The Hospitality Business Toolkit

This report focuses on the hospitality business of Hilton Hotels, exploring financial aspects, human resources, regulations, and effective communication skills. It covers topics such as managing financial performance, talent acquisition, and retention in the food and beverage sector. Gain insights into Hilton Hotels and its operations.

The Hospitality Business
Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
Introduction of financial transaction...........................................................................................1
Investigation of principles of managing and monitoring financial performance of Hilton........2
Principles of double entry bookkeeping system of debits and credits using standard data........3
Trial balance and its purpose using a sample data......................................................................3
Analysis of types of costs and how they are managed to influence financial performance of
Hilton and how profit margins are calculated.............................................................................3
Importance of accurate recording of transactions in line with accepted accounting principles..4
Critical evaluation of role financial management and monitoring in achieving growth in
Hilton and recommendations. ....................................................................................................5
TASK 2............................................................................................................................................5
Review of different stages of HR life cycle applied to issues in talent acquisition and
retention in food and beverage sector.........................................................................................5
Evaluation of HR life cycle and its importance in supporting, growing and retaining talent....6
Performance management plan...................................................................................................7
Judgements and recommendations in stage of HR life cycle......................................................7
Legislations which comply and adhere in daily transactions......................................................8
Impact of contract law on business and decision making...........................................................8
Implications of regulations..........................................................................................................8
Impact of ethical issues of regulations, legislations and principles with judgements and
recommendations........................................................................................................................9
Exploration of functional roles in Hilton....................................................................................9
Communication methods and levels used in Hilton....................................................................9
Review of coordination and integration in business.................................................................10
Analysis of effectiveness of communication methods, integration and monitoring.................10

Judgements and recommendations to enhance performance....................................................10
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Hospitality business refers to a broader concept that consists of theme parks, cruise line,
transportation, event planning and other activities. Hospitality business generally are companies
that are serving high class services which are related to stay and luxury of customers(Higgins-
Desbiolles, Moskwa, and Wijesinghe, 2019). This business companies have a main focus of
increasing customer satisfaction towards them. Hospitality company is having objective of
dealing with customers effectively and providing them high quality of experience to them so that
value to customers should be increased and companies can be able to gain more competitive
advantage and create brand image for them(An, and Quail, 2018). Hospitality business toolkit
aims at providing a quality services to customers by performing their various functional activities
in their operations. This report is based on hospitality business of Hilton Hotels, that is an
American multinational hospitality company that manages and franchises a broad portfolio of
hotels and resorts. Report below includes financial aspects of hospitality businesses in Hilton
Hotels, human resources, regulations, legislations and law, effective communications skills and
practices along with its conclusion.
MAIN BODY
TASK 1
Introduction of financial transaction.
Financial transactions is defined as a communication and agreement that are carried
among seller and buyer in exchange of asset for making payments. It basically consists of states
of finances of two or more than two businesses. In terms of Hilton, financial transactions are
said to be its important role which is to be performed in their company in order to ensure
availability and follow up of statutory laws, various regulations and to provide a sense of safety
to their investors so that they will be able to invest in hospitality business companies in a
systematic manner(Ma, Cheng, and Hsiao, 2018). There are some components which ensures
clear compliance to their investors by which dealing can be done systematically. Source documents: It refers to statement of initial documents in which all types of
information and data are recorded in relation of business transactions. Source documents
provides statements in which various information is associated with books of accounts
are recorded in their financial system. In terms of Hilton Hotels, some of source of
1

