Principles of Managing Financial Performance in Hospitality Business

Hospitality business
toolkit

Table of Contents
TASK 1............................................................................................................................................4
P1. Investigation of principles of managing financial performance.......................................4
P2. Applying overall system of double entry, book-keeping system of debits and credits to
recording of sales & purchases transactions ledger................................................................6
P3. Producing a trial balance by application and the use of the balance off rule to complete
the ledger................................................................................................................................6
TASK 2............................................................................................................................................7
P4. Reviewing of various stages of HR life cycle applying on a specific hospitality job role &
its importance for development and retention of talent..........................................................7
P5. Development of a performance management plan...........................................................9
TASK 3..........................................................................................................................................10
P6. Identification of some specific legislations on a hospitality organisation has to make
compliance............................................................................................................................10
P7. Describe that how company law, employment law and contract law has a impact on
overall business decision making.........................................................................................11
TASK 4..........................................................................................................................................12
Covered in PPT.....................................................................................................................12
CONCLUSION...................................................................................................................14
REFERNCES.................................................................................................................................15

INTRODUCTION
Hospitality sector is one of the emerging sectors in today's scenario. They are consisting
of various services such as food, beverages, accommodation and much such related type of
services (Cerchione and Bansal, 2019). It is very necessary that organisation that is part of this
industry must posses adequate understanding and knowledge of laws & legislations that are’
being applied on a particular industry. In this report a new juices outlet Jolted Juice is being
launched in London that will be dealing in some unique combinations of fruits and vegetables for
making juices. In this report there is discussion on various aspects such as HR cycle,
employment related laws, laws of employment contract. Further, there is discussion of
communication channels, communication and monitoring being applied in a hospitality
organisation.
TASK 1
P1. Investigation of various principles for management of financial performance
To make a assessment if business performance, there is requirement to address various
questions such as growth drivers, factors affecting in functioning etc. there are some ways to
managing & monitoring overall performance of a organisation as discussed below:
Preparation of financial statements: It is responsibility of every organisation to prepare
balance sheet, P&L statements. These are final indicators that help in smooth performance of
business functions. It helps in getting an overview of all the financial conditions of inner
functionality of business (Kandampully, Zhang, and Jaakkola, 201).
Preparation of inventory records: There are different business that are investing in
machinery, raw materials. There is a strong requirement to maintain adequate inventory levels so
that there is no overstocking that is taking place in the organisation. For having cost effectiveness
and reducing piling up of inventory there is a requirement of finance and a detailed discussion of
financial requirements is mentioned below:-