The Hospitality Business Toolkit

The hospitality business
toolkit

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Examination of all the financial performance monitoring and managing principles that
carriers a lot of value for a company...........................................................................................3
P2. Evaluation of double entry system of accounts that includes bookkeeping in it...................4
P3. Analysing and evaluating an appropriate trial balance..........................................................5
TASK 2............................................................................................................................................5
P4. Reviewing and summarising the different life stages of an HR in the hospitality industry
and their importance in retaining and developing talent.............................................................5
P5. Identification and evaluation of a performance management plan for the sector of
hospitality....................................................................................................................................7
TASK 3............................................................................................................................................8
P6. Analysing the different legislations that are made so that the firms can abide by them in
order to maintain sustainability in the society.............................................................................8
P7. Evaluating three important laws that are company, employment, and contract laws and
their possible impact on the working of the firm.........................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Hospitality sector is one of the most crucial sectors from the country’s point of view since it
is one of the largest earning sectors that generates huge amount of profits as it includes many
things like food catering and services, accommodation and lodging, and event planning
(Grimmelikhuijsen, Tummers and Pandey, 2017). In this report there is a brief discussion of a
company that is named East London Catering which is geographically located in the UK and is
operating on a wide scale as compared to its rivals that are working in the same industry. Apart
from that this report covers financial performance monitoring and managing and that too in an
impactful manner so that it can add value to the firm in the long run. Further in this report there
is evaluation and analysis of different aspects like double entry bookkeeping, trail balance, HR
life cycle stages, developing a performance management plan, and laws that are made so that
companies abide to that in their operations.
TASK 1
P1. Examination of all the financial performance monitoring and managing principles that
carriers a lot of value for a company
Financial performance is one of the most critical aspect for each and every company that is
working in the industry as it is related with evaluating and analysing the performance so that
deviations can be examined in detail which can result in formulation of proper and appropriate
rectification measures which can subsequently prove beneficial for the company in the long run.
East London Catering is a firm that puts a lot of attention of it in this regard and examines the
performance of their staff closely so that it can help the firm to grow and prosper in the industry
in which it is operational. There are a number of different principles that are followed by the
above mentioned company and all of them are discussed below in detail-
Maintain proper record of stock- It is very crucial to maintain proper records of all the
transactions so that errors can be minimised and profitability can be increased and thus East
London Catering maintains their records in an accurate and precise format so that it can help the
company to prosper in the market conditions which is highly dynamic in nature.
Making key financial statements reports- It is very essential to make financial reports
so that allocation and allotment of finances can be evaluated in an impactful manner. East

London Catering maintains its financial records like balance sheet and profit and loss statement
up to date so that it can prove useful in the near future.
Evaluating overhead cost- Overhead costs are very crucial and every company tries to
keep it as low as possible so that it can help in the improved profitability and East London
Catering too does the same thing as it keeps its operational cost very low so as to increase its
profitability which can help in the growth and development of the firm in the long run (Bouras,
Kokkinos and Michos, 2020).
P2. Evaluation of double entry system of accounts that includes bookkeeping in it
In accounting aspect all the things are recorded twice so that all the balances can match in
the final result and there are two sides in it named debit and credit. East London Catering has
separated its company and the owner and thus both are treated as separate entities and the
principle of accounts states that assets- liabilities= capital and apart from that it also states that
every transaction has dual effect.