The Hospitality Businesses Toolkit | Assignment
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Added on 2021-01-02
The Hospitality Businesses Toolkit | Assignment
Added on 2021-01-02
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The HospitalityBusiness Toolkit
Table of ContentsINTRODUCTION...........................................................................................................................3P1 Investigate the principles of managing and monitoring financial performance....................3P2 Apply the double-entry book-keeping system of debits and credits to record sales andpurchases transactions in a general ledger..................................................................................3P3 Produce a basic trial balance applying the use of the balance off rule to complete the ledger.....................................................................................................................................................6P4 Reviewing different stages of Human resource life cycle ...................................................6P5 Develop a performance management plan ............................................................................7P6 Different legislation that a hospitality organisation has to comply and adhere to.................8P7 Impact of Employment and contract law on business decision making in travel and tourismindustry........................................................................................................................................9P8 Different functional roles within the hospitality sector.........................................................9P9 Methods of communication, coordination and monitoring applied within a specificdepartment of a hospitality organisation ..................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONThe hospitality is a group of businesses which are providing services to customers. Thehospitality industry comprises of three primary areas such as accommodations which involveshotels, bed and breakfast and other business related to lodging. The next area comprises of foodand beverage which involves fast food chains, and other constitutions that are providing food andbeverages. At last the third area involves travel and tourism which comprises of trains and cruiseships etc. Organisation undertaken under this report is Carnival Corporation & PLC which is aBritish-American cruise operator. It offers a range of services and products such as bars, foodtour and travel, entertainment etc. The enterprise draw the attention of approx 11.5 millionsguests annually. This report highlights stages HR life cycle it will also highlight performancemanagement plan and specific law. Later part of report deals with coordinating and integration ofvarious functions of departments of hospitality sector (Benckendorff and et. al., 2015).P1 Investigate the principles of managing and monitoring financial performanceThe principle of managing and monitoring financial performance involves assignmentof budget to various activities of the business. The budget should be realistic and reasonable andshould be made with reasonable care. Then the budget are compared with the actual financialresult of each activities on a regular basis. This will help the organisation to find out about thevariances between the set goals and actually achieved goals (Carvalho, 2015). There are differentways by which the financial performance of a business can be maintained and monitored suchas- Preparing key financial statements: It involves preparing of different statements suchas trial balance, income statement and profit and loss statement. They are an important factors infinding out about the financial position of businesses.Competitive analysis: The financial indicators are then analysed and financial positionof the business is them compared with other rivalry in order to find the areas where they lackskills in comparison with other rivalries so that these skill sets can be enhanced.KPI monitoring financial performance of organisationKey performance indicator work as an effective tool for organisation that is used byorganisation to understand their financial condition. Some types of key performance are mentionas below for ensure performance of carnival corporation are mention as below:
Current ratio- For the working capital KPI perform their work by measuring asset and liabilitiesof organisation. Current ratio is calculated by financial department through dividing total assetwith liabilities of organisation. The standard ratio is 2:1 which determines good financial growthof organisation.Expenses vs budget- Through comparing organisation expenses with estimated budget is a rolewhich is performed under KPI. This comparison helps you to understand where and how anorganisation need to manage their financial position. In context of carnival corporation this isused to manage their monetary transactions. P2 Apply the double-entry book-keeping system of debits and credits to record sales andpurchases transactions in a general ledger
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