Hospitality and Business Toolkit

This document provides insights into managing and monitoring financial performance in the hospitality industry. It covers the principles of financial management, the double entry bookkeeping system, trial balance, and ratio calculations. It also explores the stages of the HR life cycle and its importance in talent development. Additionally, it discusses specific legislation in the hospitality industry, different functions and roles in the sector, and methods of communication and coordination in a specific department.

HOSPITALITY AND
BUSINESS TOOLKIT

HOSPITALITY AND BUSINESS TOOLKIT...............................................................................1
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Principal of managing and monitoring of financial performance..........................................4
P2 Double entry book keeping system for debit and credit to keep record of sales and purchase
.....................................................................................................................................................5
P3 Trial balance applying balance off rule to complete a ledger................................................9
TASK 2..........................................................................................................................................10
P4 Various stages of HR life cycle applied to specific hospitality job role and its importance in
developing talent........................................................................................................................10
P5 Performance management plan for specific hospitality job role..........................................11
TASK 3..........................................................................................................................................12
P6 Specific legislation that has been adhere by hospitality organization..................................12
P7 How employment and contract law has potential impact on business decision making......12
TASK 4..........................................................................................................................................13
P8 Different functional and role in hospitality sector................................................................13
P9 Different method of communication, coordination and monitoring is applied in a specific
department.................................................................................................................................13
CONCLUSION..............................................................................................................................13
REFRENCES.................................................................................................................................14

INTRODUCTION
Hospitality industry is very big and various sections focus upon luxury instead of basic
needs. There are five main sub – sectors which are involved in it and that is beverages, lodging
services, events, tourism and transportation. Various activities are also involved in this sector of
hospitality. Main objective of such industry is to provide services and also customer satisfaction.
As hospital industry is one of the largest and wider sector in the world. Its growth rate is also
very fast and is also important for economic growth of a country. Report based is prepared over
Holiday Inn that is a hospitality industry and was established in the year 1952 with its
headquarters in United Kingdom. In this report things that are going to be covered are managing
of human resources, its life cycle and relation of HR strategy is going to be explored. Further
impact of legal and ethical consideration in hospitality business is going to be illustrated. In the
end importance of coordination and integrating functions of hospitality organization is to be
talked about.
TASK 1
P1 Principal of managing and monitoring of financial performance
Financial performance of an organization is managed through accuracy in work and
developing of confidence which helps in achieving of goals that for short term. Managing of
finances leads towards upliftment in growth of an organization which provides stability in doing
business. This helps in surviving in the market in front of its competitors. Due to [principals of
management activities related to finance is monitored that is helpful in reduction of problem
which are making it difficult to achieve goals. Some principals are used by Holiday Inn and its
manager which are explained below:
 Principal of Consistency: As per this principal management of transactions related to
finance should be checked over regular basis and constantly. Holiday Inn has to apply
this principal for balancing of its financial resources and monitoring issues occurring in
there management .
 Principal of justification: Under this principal records are maintained for financial
transaction because of various reasons. Justification of these records to be found in
Book- keeping and double entry. Managers in Holiday Inn ahs to set targets within
time limit. So, those goals can be achieved through management and checking of
financial performance.
 Principle of Documentation: Principal is one of the most important elements that are
used for examine transaction which may or may not be essential. Such documentation
is is very help ful in keeping data in systematic manner for auditing. Managers of

holiday Inn is going to implement these principal in order to maintain records for
transaction and performance that has been shown for achieving of goals and objective.
P2 Double entry book keeping system for debit and credit to keep record of sales and purchase
As per this concept each and every transaction related to accounting impacts an
organization in its own manner. It creates two types of effect over an organization. In general
ledger each and every transaction is recorded in two sides, this can be understood as company
has to sell its products and revenue that is going to increase revenue and cash in equal amount.
(Bilro, Loureiro. and Guerreiro, 2019). Also when a business firm has to borrow funds from
creditors which is going to increase their cash balance and increase in debt of the company upon
same amount. Double entry system is made up from assets, equity and liabilities. Balance sheet
of a company is also going to be balanced because of assets being equal to equity and liabilities.
General ledger transactions are recorded in two sides debit and credit.
Date Particulars Debit Credit
01/04/16 Cash a/c 180000
To capital a/c 180000
10/05/16 Purchase a/c 130000
To cash a/c 130000
15/06/16 Purchase a/c 6000
To cash a/c 6000
01/07/16 Cash a/c 8000
To sales a/c 8000

01/08/16 Purchase a/c 9000
To cash a/c 9000
01/09/16 Sundry expenses a/c 200
To Bank a/c 200
01/10//16 Cash a/c 17000
To sales a/c 17000
01/11/16 Wages a/c 2100
To cash a/c 2100
01/12/16 Postages cost a/c 300
To Bank a/c 300
Ledge accounts
Cash a/c
Date Particular Amount Date Particular Amount
01/04/16 To capital a/c 180000 10/05/16 By Purchase a/c 130000
01/07/16 To sales a/c 8000 15/06/16 By Purchase a/c 6000
01/10//16 To sales a/c 17000 01/08/16 By Purchase a/c 9000

