Hospitality Business Toolkit

The Hospitality
Business Toolkit
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1. ..........................................................................................................................................4
TASK 2............................................................................................................................................5
P2. ..........................................................................................................................................5
P3. ..........................................................................................................................................6
TASK 2............................................................................................................................................7
P4 ...........................................................................................................................................7
P5............................................................................................................................................8
TASK 3............................................................................................................................................9
P6 ...........................................................................................................................................9
P7 .........................................................................................................................................10
TASK 4..........................................................................................................................................11
Covered in PPT. ...................................................................................................................11
CONCLUSION .............................................................................................................................11
REFERENCES .............................................................................................................................12
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INTRODUCTION
Hospitality industry is much broader than the other kind of industries that composed on
niches of only some no. of different businesses which majorly focus on the consumer satisfaction
and leisurely meeting consumer needs. It is one of most unique industry which relies majorly on
the discretionary income and leisure activities. This assignment rely on Hotel Hilton which is
multinational organisation provides wide range of services under one roof. Respective report is
based on the investigation of way to negotiate finance and evidence transactions in order to
downplay cost responsible within hospitality sector. Further it includes double entry book
keeping system of debit and credits to record the transactions in ledger. In addition to it includes
the way HR life cycle management within context of HR strategy. It also includes the effect of
legal and ethical aspects on respective sector in gaining desirable outcomes. At last it submit the
significance of coordination and integration of various functions or roles of divisions in service
sector.
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TASK 1
P1.
Preparation of key Financial statements- The financial statements are basic reports of any
business. Financial statements are the balance sheet and P&L a/c statement. Balance sheet helps
an organisation to know its financial heath and position. It consists of all assets and liabilities of
company. Balance sheet is also known as position statement (Bouwer, 2019). On the other hand,
P&L a/c (which is also known as income statement) tells the financial soundness of business by
showing revenue earned and expenses incurred. With respect to Hotel Hilton, the company's true
financial position and soundness can be easily be derived from both these statements.
Preparation of aged debtors trail balance- Debtors are the people who owes to company.
These people need to make payments to the company. Hotel Hilton should maintain records for
its debtors every month so that they can have an account for the people whom they have to
receive payment. This will help the company in monitoring its debtors.
Preparation of Inventory records:- Business invest money in machinery, equipments and
raw materials ( includes finished and semi-finished goods). From such records the company can
keep a maintenance eye on its stock. The company, Hotel Hilton, should maintain its inventory
records so that it can check what and how much the stock is available. The amount of stock went
waste, what and how much stock is need and when etc. This will help the company in prevention
of double ordering of stocks, proper maintenance and account of inventory and so forth.
Analysis of HR- Human resource are considered as an important resource of any
organisation. The company on a regular basis should monitors its human resources related
activities. If the turnover rate is high, then the company needs to invest more on its recruitment
process. Financial statements like P&L A/c, Balance Sheet etc. can be prepared to assess
performance of business. Trial Balance of Aged Debtors can be made to find out those debts
which have not been paid (Bilro, Loureiro and Guerreiro, 2019). Inventory records can be
maintained to monitor inflow and outflow of stock. Working Capital Statements and Ratios can
be prepared to assess performance and see if liquidity position is maintained. Fund Flow
Statement and Cash Flow Statement can be made to track the flow of funds organisation.
Analysis of overheads has to be done to ensure that expenses are in control to avoid unnecessary
expenses. Marketing Expenses can be analysed to find out if there is a need to increase them to
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