared to the liabilities and also helps in analysing the assets which
has been converted into cash so that performance of the business can be maintained
(Benson, and et.al, 2020).
 By preparing the fund and cash flow statements company can analyse the amount of
liquid cash which is coming into the organisation. It helps in increasing the performance
of the business so that more profit can be earned in the organisation and goals of the
business can also be maintained.
 By analysing the market expenses company can maintain its financial performance of the
business. It helps in analysing how much expenses are done by the company on various
marketing avenues and how much expenses are done by the company on advertising.
 With the help of competitive analysis company can analyse the performance of the
competitors so that business can plan and perform effectively in the organisation and
maintain its performance so that company can gain competitive advantage in the market.
 By preparing the trial balance company can track the customers who owe the money of
the business it helps in tracking the account on the regular basis so that follow up can be
made and company can get their money back and maintain the performance of the
business.
IMPLEMENTATION OF BOOKKEEPING SYSTEM:
The bookkeeping refers to the transactions of the business entity, which helps and inform
the company about the accuracy of its performance in the market.