Hospitality Business Toolkit

HOSPITALITY
BUSINESS TOOLKIT

Table of Contents
INTRODUCTION ..........................................................................................................................1
PART A...........................................................................................................................................1
Introduction to the financial transactions....................................................................................1
Principles of managing and monitoring financial performance..................................................2
Apply double entry bookkeeping system of debits and credits to record sales and purchases
transactions in general ledger......................................................................................................2
Produce basic trial balance applying use of balance off rule to complete ledger.......................3
Analyse types of cost and how they can be managed to influence the financial performance of
your business...............................................................................................................................5
Discuss the importance of accurate recording of transactions in line with accepted accounting
principles.....................................................................................................................................5
PART B............................................................................................................................................6
Review different stages of HR life cycle applied to specific hospitality job role and
importance of retaining and development talent.........................................................................6
Evaluate each stage of the HR life cycle and the importance HR plays in supporting, growing
and retaining talent applied to the specific job role....................................................................7
Develop performance management plan for specific hospitality job role applying technique...7
Identify specific legislation that hospitality organisation has comply and adhere to..................8
Using specific examples illustrate how company, employment and contract low has potential
impact on decision making in hospitality industry.....................................................................8
Examine the potential implications of regulations......................................................................9
An exploration of the different functional roles within the hospitality sector and how they
interrelate using an organisation chart........................................................................................9

Explain the different communication methods and levels used in an organisation..................11
A review of Coordination and Integration within a business organisation...............................11
Analyse the effectiveness of different communication methods, integration and monitoring
within a specific department ....................................................................................................11
Recommendation.......................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Hospitality sector refers to that industry where numerous types of services are offered to
the people. These services are travel, tourism and many other services which helps clients to
enjoy their moments freely (Qiu, Shaukat and Tharyan, 2016). Operating business within the
hospitality sector it is very significant for all entities to make sure that they can fulfil all needs
and requirements of clients so that high level of success are to be enjoyed by company in their
long term survival. By operating several operational activities effectively and systematically,
manager also pay attention towards the way that they followed to get high results. The company
that is selected for study this project is Marriott hotel that is one of the largest multinational hotel
group in UK. It includes several terms related to managing finance, recording and accounting
transactions, human resources, improving performance development plan and many more.
Further it includes rules and regulations that are useful to coordinating and integrating with
several functional area in hospitality organisation that impact positively on decision making of
company.
PART A
Introduction to the financial transactions
Financial transactions defines an agreement, communication that shows between buyer
and seller in terms of exchange an goods and services for payment. These type of transactions
impact directly on profitability of organisation because in this very transactions are recorded
which represent financial information in appropriate way (Benckendorff and et.al., 2015). In case
of Marriott hotel, accounting play an essential role includes compliance of several laws that
provide safety to investors so that they invest within hotel to get profitable results.
Source document refers to a initial document where all types of data are recorded in
relation to transaction of business. These are related to documentary evidence where all
information are recorded in relation to books of accounts. It includes several source of document
such as petty cash vouchers, journals, sales credit, purchase credit notes, cheques etc.
Information in source documents are recorded in original books of accounts for holding it to a
more time period.
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