The Hospitality Business Toolkit

The Hospitality
Business Toolkit

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
TASK 1............................................................................................................................................3
Investigate how to manage finance and record transactions to minimise costs responsibly
within the hospitality sector:........................................................................................................3
TASK 2..........................................................................................................................................15
Assess how to manage the Human Resources lifecycle within the context of HR strategy......15
TASK 3..........................................................................................................................................17
Illustrate the potential impact of legal and ethical considerations on a hospitality business.....17
TASK 4..........................................................................................................................................18
Explain the importance of coordinating and integrating various functions of departments
within the hospitality sector.......................................................................................................18
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................21

INTRODUCTION
Hospitality and tourism sector is termed to be an enormous industry that have several further
options to provide the job role of chances to candidates as across of several sections. It is
commonly termed as the key part of the broader facility sector of industry that focuses on deluxe
time as more than other sort and enough wants. It is an orientation region that have several career
fields that are capable to improve well-ordered and suitable sections in the hotel industry. The
management consider in this report is Bicester Hotel spa and golf is the 4 star resort that sets the
certain field of Oxfordshire countryside. As it will involves the 50 deluxe suites that are designed
in five diverse modern concept that are bounded by antiquated flower fields that also have golf
course facilities of their visitors in hospitality sector. It involves the key principle of managing
and supervising the economic conditions (Govender, 2021). It also appropriate the double entry
section for bookkeeping of debits and credits to record trades and acquisitions of the business in
the overall form of ledger. It will also create the basic trial balance approach that supports the
manner of amount to fill the ledger. On the other side, the report covers the several level of HR
life cycle that are followed in particular field of hospitality job role and its significance of
recollecting and creating aptitude that involves strategies for relating methods to solve issues and
problems and staff disputes in the hotel.
MAIN BODY
TASK 1
Investigate how to manage finance and record transactions to minimise costs
Principles of managing and monitoring financial performance –
Financial realisation is termed as the manner in that assets might be utilised as proficiently
by the management to attain high profitability. As there are various ethics that offers strategies
for the organisation of reporting and economic outcomes. Financial explanations are created to
take benefits of decreased expenses (Zhang, and et.al., 2021). It will involves the financial
performance of management. In respect to decline their overheads and maintain cash flow, the
management make their plan of actions and supervise their finance performance. Each and every
business of management will decide to manage and deal with their source of assets and money
and also they might decrease their value and prices and their flow that will be supervised for
critical type of several financial and economic statement.

 Maintaining correct stock records - Such concept is concentrated on retaining and
formation of definite raw material accounts and each considerable dealings that are
completed by hotel staff.
 Making key financial statement presentations - Such concept is concentrated on the
formation of basic financial reports like P&L statement and balance sheet, with the
perspective to study the total key term of the economic situation of the management.
 Evaluation of overhead costs - In above discussion the management will measure the
overheads of all funds that might be decreased by continuing each additional amount in
respect to diminish the organisation charges and enhance the profit margins.
Double entry bookkeeping system –
The scheme will include the equivalent, contradictory explanation record for all
description record. DR. and CR. are the both matching and the consistent margins of the double
entry. The right one is CR. and the left one will be DR. (Whitehead, Schofield, and Bozoğlu,
2021). Such structure will describes three guidelines, like the separate form that are mentioned
earlier as in respect of the management that has an independent business structure. Other form of
the law that have the estimated calculation, as per to the Assets – Liabilities – Resources and the
third law is that several transaction have double consequences on double dealings as effectively.