Managing Finance and HR in the Hospitality Industry

THE HOSPITALITY
BUSINESS TOOLKIT

Table of Contents
INTRODUCTION...........................................................................................................................4
ACTIVITY 1 ...................................................................................................................................4
Introduce financial transaction and identifying types of sourcing documents. ..........................4
Principles of managing and monitoring financial performance...................................................4
Principles of double entry book keeping system of debits and credit with use of standard data.5
Produce basic trail balance using sample data and purpose of trial balance...............................5
Description on type of cost and how they can be managed to influence financial performance.6
Significance of accurate recording of transaction in line with accounting principles.................6
Include conclusion and evaluate the role of financial management and monitoring to
accomplish growth in business....................................................................................................7
ACTIVITY 2 ...................................................................................................................................7
Review of different stage of HR life cycle..................................................................................7
Evaluation on stage of HR life cycle and significance on HR plays in growing, supporting as
applied to specific job role...........................................................................................................8
Develop performance management plan to support specific job role..........................................8
Recommendations on how process and document at each stage of HR life cycle can be
improved......................................................................................................................................9
ACTIVITY 3 ...................................................................................................................................9
Identification on specific legislation that hospitality enterprise has to comply to adhered with. 9
Define how company employment and contract law impact on decision making of business....9
Critical reflection on impact on ethical issues of regulations. ..................................................10
ACTIVITY 4..................................................................................................................................10
Different functional role within hospitality sector how they interrelates use of organisational
chart............................................................................................................................................10
Description on different communication techniques used in enterprise....................................10
Review of coordination and integration within business enterprise with use of examples.......11
Analyse the effectiveness of different methods of communication, integration and monitoring
within department to accomplish organisational objectives......................................................11
Recommendation on how coordination and integration enhance business performance..........11

CONCLUSION..............................................................................................................................12
REFERENCES................................................................................................................................1

INTRODUCTION
Hospitality industry is categories into wider sector and offers various services such as
theme parks, lodging, cruise and transportation (Baum, 2019). Additionally, number of the
hospitality industry are as amusement park, travelling and restaurants etc.
The present report will be based on new entity as “Health Freakness”. This restaurant will
be newly operated in London. It will take initiatives to offer product and services such as healthy
salads, blended juices and smoothies etc.
Furthermore, study will be based on to investigate how to manage finance by minimising
cost within hospitality sector. Also, report will define that how to manage human resource life-
cycle in context of HR. Additionally, potential impact over legal and ethical consideration will
be defined on hospitality business. Lastly, significance of coordinating and integrating various
functions of department will be defined in hospitality sector.
ACTIVITY 1
Introduce financial transaction and identifying types of sourcing documents.
Financial restrictions termed out as agreement that carried out among sellers and
customers with terms to exchange commodities for payment (Brewster and Söderström, 2017).
This is process that covers change in status of the finances of two or more enterprises or
individuals. In addition to it, there are mainly four types of financial transaction occur in
business and these as are- Sales, Purchase, payments and receipts etc.
Therefore, this is crucial for “Health Freakness” to update and record their transaction
into documents such as book keeping so that they can calculate the amount of profit earned by
them. This is defined as those transaction that usually run day by day and also includes
transaction of business such as debit and credit. Henceforth, it is inclusive of documents like trail
balance.
Principles of managing and monitoring financial performance.
Each enterprise needs to undertake the procedure as managing and monitoring the
business activities (Brown, O'Kane and McCracken, 2016). Henceforth, there are number of
principles that needs to be adopted by “Health Freakness” to improve, manage and monitor the
financial performance. These are outlined as-:
Follow appropriate legislation and regulations- In this, all expenditure and activities
conducted by particular juice centres must be based on proper rules and regulations.