The Hospitality Business Toolkit

The hospitality business
toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
Managing finance and recording transaction to minimise cost responsibility.............................1
Task 2...............................................................................................................................................4
How to manage the Human resource life cycle within the context of HR strategy.....................4
Task 3...............................................................................................................................................8
Potential impacts of legal and ethical considerations on hospitality business ............................8
Task 4...............................................................................................................................................9
Importance of coordinating and integrating functions of department (Covered in PPT)............9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Hospitality business is related different activities which are required to be managed in
order to increase the organisational productivity and profitability. It is composed of different
fields in hospitality sector that covers planning, lodging, hotel service, transportation, theme
parks, travelling etc. that attracts customers to buy services. This is important for organisation to
understand the needs of its targeted customers and provide hospitality services accordingly. In
business environment there are many industries who are providing hospitality services to people
in order to increase productivity (Adie, 2019). Hospitality is fast growing industry that attracts
people by providing different types of facility and entertainment services. The development of
such sector depends on income level and interest of people which helps to make right decision.
This report is based on Hotel Ritz which is established in London, UK. This is specialism in
salads, blended juices and smoothies that make happy to customers. Different topics are covered
in this report such as ways of managing finance and recording transactions to minimise cost,
stages of HR lifecycle, potential impacts of legal and ethical considerations on hospitality
business and importance of various functions and their integrations.
Task 1
Managing finance and recording transaction to minimise cost responsibility
Finance is important in business organisation which is used to operate business activities
and run business effectively. For instance Healthy Qila is a restaurant which is recently opened
to provide the healthy drink to individuals which helps to increase the trade of organisation. In
context to Healthy Qila, providing healthy salads, juices and smoothies which attracts customers
and increasing sale of organisation (Boshnakova and Goldblatt,2017). The finance manager of
such organisation are managing finance and control activities by using such information:
Financial transaction: This consider as agreement and communication which is carried
out between buyer and seller to exchanging assets for payment. This is the monetary transaction
which arises between buyer and seller to exchange their assets. Such as in Healthy Qila the
financial transaction for buyer is food and staying facility for which it make payment. And for
seller is selling its quality food and services that attracts customers. For this the important source
document is bookkeeping and accounting process that provide evidence of financial transaction.
In this document manager can record day to day transaction and them make a statement.