Principles of Managing and Monitoring Financial Performance in Hospitality Business

Hospitality Business

Table of Contents
Hospitality Business.....................................................................................................................1
INTRODUCTION.......................................................................................................................4
LO1..............................................................................................................................................4
Principle of managing and monitoring financial performance .............................................4
Double entry book-keeping system ........................................................................................4
Trial Balance ..........................................................................................................................5
LO2..............................................................................................................................................7
Stages of HR life cycle...........................................................................................................7
Performance management plan..............................................................................................8
LO3............................................................................................................................................10
Legislation hospitality organisation has to comply .............................................................10
Employment and Contract Law............................................................................................11
LO4............................................................................................................................................13
Different functional role in hospitality organisation ............................................................13
Covered in PPT.....................................................................................................................13
Method of communication....................................................................................................13
Conclusion.................................................................................................................................13
REFERENCES .........................................................................................................................14

INTRODUCTION
Hospitality is a service sector that involve wide range of services such as lodging
services, food, drinks, restaurants, event management and various other associated services.
This report is based on the case study of the Ritz hotel. Ritz Hotel is luxury hotel based in
London. Ritz hotel was established in the year 1906. Architecture of the hotel was designed by
Charles Mewas and Arthur Dewis. In this report various principles related to the managing
and monitoring financial performance will be reported. Summarised information in respect to
the double entry book keeping system will be reported. Trial balance will also be reported.
Different stages of HR life cycle in regards to the job role of managing talent has also
summarised in this report. A performance management plan has also reported. Various
legislation related to the hospitality legislation has also reported. Different functional role
within the hospitality sector has also reported. Different communication methods has also
specified in this report.
LO1
Principle of managing and monitoring financial performance
Financial Transaction: Financial transaction is specified as the agreement or communication
between two or more person in respect to making payment or any suitable transfer in form of
payment (Babiy and et.al., 2019). To record the financial transaction accounts department of
Apex Hotel London use double entry book keeping system, Trading account and Profit and
Loss statement.
Principle of Managing and Monitoring Performance: Analysing and assessing the financial
records of the organisation is specified as the principle of managing and monitoring
performance. Profit and Loss account and balance sheet is analysed by the management to
manage and monitor the performance of the hotel (Bailey and et.al., 2017).
Double entry book-keeping system
To register the transaction related to the sales and purchases double entry book keeping
systems is used in Apex Hotel.

Principle of Double entry book keeping
Double enrtry book keeping is a system in which all the expenses and assets of the
company get debited and all liabilities and incomes of company get credited (COCA
GAMITO and Baltos, 2019).
Trial Balance
Purpose
Trial balance is among the crucial financial statement in the corporate organisations.
Purpose of the trial balance is to record all the expense irrespective of the nature of expense
and all the liabilities to analyse about the flow of cash in the organisation operations (Corrado
and et.al., 2017).