documents used in there hotel are cheques, journal vouchers, petty cash vouchers, credit
sales, credit notes and so on. Company is using information and data from various source
representation that are recorded in original books of accounts in order to sustain in long
run.
 Recording process: It generally refers to keep recording of financial transactions that are
taking place in company 's operations. In terms of Hilton Hotels, company regularly and
manages its accounts by book keeping system. As it fruitful to have a record of financial
transactions in order to increase easiness of operations and avoid any confusion in
performing activities.
Investigation of principles of managing and monitoring financial performance of Hilton.
There are some of principles that are used by hospitality business companies in order to
manage and monitor financial performance of their companies (Mejia, and Torres, 2018) .
Various financial principles that is use by Hilton Hotels in order to manage and monitor their
performance are as follows: Justification: It refers to principle where various justifications are related to books of
accounts and records in book keeping. For managing and monitoring outcomes Hilton
Hotels 's main focus to determine and analyse various actual data and make effective and
efficient decisions to have better financial outcomes. Documentations: It refers to a legal principle that is used by Hilton Hotels that could
proved to be useful and beneficial for managing and monitoring financial outcomes.
Company managers directs in keeping all transactions in a elusive way. Consistency: It generally refers to principle which directs to adapt accounting principle
or method that follow consistency in accounting periods that results in higher efficiency.
Hilton is using principle of consistency and using various techniques and book keeping
records to maintain efficiency in their financial operations.
 Timeliness: It refers to principle which is related with higher authorities and their
projects in a way that results in meeting various requirements of company in effective
manner (Bilro, Loureiro, S.M.C. and Guerreiro, 2019). In terms of Hilton Hotels,
company is using principle to have effectiveness in their timescale of working so that
there will be a adjustments their transactions are kept timely recorded and systematically
monitored.
2

Principles of double entry bookkeeping system of debits and credits using standard data.
Double entry bookkeeping system is defined as a fundamental concept that relates in
having book keeping and accounting that states each financial transactions has equal and
opposite effects in at least two various accounts (García-Rodríguez, Dorta-Afonso, and
González-de-la-Rosa, 2020) . It is basically a system of recording transactions where each entry
in accounting transactions needs corresponding and opposite entry in different accounts. It is
basically based on accounting principle that states for every debit it is essential to be equal to
credit and process of recording transactions are recorded are said to be journal entries . As these
recordings are beneficial for managing data in a systematic and ethical manner through financial
performance can be examined. For this profit and loss statements are examined that refers to
statement in which financial statements of companies and shows company revenues and
expenses during a specific time. Instance of profit and loss statement in terms of Hilton Hotels is
as follows:
assumed data
Profit and loss statement of Hilton Hotels for March 2020
Particulars Amount Particulars
To Opening Inventory 17000 By Sales 145000
To Purchase 63000 Less : Return Inward -3200
Less : Return Outward -1800 61200 By Closing Inventory
To Gross Profit 84600
Total 162800 Total
To Administration Cost 33000 By Gross Profit
TO Distribution Cost 30500
To Depreciation 9000
To Finance Cost 1600
To Tax 2100
To Net Profit 8400
Total 84600 Total
Trial balance and its purpose using a sample data.
It refers to to list of all general ledgers accounts that are contained in ledger of business.
Trial balance generally refers to bookkeeping worksheet in which balance of all ledgers are
3

compiled into debit and credit to have equal in their total amounts. Hospitality business
companies basically prepares trial balance periodically at end of each reporting period. Main
purpose of making trial balance is to ensure that entries are in company's book keeping are
systematically and mathematically correct. In terms of Hilton Hotels, instance of trial balance of
there is as follows:
assumed data
Trial Balance for Hilton Hotels
Particulars Debit Credit
Storage Cost 500
Purchase 10500
Sales 14600
Moter
Expenses 530
Cash at Bank 54000
Cash in Hand 18700
Payables 29100
Premises 250000
Van 52250
Fixtures 8350
Inventory 23200
Receivables 15420
Sales Return 900
Purchase
Return 70
Salaries 5000
Business Rates 1480
Capital 397060
Total 440830 440830
4

