The Hospitality Business Toolkit

THE HOSPITALITY BUSINESS
TOOLKIT.

Table of Contents
INTRODUCTION...........................................................................................................................3
SCENARIO 1...................................................................................................................................3
Financial performance and Investigate the principle of managing and monitoring financial
performance. ...............................................................................................................................3
Double entry book keeping system of debits and credits to records............................................4
Produce the basic trial balance applying use of the balance off rule to complete the ledger......5
Analyses the sales and purchase transactions to compile a trial balance.....................................6
Transactions and produce an accurate trial balance.....................................................................6
SCENARIO 2...................................................................................................................................6
Review different stages of the HR life cycle applied to a specific hospitality job role...............6
Develop a performance management plan...................................................................................7
Evaluate the importance of HR life cycle in relation to strategic talent management.................8
Judgement and recommendation for HR processes and documents............................................8
SCENARIO 3...................................................................................................................................9
Explaining legal issues affect to hospitality industry by exploring legislation for organization.9
Employment and contract law has a potential impact on business decision-making................10
Examine the potential impact of regulations and standards on decision making......................10
Reflect on the potential impact of regulations, legislations and ethical principle.....................11
SCENARIO 4.................................................................................................................................11
Different functional role the department within the hospitality industry..................................11
Different methods of communication, coordination and monitoring........................................12
Analyse different methods of communication, coordination and monitoring within the
company.....................................................................................................................................12
Critical analysis different methods............................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
The hospitality industry is the board category of field work within the service industry.
That includes food and drink services, event planning, theme parks, transportation and lodging
services as well as hotels, bars and restaurants. This industry have their complete focus in higher
customer satisfaction by providing the best quality of services to them. The present report will be
based on Fit and Fine restaurants. The report will investigate to manage finance and transactions
to minimize costs responsibility within the hospitality industry. This will assess how to manage
human resources life cycle within the content of HR strategy. This will analysis the potential
impact of legal and ethical considerations on hospitality business. At the end of report, will
explain importance of coordination and integrating various functions of department within the
hospitality industry.
SCENARIO 1
Financial performance and Investigate the principle of managing and monitoring financial
performance.
All the restaurants mainly have all business transactions which is also have fit and fine
restaurants. Company has main services sales, finished products and purchase raw materials.
There are some important denouements which are highly important for fit and fine restaurants
like bank statement, receipts of credit cards and many more (Bezvesilnaya and et.a,., 2020). For
that management first make ledger then prepare trial balance for proper records. Here is going to
discuss on principle of managing and monitoring financial performance are as follows:
Principles of managing performance:
 The most important think is that spend less what company earn by company. Main
concept of this to save money by business first.
 Put money in effective terms of activities which are more important and effective for
business and for its growth factors.
 Company need to prepare the budget which are reasonable and attainable helps in
keeping the cost under control.
 Under stand the risk first which will be helpful for influences the business and its success.
Monitoring financial performance:
 Prepare financial statement for analysing financial performance of company.
 Prepare trial balance account for managing work.

 Analyse the cash flow by preparing cash flow statement and fund flow statement.
 Analyse financial performance by using key indicator statement.
Double entry book keeping system of debits and credits to records.
Book keeping concerned with recoding business transactions. That have some principles
which are as follows:
 Two parties: Each and every transaction have two parties debits and credits the records.
The fit and fine restaurant need to create corresponding debits for the same amount.
 Giver and receiver: every transaction of fit and fine restaurant have giver and receiver at
the workplace in order to manage work in better manner (Boella and Goss-Turner, 2019).
 Exchange of equal amount: The amount of money need to manage all the transaction
the party given is the equal to the amount party who is received.
 Separate entity: under this system, fit and fine restaurant need to treat all the entry as
separate entity from the owner. Here the business is considered as the separate entity for
business.
 Dual aspects: each and every transaction into the fit and fine restaurant divided into two
parts like the left side transactions are debits and right side is credited in an effective
manner.
Examples of ledger with journals of Fit and fine restaurant:
1. Cash sales £100 and on account sales £120
2. Bought good from farmer £ 600 paid cash £150 cash and remaining not payable.
Journal entry:
S. no Particulars Debit £ Credit £
1 Cash account
Account receivable
To sales
100
120
220
2 Purchase account
To cash
To Farmer
600
150
450
820 820