The Hospitality Business Toolkit in Hospitality Industry (pdf)
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Added on 2021-01-01
The Hospitality Business Toolkit in Hospitality Industry (pdf)
Added on 2021-01-01
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The hospitality BusinessToolkit
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3P1: Discuss the principles associated with managing as well as monitoring financialperformance of firm....................................................................................................................3P2: Application of double-entry system to record the transaction related to sales as well aspurchases account followed by general ledger............................................................................4P3 Prepare trial balance in order to complete the ledger account ..............................................5TASK 2............................................................................................................................................5P4: Present the various stages of HR life cycle for hospitality job role for developing andretaining the talent.......................................................................................................................5P5: Prepare performance management plan for hospitality job role...........................................7TASK 3............................................................................................................................................8P6: Legislation related to hospitality organisation......................................................................8P7: How company, employment and contract law has a potential impact upon businessdecision-making in the hospitality industry................................................................................8P8: Methods of communication, coordination and monitoring applied within a specificdepartment of a hospitality organisation ....................................................................................9P9: Methods of communication, coordination and monitoring applied within a specificdepartment of a hospitality organisation ..................................................................................10CONCLUSION..............................................................................................................................11REFRENCES.................................................................................................................................12
INTRODUCTIONHospitality industry emphasize on providing customer services for better satisfaction andexperience of customer. This comprises of accommodation, food and beverages as well as traveland tourism services to the traveller to make their overall experience worthwhile (Jayawardena,et.al., 2013). For the better understanding of report Carnival corporation and plc has been takenwhich is a world's largest cruise operator travel company. Currently it has more than hundredships that provide the services of food, bars, accommodation, events, entertainment and so on.This report focuses on managing the financial transaction in order to minimise the cost withinhospitality industry, managing the human resource life cycle within HR strategy as well asdiscussion will be made on the impact of ethical and legal consideration on hospitality business(van der Linden and Hambleton, 2013).TASK 1 P1: Discuss the principles associated with managing as well as monitoring financial performanceof firmFinancial performance is used to measure the financial health of firm for a specific periodof time to identify the total amount generated by business. It is also used to make bettercomparison between among similar type of firm so that they can set benchmarks in order tooverpower competitors (Legrand, Chen and Sloan, 2013). Moreover, organisation assign budgetsto conduct various activity of business in order to manage as well as monitor financial
performance of business. In addition to it this budget is set on the continuous basis to conduct allfinancial activity wisely by minimising the expenses of organisation as well as making optimumutilisation of existing resources. Furthermore, comparison standard and actual budget helps inidentify the variances which firm need to minimise by taking corrective action to achieve futurecourse of actions. Thus, there are several ways of monitoring as well measuring financialperformance which are stated below (Nayak and Taylor, 2018):Financial statements: Financial statement is one of the vital principle of financialperformances which is prepared to show the actual financial position of company. Thus, itconsist of cash flow statement, income statement as well as balance sheet of company. Make the use of competitive analysis: The statement or performances of one companyis compared with its competitor to identify the areas where business is lacking as well as its corecompetencies (Lub, et.al., 2016). P2: Application of double-entry system to record the transaction related to sales as well aspurchases account followed by general ledgerJournal EntriesAmountDateParticularsL.F.Dr.Cr.1st FebPurchase A/c dr.5001To Kate's Kitchen A/c5001(Being food purchase from Kate's kitchen at30 days credit)1st FebPurchase A/c dr.29552To Harry A/c29552(Being wines and spirits purchased from Harry)3rd FebCash A/c dr.13027To Sales A/c13027(Being food and beverages sold for cash)6th FebKate Kitchen A/c dr.5001To bank A/c5001(Being pay off Kate via bank transfer)10th FebCash A/c dr.10653To sales A/c10653(Being food and beverages sold for cash)
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