Analysis of types of costs and how they are managed to influence financial performance of
Hilton and how profit margins are calculated.
Cost is defined as money that company spend for creation and production of services and
products. In terms of Hilton Hotels, company uses these cost to manage in order to influence
financial performance and for calculation of profit margins are as follows: Variable cost: it refers to cost that fluctuates and changes with level of production and
output changes in company, changes in variable cost is based on dependency of number
of services and products produced(Van der Wagen, and White, 2018) . Variable cost in
Hilton Hotel is set according to its occur budgets and through resource planning that will
ascertain future resources requirements and their scope of work. Fixed cost: It refers to cost which is fixed and do not changes according to number of
services and products over a specific period of time. Fixed cost are cost that are cost that
are related to rent, legal bills, salaries etc. In terms of Hilton Hotels, company manages
its fixed cost by effectively managing its cost estimation in order to manage and maintain
its financial position.
 Operating cost: It refers to cost which determines expenses that are related with day to
day business operations. In terms of Hilton Hotels, company is planning its operating
costs according to its daily expenses that are required to be met to carry their operations.
Importance of accurate recording of transactions in line with accepted accounting
principles.
Proper book keeping includes managing and maintaining up to date accounting system
which records business transactions when it occur along with transactions. It is important to keep
a systematic record of receipts and bills on company's behalf. Importance of recording accurate
recording of transactions with line of accounting principle in terms of Hilton Hotels is as
follows:
 Accurate book keeping helps in avoiding penalties and interest as it make easier to pay
right amount of tax at right time.
 It helps in informing owner of company, about their financial position that helps in
strategic planning(Elshaer, 2019) .
5

 Well kept records helps in saving tax. As it act as a reminder to deduct individual's credit
and expense. This reminds them about all expenses that is need to be claim against
income.
 Accurate recording of financial transactions helps Hilton Hotels in maintaining and
managing backup for all income plans and expenses that is incurred at time of audit.
Critical evaluation of role financial management and monitoring in achieving growth in
Hilton and recommendations.
It has been evaluated that financial management and monitoring plays a important role in
accomplishing objectives in hospitality businesses. As it consists a chain to quality that is to be
served to customers, that are mainly likely to experience forecasting demand, identification of
costs and controlling expenses to maintain financial performance of company(Goto, and et. al.,
2018). Financial management basically includes adapting and using of management principles to
manage its financial assets. Some of recommendations that helps in achieving growth and
maintaining financial position of company are as follows:
 Hilton Hotels should always focus on monitoring financial position on timely basis.
 Company should ensure that customers are timely paid.
 Hilton Hotels can ensure that problems and delays are to be timely met when they arise to
maintain growth.
 Company is recommended to pay taxes on regular basis.
 It is recommended for Hilton Hotels to examine and planned its operating cost according
to its identified budgets.
 It is recommended to keep a systematic and well record of financial transactions in book
keeping.
TASK 2
Review of different stages of HR life cycle applied to issues in talent acquisition and
retention in food and beverage sector.
HR life cycle is referred as a systematic process of integrating various HR activities. As
HR life cycle is associated with integration of various HR strategy creation and its execution
with employees in its services. In terms of Hilton Hotels, various of HR life cycle which is used
by hospitality company to recruit employees are as follows:
6

 Recruitment and selection: It refers to a process that is related with recruiting various job
applicants for various job profiles by having specific skills and experience and selecting
them on basis of that (R.C. and Sturman, 2018) . HR manager of Hilton uses this stage of
recruitment and selection for hiring various job applicants having qualified skills and
experience for their vacant job profiles in company. Induction and orientation: It refers to induction and orientation programmes that is
implemented so as to make to aware about their job profile and designation so that they
are able to perform their job roles with their higher efficiency and capability. HR
manager of Hilton uses process of induction and orientation of employees when they are
newly joined and make them aware about their roles and responsibilities. Career planning and development: As once employees are established in company, then
main focus of company is to enhance their career development by improving their skills.
Hilton Hotels ensures that employee's skills are enhanced and personality development
should be done to serve quality services to their customers and handling customer's
queries smoothly. Retention: In this phase HR life cycle, there is lot of time and money which is invested in
maintaining and running of operations of company. HR manager of Hilton Hotels is
focusing on providing tools and skills that will set an employee to work with its higher
potential level to sustain for longer period.
 Separation and termination: It refers to process where employees leave company by
voluntary and getting retirement from their job and duties. HR manager of Hilton Hotels
is using this process for retiring their existing employees so that new talent and skilled
job candidates can be admitted.
Evaluation of HR life cycle and its importance in supporting, growing and retaining talent.
HR life cycle plays an important role in supporting, expanding and retaining talented and
skilled employees with company in order to enhance productivity and quality of company's
operations (Habets, Jeandarmeand Kennedy, 2020) . Importance of HR life cycle in supporting,
growing and retaining of employees in terms of Hilton Hotels are as follows: Recruitment and selection: In this HR manager is focused to recruit those candidates
who are able to attain appropriate skills and knowledge which helps in improving quality
of employees in Hilton.
7

