(Solved) The Hospitality Business Toolkit Assignment

Added on - 21 Feb 2021

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The HospitalityBusiness Toolkit
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 The principles of managing and monitoring the financial performance.................................3P2. Double entry book keeping system........................................................................................4P3. Balance off rule in order to complete the ledger...................................................................8TASK 2............................................................................................................................................8P4 Different stages of HR life cycle and their importance in talent management.......................8P5 Develop the management plan for particularly hospitality job role applying techniques toresolve negative behaviour and issues of staff retention...........................................................10TASK 3..........................................................................................................................................12P6 Specific legislation that a hospitality organisation..............................................................12P7 Employment and contract law has potential impact on business decision making..............12TASK 4..........................................................................................................................................13P8 Functional roles within hospitality sector.............................................................................13P9 Different method of communication....................................................................................15CONCLUSION..............................................................................................................................15REFERENCE................................................................................................................................16
INTRODUCTIONIn present time, hospitality industries are becoming a most part of raising economy ofcountry. This sector understand the needs and demand of customers and provide them bestservices that attracts them and earns more profits (Harrington and Voehl, 2016). The CarnivalUK is a British cruise line operator company that emphasis on providing good services likeaccommodation, food and beverages as well as travelling services that gives better satisfaction tocustomers. Such organization is attracts customer by providing better services that helps tomaintain the profit. The human resource of such organization plays an essential role withinorganization and retain employees for long term. The HR department also deals with identifyingissues within the organization and make policies to deal with such issues for achieving businessobjectives. In present time it has more than hundred ships in which employees offers differentservices such as food, accommodation, bars, event organize etc. This report discusses aboutdifferent functional area, principles that helps to monitor and manage financial information,double entry system, trial balance, HR life cycle, performance management plan for hospitalityrole, hospitality legislations and contract laws that helps to make business decision.TASK 1P1 The principles of managing and monitoring the financial performanceEvery organisation are running their business by managing the business activities andmonitoring business performance. Finance is a need of every business which is needed in everyplace to run business, expand and improve the business performance. It is the duty of managersto collect information, analysis them, manage and monitor them for the purpose of makingprofits. Such as Carnival is a well known industry in hospitality sector whose manager collectsinformation, manage business activities and monitor them for the purpose of improving financialperformance (Jayaweera, 2015). Herein, some principles that helps to manage the financialperformance of company which are elaborated as:Budget must be properly formed:This means manager of business organization shouldbe prepare budget that should be properly in format and all transaction should be involved insuch budget. Such as manager of Carnival analysis the financial performance of company andprepare budget every year appropriately, that helps to increase the financial performance.
Budget should be base on effective analysis:This means budget which is prepared bymanagers should be effective. In other words, budget should be prepare according to mission andgoals of organization. Such as manager of Carnival uses different techniques to achieve thebusiness goals. It focuses on financial performance of company and make plans accordingly.Financial budget should be compare with daily basis budget:This principle says thatorganization should make financial budget after comparing with other budget that helps tomaintain the profitability. Such as manager of Carnival make daily basis budget and compareswith actual financial budget that helps to improve the financial performance.Match cash flow:This is another principle that helps to improve the financialperformance of company. All activities such as operating activity, investment and financialactivity should be match within organization that helps to attain goals. Manager of Carnivalprepare cash flow statement every year by involving all income and expenses that helps toimprove the financial performance(Nayak and Taylor, 2018).Therefore, it has been recommended that Carnival's manager should prepare budgetappropriately by involving all transaction that helps to make profit margin. They should focus onbusiness performance by management, analysing and controlling the information. It helps topachieve business objectives effectively.P2. Double entry book keeping systemDouble entry bookkeeping system is a system which is used by all organization tomaintain the records of all transactions effectively. It consider entry both side like debit andcredit of Journal books. In reference to Carnival, focus on bookkeeping and all accountingequations that helps to make business decisions effectively. To understand this few transactionsare as shows:
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