logo

The Hospitality Business Toolkit - Carnival Corporation & Plc Assignment PDF

   

Added on  2021-01-03

15 Pages4438 Words391 Views
THE HOSPITALITY BUSINESSTOOLKIT

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Principles of managing and monitoring financial performance of company.........................1P2 Double entry book keeping system, ledge..............................................................................2P3 Trial balance...........................................................................................................................6LO 2.................................................................................................................................................6P4 Different stages of HR life cycle............................................................................................6P5 Producing performance management plan.............................................................................8LO 3...............................................................................................................................................10P6 Legislation that company has to comply with and adhere to...............................................10P7 Impact of contact and employment law on business decision making.................................10LO 4...............................................................................................................................................11P8 Interrelationship of different functional role within hospitality section...............................11P8 Different methods of communication, coordination and monitoring...................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONHospitality industry is the fastest growing sector that contributes well in economicdevelopment of nation (Zeff, 2016). There are many restaurant and hotels which are strugglingto find skilled employees who can work better for organisation. Present study is based onCarnival corporation & Plc UK; it is British American cruise which offers luxurious services toits consumers. It has more than 100 ships, bars, food, etc. Current assignment will explainprinciples of managing financial performance. It will prepare ledger of given transactions.Furthermore, study will review stages of HR life cycle and its importance for retaining anddeveloping talent. In addition, report will discuss various employment laws and will describetheir impact on business decision making. LO 1P1 Principles of managing and monitoring financial performance of companyIt is very important for an organisation that to manage and monitor financial performanceof company, for that it has to follow some principles and have to prepare accounts accordingly.These principles are explained as below:It is essential for financial manager of Carnival UK to prepare realistic budget, as it willaid in minimising issue of over budget etc.Each department needs fund for running operations and each unit has to ensure that everydepartment has adequate financial resources (Choi and Young, 2015).Monitoring and evaluation need to be done carefully, monthly reports need to be preparedaccurately.Management must analyse cost and risk and have to take necessary action so that risk andcost can be minimised.Key performance indicators (KPIs)KPIs are used by business to monitor actual performance of business and analysing itsprogress.Balance score cardIt is considered as strategic management tool that is utilised by business to make changesin internal business process and improve internal functions of organisation. This is helpful ineffective strategic planning (Fearn-Banks, 2016).Benchmarking1

This is beneficial tool that helps organisation in knowing standards of industry andmaking changes in practices in such manner so that enterprise can meet these standards. Byapplying this method enterprise can analyse performance gap and can take necessary action toimprove the performance of business (Ghaboosi and et.al., 2016).P2 Double entry book keeping system, ledge Double entry book keeping systemJournal EntriesDate Particulars Debit (£)Credit (£)1st Feb Purchase A/c Dr 34553To Kate's Kitchen A/c5001To Harry's A/c295523rd Feb Cash A/c Dr 13207To Sales A/c 132076th Feb Kate's Kitchen A/c Dr 5001To Bank A/c500110th Feb Cash A/c Dr 10653To Sales A/c 1065314th Feb Bank A/c Dr 2008To Sales A/c 200817th Feb Cash A/c Dr 13321To Sales A/c 1332117th Feb Harry A/c Dr29552To Cash A/c 2955222nd Feb Purchase A/c Dr 7013To Kate's Kitchen A/c701324th Feb Cash A/c Dr 12329To Sales A/c 12329Purchase AccountDate Particulars Amount Date Particulars Amount1st Feb To Kate's Kitchen 5001by balance c/d 415662

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
The Hospitality Business Toolkit
|13
|3913
|44

The Hospitality Business Toolkit
|18
|4345
|374

The Hospitality Businesses Toolkit | Assignment
|14
|3625
|52

Principles of Handling Financial Performance in the Hospitality Sector
|17
|5322
|451

The Hospitality Business Toolkit - Assignment Solution
|12
|2949
|153

Hospitality Business Toolkit
|22
|5181
|433