 Induction and orientation: At this stage employee is being helped in understanding
about working pattern in company that makes employees work accordingly to given job
roles. This will support employees in gaining information and understanding business
environment. Career planning and development: It will help in improvising talent in employees by
making them realizing about their skills in which they hold specialization. Retention: In this step in HR life cycle helps in having talented employees within
company with use of various techniques such as positive environment, maintaining
healthy relationships, keeping motivation and satisfaction high.
 Separation and termination phase: At this stage, HR manager of Hilton Hotels, retire
existing employees, this exit process helps in promoting positive atmosphere which
provides scope to recruiting new talent at vacant places.
Performance management plan.
It refers to a process that various companies uses to align experienced employees and
resources to strategic objective and priorities that results in ensuring and accomplishing
company's short term objectives and long terms objectives which are being consistently met in
effective and efficient manner. HR manager of Hilton Hotels is implementing performance
management plan to control outcome of their employees ad guiding them towards acquiring its
goals and objectives(Liang, and Wong, E.S.F., 2020) . Main focus of Hilton Hotels is to provide
quality experience to its customers and generating customer satisfaction towards them in order to
gain competitive advantage. Performance management plan can be developed in three stages that
are as follows: Plan: In this stage manager of Hilton Hotels, focus on identifying major queries and
problems that are faced by customers and tries to serve them by handling their queries
well and generating customer satisfaction in order to sustain in markets for long run. Monitor: in this stages of performance management plan manager of company guides
and motivates its employees to provide valuable and higher performance towards
customers so that customer satisfaction can be highly generated towards them.
 Review: In last stage of performance management plan all performed activities is being
monitor and managed by manager of Hilton Hotels in order to meet customer
expectations on time and increase profitability.
8

Judgements and recommendations in stage of HR life cycle.
From this it has been evaluated that HR life cycle plays a vital role in identifying skilled
and talented workforce for company to carry their operations effectively. It has been
recommended that Hilton Hotels is recommended to use a systematic and proper recruitment
process in order to hire skilled employees for higher performance.
Legislations which comply and adhere in daily transactions.
Legislations referred as statuary laws that are governed by various legal authorities and
government of UK. These laws and regulations are being developed for having safety and
protection to working of employees. There are various legislations that are used by hospitality
business companies that are related to health and safety measures so that proper assistance can
provided. In terms of Hilton Hotels various legislations are as follows: Food and safety legislation act: It is referred to a law for which ensures smooth running
of operations while providing optimum level of satisfaction to customers. They are
interlinked with each other as house keeping is responsible for cleaning guest rooms and
provides required services.
 Customer legislations act: It is referred as law that is made for protecting customer's
rights along with minimising business difficulties. Hilton Hotels is using this law to gain
customer satisfaction towards them.
Impact of contract law on business and decision making.
There are several potential impact on decision making due to legislations and laws
governed in terms of Hilton Hotels are as follows: Contract law: It refers to have an legal binding between two parties in order to enter into
an agreement(Jones, 2020). Managers of Hilton Hotels has implemented contract law to
ensures agreements is to be done according to laws and regulations.
 Employment law: This law regulates relationship between employees and employers.
The law has been covered that what is company is paying to its employees for their work
and creates minimum requirements for working conditions. With this Hilton Hotels, is
able to maintain an healthy relationship among employees.
9

