Principles of Managing and Monitoring Financial Performance in Hospitality Organisations

Hospitality
organisations

Table of Contents
INTRODUCTION ...............................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Examine the principle of managing and monitoring financial performance ............................3
P2 Discuss double book keeping system of debit & credit cards to record sales and purchase
transactions in general ledger .........................................................................................................6
P3 Produce a basic trial balance applying the use of the balance off rule to complete the ledger. 6
TASK 2 ................................................................................................................................................7
P5 Discuss and develop performance management plan for a specific hospitality job role and
apply techniques to solve both negative, behaviour and overcome issue of staff retention ...........9
Task 3..................................................................................................................................................10
P6 Identify & examine specific legislation that a hospitality organisation has to comply and
adhere to.........................................................................................................................................10
P7 Discuss with examples and illustrate how company, employment and contract law has a
potential impact upon business decision making...........................................................................11
TASK 4 ..............................................................................................................................................12
P8 Analyse the different functionality roles within hospitality sector..........................................12
P9 Analyse several approaches of methods of communication, coordination, monitoring applied
within specific department ...........................................................................................................13
CONCLUSION .................................................................................................................................14
REFERENCES...................................................................................................................................15
Books & Journal: ..........................................................................................................................15

INTRODUCTION
Business sector is wider and broader and it is important to focus on development of
organisation so that goals are accomplished. The hospitality organisation is widening at rapid scale
in which they aims at providing better services and accommodation to customers. Main aim of this
report is to critically understand the essentials and toolkit needed for development within hospitality
(Jones, 2017). IHG which is also known as InterContinental Hotels Group plc, a large hotel firm
headquartered in U.K. It is located at global scale and has number of competitors such as Holiday
Inn Express, Radisson Hotel Group, Mariott etc. It provides wide range of services such as free
WI-FI, Lodging, room booking etc. This report consists of principle of managing & monitoring
financial performance, double entry book keeping system, trial balance, HR life cycle, performance
management plan, legislations, company employment and contract law, different function roles and
methods of communication.
TASK 1
P1 Examine the principle of managing and monitoring financial performance
In business, it is necessary to have appropriate of correct knowledge of financial
performance so that better decision making is being done. In accounting, principles are important
which are to be adopted and applied. In relation of selected hotel, it is analysed that there are
various types of principles which are crucial to be adopted and are mentioned below-
Preparing financial statement report- It is essential to focus on preparation of financial
report so that appropriate type of benefits are achieved. Without use of financial statements, it is not
possible to analyse the performance level of business. Also, it is critically crucial to access the
financial statements so that proper goals are achieved. It is time consuming process as it require
proper analysis of business transactions and other activities. With consideration of this principle, it
is seen that IHC annually prepare the reports and helps in making effective decisions (Kumhof,
2018).
Managing inventory- This is another principle which is needed to be adopted by
organisation. It is essential to focus on this so that inventory is being managed and all stocks are
well maintained. In hospitality industry, managing inventory is essential without which it is not
possible to access the customer needs and fulfil them appropriately. In relation of selected hotel,
they regularly check the inventory and make assure that everything is properly maintained in
systematic manner.
Monitoring of financial performance is important as it helps in maintaining of proper

business activities in proper manner. Also, it is examined that manage of hotel monitor the financial
performance so that positive output is achieved. Furthermore, managing and monitoring is to be
done with proper considerations (Lidón-Moyano, 2017).