Principles of Managing and Monitoring Financial Performance - Doc

Added on - Dec 2020

Trusted by 2+ million users,
1000+ happy students everyday
Showing pages 1 to 4 of 13 pages
Hospitality BusinessToolkit
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 principles of managing and monitoring financial performance.............................................1P2 Double entry bookkeeping system of debits and credit to record sales and purchase...........2P3 Producing a trail balance and applying use of balance off rule to complete ledger..............5TASK 2............................................................................................................................................6P4 Different stages of Human resource Cycle of hospitality job role and their importance inretaining and developing talent...................................................................................................6P5Developing a performance management plan for specific job role with applications oftechniques....................................................................................................................................7TASK 3............................................................................................................................................8P6 Identifying specific legislation that an organisation comply and adhere...............................8P7 impact of employment and contract law on decision-making in hospitality industry...........9TASK 4............................................................................................................................................9P8 Interrelation of different function roles within hospitality sector.........................................9P9 Different mode of communication, coordinating and monitoring within a specificdepartment.................................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONIn toady's context hospitality industry play's an effective role as it is accumulated withdifferent business that assist in facilitating a variety range of service for customer's. It mainmotive is to enhance broad range of services in order to satisfy customer by providingappropriate goods and services as per the need and preference(Bruce,and Stephens, 2017). In thisreport an organisation chosen is Carnival Corporation & PLC, a British American cruise operatorand one of the leading travel leisure firm. This report is going investigate principles of managingand monitoring financial performance as well as applying double entry system of debits andcredits in order to record sales and purchase transaction. Moreover, producing basic trial balancein order to use balance of rule to complete ledger. Additionally, reviewing different stages ofhuman resource cycle applied to specific hospitality job role and its importance in retaining anddeveloping talent and identifying specific legislation within an hospitality organisation.TASK 1P1 principles of managing and monitoring financial performanceIn business principles of managing are consideration or set of techniques that are appliedto interpret and examine the financial performance of a particular business. Herein, CarnivalCorporation & PLC are developing to monitor the financial performance in order to fulfil theirgoals and objectives in an attractive manner. Therefore, some of the principles adopted by themin order to improve better financial performance are determined below:Preparing financial statements:It is essential for a business to monitor as well asmaintain financial performance which consist of profit and loss statements, trial balance andbalance sheet(Dirrigl and Noe, 2018). Herein, the manager of Carnival Corporation &PLC needto prepare such statements in an sequential manner as it help to assist to know the financialposition.Expenditure management:It is necessary for managers of company to assist and handleexpenses in order to know the capability of a particular firm. Herein, it is responsibility of amanager in order to maintain and coordinate expenditure in an effective manner. Thus, it willhelp an manager to know daily expenses of their business operation and function.
The above principle will assist a respective company in order to have proper principlesof managing and monitoring performance so that they can maintain their financial stability.Apart from this they have adapted KPI's in their business such as:Qualitative key performance indicator:It is the basic role of Carnival Corporation &PLC to ensure proper information about the quality of work that are performed by employees aswell as staff members. As this method hep a respective organisation to analysis the performanceof employees by rating system so that it help to decrease the chance conflict among them.Quantitative key performance indicator:With the help of quantitative key performanceindicator the manger of Carnival Corporation & PLC will be beneficial in judging performanceof employees in numeric value so that they are rewarded in an effective manner.From the above it can be determined that manager of respective company can adoptqualitative key performance indicator as it help them to judge performance of employees in anappropriate manner.P2 Double entry bookkeeping system of debits and credit to record sales and purchaseIn context to business, double bookkeeping is a framework in which each transaction isrecorded in two accounts. Basically, it indicates that all the activities are related with finance thatare recorded into two different accounts (Eltayeb, 2018).Herein, the transaction of CarnivalCorporation & PLCC are recording their transaction method for determining itsprofitabilty nasloss within accounting period.Journal EntriesDateParticularsDebitCreditFebruary, 1Purchase a/cTo Kate's kitchen a/c50015001February, 1Purchase a/cTo Harry's a/c2955229552February, 3Beverage a/cTo Sales a/c1120311203February, 3Food a/cTo Sales a/c18241824February, 1Kate's kitchen a/cTo Bank a/c50015001
Desklib Logo
You are reading a preview
Upload your documents to download or

Become a Desklib member to get access