Implications of regulations.
Various implications of regulations in terms of Hilton Hotels on their standards are as
follows: Equality and diversity: This act gives a legal framework in order to protect rights of
employees in company. It helps in protecting individual from unfair treatments. In Hilton
Hotels, company is able to retain employees for long run.
 Employment relation act: It helps in regulating relationship among employees within
workplace. Main objective of company is to help in building better employment that
gives higher productivity.
Impact of ethical issues of regulations, legislations and principles with judgements and
recommendations.
From above information it has been evaluated that ethical issues are used to address
morale conflicts in company. In hospitality business companies, equality and diversity at
workplace with regulations is essential that helps Hilton Hotels to develop a positive
environment with employment relations for having healthy working environment.
Exploration of functional roles in Hilton.
There are various roles,structure and functions that is used by hospitality companies to
have efficiency in their business operations. In terms of Hilton Hotels, various functional roles
that are interlinked are as follows: Food and beverages department: It plays a key role in Hilton Hotels which are
interconnected with each other. As food and beverages service department is responsible
for serving food items which is made by food production department as per the need of
customers.
 House keeping: There are key departments which ensures smooth running of operations
while generating higher level of satisfaction to customers. They are interlinked with each
other as house keeping is responsible for cleaning guest rooms and provides required
services.
Communication methods and levels used in Hilton.
There are various communication methods that can be used by companies in order to
generate efficiency and effectiveness in their operations(MAS, 2019) . In terms of Hilton Hotels,
10

company is two methods of communication to carry their business operations effectively that are
as follows: Verbal communication: It refers to having communication by use of words. It consists of
oral and written communications. Hilton Hotels, is using verbal communication method
like emails, documents,voice call and so on to communicate to its staff members.
 Non verbal communication: It refers communication method that use non verbal signals
to communicate. It uses signs, clues and body language to communicate. Hilton Hotels
using non verbal method of communication like communicating with signs and
expression to communicate with in their staff members.
Review of coordination and integration in business.
Co-ordination and integration is defined as function of management that ensures that
departments and group of candidates are performing their job roles properly(Hanson, and
Rohlin, S., 2018). In terms of Hilton Hotels, company can have unity of direction towards its
employees so that higher performance can be generated with optimum utilisation of resources in
their business operations. As co-ordination helps in accomplishing company's goals and
achieving professional growth with personal growth.
Analysis of effectiveness of communication methods, integration and monitoring.
It is essential for companies to have communication for effective and smooth running of
their operations. In terms of Hilton Hotels, company is using verbal and non verbal mode of
communication in their business operations to carry it with effectiveness. While monitoring is
related with observing, ensuring programs and quality of operations with in a specific period of
time (Li, Y.,and et. al., 2018). As helps in facilitating deep insight of management, determine
problems along with its solutions and providing support for grabbing opportunities.
Judgements and recommendations to enhance performance.
From above information it has been analysed that Hilton Hotels is enhancing there
performance and productivity by using and implementing various strategies and tools. As using
legislations in company's operations proved to beneficial for company. It has recommended to
Hilton Hotels to implement their code of conduct and ethical codes to maintain higher
performance in company.
11

CONCLUSION
From above report it has been concluded that carrying hospitality business is effective in
markets as it aims at focusing on serving quality standards to customers in order to build brand
image of company and there are various measurements, tools and techniques by which
company's effectiveness and financial performance and position is identified. There are various
set of structures and set of functions that are essential to be used by company to accomplish its
objectives with higher performance. Report above explains various financial aspects, Human
Resources and laws and regulations that are use by company to have high performance and
financial stability by following regulations and legislations in their operations.
12