01/11/16 By wages a/c 2100
31/03/17 By balance c/d 57900
205000 205000
Bank a/c
Date Particular Amount Date Particular Amount
31/03/17
To balance
b/d 500 01/09/16
By Sundry expenses
a/c 200
01/12/16 By Postages cost a/c 300
500 500
Purchase
a/c
Date Particular Amount Date Particular Amount
10/05/16 To cash a/c 130000 31/03/17 By balance c/d 145000
15/06/16 To cash a/c 6000
01/08/16 To cash a/c 9000
145000 145000

Sales a/c
Date Particular Amount Date Particular Amount
31/03/17
To balance
b/d 25000 01/07/16 By cash a/c 8000
01/10//16 By cash a/c 17000
25000 25000
Postage cost
a/c
Date Particular Amount Date Particular Amount
01/12/16 To Bank a/c 300 31/03/17 By balance c/d 300
300 300
Sundry
expenses
a/c
Date Particular Amount Date Particular Amount
01/09/16 To Bank a/c 200 31/03/17 By balance c/d 200
200 200

Wages a/c
Date Particular Amount Date Particular Amount
01/11/16 To cash a/c 2100 31/03/17 By balance c/d 2100
2100 2100
Capital a/c
Date Particular Amount Date Particular Amount
31/03/17
To balance
b/d 180000 01/04/16 By To cash a/c 180000
P3 Trial balance applying balance off rule to complete a ledger
Trial balance is a worksheet that is there for book keeping in which balances of all
ledgers is prepared and compiled in the form of debit and credit column. Total calculation done
is also equal (Deale, 2017). In an organization a trial balance is prepared at the end of every
reporting period. Main purpose of making trial balance is to ensure that entries that are in
business firm under bookkeeping is maintained in correct mathematical manner. Further adding
in this preparation of trial balance is helping a company in detecting mathematical error that is to
be done in double-entry system. There are certain steps that have been used for preparing trial
balance and they are as follows:
 A worksheet is going to be prepared which consists of three column in which title,
debit and credit is being used for managing all transactions in proper manner.
 Account titles is going to be filled and balance is to be recorded in proper and
systematic way.
 Total of both debit and credit column is going to help in identifying differences within
them. Comparison is going to be done in order to identify this mistake.
 Trial Balance
Particular Debit Credit

Cash 57900
Sales 25000
Purchase 145000
Sundry expenses 200
Wages 2100
Postage cost 300
Bank 500
Capital 180000
205500 205500

 Question 2
 Ratio calculation
 Current ratio = Current assets/Current liabilities
 For 2014 = 4926/1508 = 3.26
 For 2015 = 7700/5174 = 1.48
 Operating profit margin = Operating income/Revenue
 For 2014 = 914/9482*100 = 9.63%
 For 2015 = 1042/11365*100 = 9.17%
 Days trade receivable = Trade debtors/receivable*365
 For 2014 = 2540/9482*365 = 97.77 days
 For 2015 = 4280/11365*365 = 137.45 days
 Sales revenue to capital employed = Sales/capital employed
 For 2014 = 9482/8305 = 1.14
 for 2015 = 11365/5094 = 2.23
TASK 2
P4 Various stages of HR life cycle applied to specific hospitality job role and its importance in
developing talent
Holiday Inn is a United Kingdom based chain of hotel which is known for its luxurious
and huge rooms with impressive interiors. These features of the international chain of hotel are
able to attract clients and best facilities are provided to them. Human resource manager of this

hotel is successful in implementing HR life cycle and increase value of its customers through
achieving predetermined goals and objectives.
HR Life cycle: This is related to human resource management that is described as that
stage of an employee time and responsibilities of HR division at each stage. Such lifestyle is
produced through manpower which works for achieving success and growth in order to provide
stability in an business organization. Human Resource manger of holiday Inn monitor those
activities of its staff members which is there for determining time taken by the for completing a
particular task. This is done for achieving goals in a company. Various stages that are present in
HR life cycle is explained as follows:
 Recruitment and Selection: In this process empty vacancies are fu filled by hiring
people that is there in an organization. This is important to achieve employment goals inn
an organization. All the application is analyzed and best candidate is selected. Over that
selected candidate has to go through various stages of interview (Zopiatis. and
Theocharous, 2018). This procedure is followed by HR manger of Holiday Inn. All this is
done to achieve quality of employees in an organization. After selecting of quality
persons efficacy regarding achieving of goals and objectives is going to become faster.
 On- Boarding and Orientation: It is an process under which Human Resource manger
describes background of an organization and explains about purpose of it to new
candidates which have been recruited. All this is done to make candidate familiar with
the environment of the company that is going to help him in understanding environment
of the company.
 Exit and Transition: It is in relation to candidates who are willing to retire or are going
to retire. This means that employees who completed their working in company for
achieving goals and objectives in an organization. All this is going to be handled by HR
manger of Holiday Inn according to policy of exit and entry of staff members.
This life cycle play an important role which is going to help in retaining and development of
talent through utilization of training and development, success planning employees motivation
and many more.
P5 Performance management plan for specific hospitality job role
This is a plan that has been used in order to provide various types of information and also
knowledge related to work. This helps them in developing strategic process for decision making
which is going to help in accomplishing of goals. Human Resource manger of holiday Inn is
implemented performance for managing of plan in order to monitoring of several activities and
performance that is helpful in achieving goals and objectives. Major work of manger is to select
food and beverages a the mangers of this hotel is known for its food supplement that is helpful in
developing customers satisfaction. Quality of food is checked by the managers to focus upon
food services in order to avoid bad quality of food.

