The Hospitality Business Toolkit

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
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