REFERENCES
Books and Journals
An, A. and Quail, S., 2018. Building BRYT: A case study in developing an online toolkit to
promote business information literacy in higher education. Journal of Library &
Information Services in Distance Learning. 12 (3-4), pp.71-89.
Bilro, R.G., Loureiro, S.M.C. and Guerreiro, J., 2019. Exploring online customer engagement
with hospitality products and its relationship with involvement, emotional states,
experience and brand advocacy. Journal of Hospitality Marketing & Management.
28(2). pp.147-171.
Elshaer, A.M., 2019. Labor in the tourism and hospitality industry: skills, ethics, issues, and
rights. CRC Press.
Ford, R.C. and Sturman, M.C., 2018. Managing Hospitality Organizations: Achieving Excellence
in the Guest Experience. SAGE Publications.
García-Rodríguez, F.J., Dorta-Afonso, D. and González-de-la-Rosa, M., 2020. Hospitality
diversity management and job satisfaction: The mediating role of organizational
commitment across individual differences. International Journal of Hospitality
Management. 91. p.102698.
Goto, A., and et. al., 2018. Collaborative processes of developing a health literacy toolkit: a case
from Fukushima after the nuclear accident. Journal of health communication .23 (2).
pp.200-206.
Habets, P., Jeandarme, I. and Kennedy, H.G., 2020. Determining security level in forensic
psychiatry: a tug of war between the DUNDRUM toolkit and the HoNOS-Secure.
Psychology, Crime & Law .26 (9). pp.868-886.
Hanson, A. and Rohlin, S., 2018. A toolkit for evaluating spatially targeted urban redevelopment
incentives: Methods, lessons, and best practices. Journal of Urban Affairs, pp.1-22.
Higgins-Desbiolles, F., Moskwa, E. and Wijesinghe, G., 2019. How sustainable is sustainable
hospitality research? A review of sustainable restaurant literature from 1991 to 2015.
Current Issues in Tourism .22(13). pp.1551-1580.
Jones, L.J., 2020. The Event Planning Toolkit: Your Guide to Organizing Extraordinary
Meetings and Events. Rowman & Littlefield Publishers.
Li, Y.,and et. al., 2018. Target-specific toxicity knowledgebase (TsTKb): a novel toolkit for in
silico predictive toxicology.Journal of Environmental Science and Health, Part C .36
(4). pp.219-236.
Liang, T.C. and Wong, E.S.F., 2020. Sustainable development: an adaptive re-use solution for
the hospitality industry. Worldwide Hospitality and Tourism Themes.
Ma, E., Cheng, M. and Hsiao, A., 2018. Sentiment analysis–a review and agenda for future
research in hospitality contexts. International Journal of Contemporary Hospitality
Management.
MAS, E.G., 2019. Thoughts on Adding Information Assurance Education in an Online
Hospitality Program. In Proceedings of the International Conference on e-Learning, e-
Business, Enterprise Information Systems, and e-Government (EEE) (pp. 23-28). The
Steering Committee of The World Congress in Computer Science, Computer
Engineering and Applied Computing (WorldComp).
13

Mejia, C. and Torres, E.N., 2018. Implementation and normalization process of asynchronous
video interviewing practices in the hospitality industry. International Journal of
Contemporary Hospitality Management.
(Higgins-Desbiolles, Moskwa, and Wijesinghe, 2019) (An, and Quail, 2018) (Ma, Cheng, and
Hsiao, 2018) (Mejia, and Torres, 2018) (Bilro, Loureiro, S.M.C. and Guerreiro, 2019)
(García-Rodríguez, Dorta-Afonso, and González-de-la-Rosa, 2020) (Van der Wagen,
and White, 2018) (Elshaer, 2019) (Goto, and et. al., 2018) (R.C. and Sturman, 2018)
(Habets, Jeandarmeand Kennedy, 2020) (Liang, and Wong, E.S.F., 2020) (Jones,
2020) (MAS, 2019) (Hanson, and Rohlin, S., 2018) (Li, Y.,and et. al., 2018.)
14