TASK 3
P6 Specific legislation that has been adhere by hospitality organization
Legislation has been prepared and enacted as laws as per which local, state or national
legislatures is involved. It not only involves concreteness of implementation of law but is also
includes participation of executives. Several types of legislation like environmental, food safety,
alcohol licensing and other consumer legislation. Some of it has to be followed by holiday Inn
and are as follows:
Environment protection act: These are the laws which include law in UK and are responsible
for protecting of employees. So, for this waste is required to be managed and emission of it into
the environment is also has to be checked. This is important for Holiday Inn for adopting of
respective law in order to make sure that its operation is not harming surrounding.
Food and safety act:As per these laws all the aspect related to maintaining of food and
beverages has to be checked by managers of Holiday Inn and control upon environment
pollution. This is very important to maintain strong customer base.
Health and safety act: This act is mainly related to heal and safety of people who are working
in organization and giving their best. According to this act organization should construct a
structure which can help to provide safety and good health to people. One Holiday Inn is
following health and safety laws where management is responsible to maintain safety and
security in organization and attracts employees to work more.
P7 How employment and contract law has potential impact on business decision making
Contract law: In business environment, there are different types of laws and legislations
which are used to make right business decision. This influences decision making process of
company as Holiday Inn is following contract law by representing agreement between employees
and management that helps to complete the work in specified time period. With the help of
contract law operations and productivity of organization increases and this leads to improvement
in performance (Lub. and et. al., 2016).
Company law : This is considered as important law which is formulated by board
regularities in order to operate and run a organization effectively. This is important for company
to follow this act in case of running a business (Pirani. and Arafat, 2016). Holiday Inn is
following companies act for running its enterprises that influences decision making as it maintain
the profitability and increase productivity by following all regulations.
Employment law : Employment is the part of organization in which job opportunities are
given to employees for performing specific task and completing goals effectively. One Holiday
Inn is following employment law in which it provide employment opportunities to all people that
helps to improve organizational productivity and profitability.

TASK 4
P8 Different functional and role in hospitality sector
Hospitality sector is very wide and dynamic in nature. Various functions are their which
are to be performed by Holiday Inn. All this is done to gain customers satisfaction with the help
of products and services. All this is further explained below:
 Housekeeping with purchasing department: In hotels housekeeping is considered to
be an important department and purchasing is also very strong department. Both of them
are interrelated to each other because of buying different product which is short in a
hotel. Things like shampoo, tissue and many more are arranged. It is the duty of
purchase department to make sure materials are available. Holiday Inn is able to
provide its customers in all manner through which their needs and wants are satisfied.
 Front desk and security: Every organization in hospitality industry have a front desk
which is there to given assistance. To companies that is serving its customer. Both of
them are interrelated with each other as they are essential part of working pattern
followed by Holyday Inn (Filimonau, and Delysia, 2019).
P9 Different method of communication, coordination and monitoring is applied in a specific
department
Communication means transferring of information from one person to another it is important for
ensuring proper transfer of information. Several communication methods that can be used are as
follows:
Meeting: This is an more effective way of communicating and main reason for this is
that Holiday Inn has meetings that takes place on weekly basis. This is to make sure that
coordination is there in working (Bruce. and Stephens, 2017).
E-mails: This can be used as by Holiday Inn in order to communicate in easy and
effective manner. Also it is proved to be an valuable method of sharing important
information with its staff.
CONCLUSION
From the above report it is clear that concept of Hospitality is very wide and dynamic
within itself. It also contributes to economy. It consists of five major sectors that is food,
beverages, lodging services, events tourism and transportation. Role of these activities helps in
achieving goals in an organization. All kind of financial performance is managed through
maintaining of trial, ledger, double entry and balance off rule. HR life cycle is also very
important and essential as it provides solutions to problems and managing performance.
Legislation is also very important and creates wide impact on business and decision making
process in an organization.

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