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The Hospitality Business Toolkit Assignment - Marriott International Hotel

   

Added on  2020-12-09

16 Pages4750 Words305 Views
The HospitalityBusiness Toolkit

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Principles of monitoring and managing financial performance.......................................1P2. Apply double entry bookkeeping system of debit and credit record sale and purchasetransactions in general ledger.................................................................................................2P3. Prepare trail balance.........................................................................................................3TASK 2............................................................................................................................................3P4. Review the stages of HR life cycle..................................................................................3P5. Develop a Performance management plan and apply techniques to resolve negativebehaviour................................................................................................................................5TASK 3............................................................................................................................................8P6. Legislations that a hospitality organisation must comply and adhere to..........................8P7. Potential impact of company, employment and contract law over business decisionmaking in hospitality sector....................................................................................................9TASK 4..........................................................................................................................................10P8. Interrelation between different functional role within hospitality sector.......................10P9. Different methods of communication, coordination and monitoring within hospitalityorganisation..........................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14

INTRODUCTIONHospitality sector refers to a service sector which focuses on providing services related tolodging, accommodation, cruise line, travelling, transportation, food and many more. MarriottInternational Hotel is an American multinational diversified hospitality company which managesa range of its hotel throughout the world. This report elaborates about the ways to managefinancial performance and recording transactions to minimise the cost within hospitality industry.Further it explains about HR life-cycle and performance management plan along with techniquesto improve employees retention (Bowie and et. al., 2016). It also describes about various lawsthat must be followed by hospitality industry and impact of company, contract and employmentlaw over it. At-last it explains the importance of coordination and integration among variousfunctional department. TASK 1P1. Principles of monitoring and managing financial performanceIt refers to the level of performance a business have over a specific period of time in termof either loss or profit. Being an account assistant it is very essential to evaluate the financialperformance which will allow Marriott international to judge the result of its business strategiesand activities result in monetary term. Following are the major principles that support inmanaging and monitoring the financial performance of Marriott hotel:Preparation of key financial statement:- The basic report that Marriott hotel mustmaintain are balance sheet and P&L account because they give overview of financialposition throughout the year (Foster and Carver, 2018). This help in determining the areawhere the cost of business can be minimized by removing the extra expenses. Preparation of inventory record:-This principle will support Marriott International tokeeping record related to the inventory and other stuff that are purchase by them. Thishelp in determining the total wastage that incurred during this transaction so that in futurewastage can be monitor and minimized. Analysis of overhead:- There are certain extra expenses which are not related tooperations performed by Marriott hotel but are required to pay. By maintaining record ofthis Marriott hotel will be able to manage the fund so that more expenses will notincurred as it may affect the profitability of business. 1

P2. Apply double entry bookkeeping system of debit and credit record sale and purchasetransactions in general ledgerDouble entry book keeping refers to the system of accounting which allows businessestransaction to involve two accounts for balancing the accounting equations (Fyfe, Seaman andBent, 2018). For example: the double entry book-keeping system of debits or credits forrecording purchase and sales transactions in general ledger as given as under:Sales accountParticularsAmountParticularsAmountTo balance b/d7500By bank account5000By Mr. Joey account2500Total7500Total 7500Purchases accountParticularsAmountParticularsAmountTo bank account6000By balance b/d6500To Ms. Rachel account500Mr. Joey accountParticularsAmountParticularsAmountTo bank account6000By balance b/d6500To Ms. Rachel account500Ms. Rachel accountParticularsAmountParticularsAmountTo balance b/d500By bank account500Total500Total500Bank accountParticularsAmountParticularsAmount2

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