The Hospitality Business Toolkit – Assignment
Added on 2021-02-19
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THE HOSPITALITY BUSINESSTOOLKIT
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Principles of managing financial performance..................................................................1P2 Double entry book keeping system...................................................................................1P3, M1 and D1 Trial balance..................................................................................................2LO 2.................................................................................................................................................2P4. Different stages of HR cycle............................................................................................2M2...........................................................................................................................................2P5.Show the Professional Development Plan........................................................................3D3...........................................................................................................................................4LO 3.................................................................................................................................................4P6.Different law and legislation need to follow by hospitality industry................................4M3..........................................................................................................................................5P7 Explain Legislation affecting business decision...............................................................5D3...........................................................................................................................................5LO4..................................................................................................................................................5P8 How different functional roles are interrelated in hospitality sector.................................5P9 Different methods of communication, coordination and monitoring used to strengthenvalue in hospitality organisation.............................................................................................6M4 & D4.................................................................................................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONOver a period of time hospitality industry has grown very fast and small business havegrown and emerged as one of the key drivers in service sector of UK. Further the report tells theprinciples of monitoring financial performance of the business and how different functional rolesare interrelated. Report will highlight employment legislation that need to be followed bycompanies. Assignment will produce performance management plan. LO1P1 Principles of managing financial performanceOne of the most important task that every business undertake is to monitor its financialperformance and understands where the business stands currently (Sangster, 2015). Variousprinciples are as follows:1.Liquidity and solvency: Liquidity is used to measure the ability to meet short-termfinancial obligations and solvency is used to find out the financial stability by measuringbusiness long-term debt against assets and equity.2.Profitability ratios: This ratio is to find out the capability of revenue generation thatexceeds expenditure (cost, taxes etc.), profitability ratios include gross profit margin, netprofit margin etc.3.Cash flow: It is the amount of money flowing inside and outside the company, thisshould be regularly reviewed to check the stability of business. 4.Return on investment: It is used to measure the efficiency of an investment. In otherwords it measures the total amount of return on a particular investment.P2 Double entry book keeping systemJournal EntriesDateParticularsDebitCreditCash A/C Dr£200000To capital A/C£200000Cash A/C£700000To Sales£700000Lease Expenses A/C£200000To Lease£2000001
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