The Hospitality Business Toolkit

The Hospitality Business
Toolkit

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Investigate how to manage finance and record transactions to minimise costs responsibly
within the hospitality sector....................................................................................................3
TASK 2............................................................................................................................................8
Assess how to manage the Human Resources life cycle within the context of HR strategy. 8
TASK 3..........................................................................................................................................10
Illustrate the potential impact of legal and ethical considerations on a hospitality business.10
TASK 4..........................................................................................................................................11
Covered in ppt......................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Hospitality industries involves the business of lodgement, travel, entertainment,
beverages and food, tourism and arts. Hospitality renders all the services which gives extra care
and comfort to the customers and measure requirements of clients. Hospitality states those
services which includes convincing the customers as they are very special to the company and
warm welcome of those customers (Alegre and Berbegal-Mirabent, 2016). This report
concentrates the services of Carnival Corporation & plc that is a provider of cruise services and
super luxurious comfort to their customers. This was founded in 1972 and having headquarter in
Doral, US. Carnival Corporation & plc operates their business all over the globe and it is
established as a British-American cruise operator. This report is a summary of all those
management principles which helps in managing and monitoring financial performance. This
report includes double entry book keeping that picturizes sale and purchases in ledger books.
Further to reduce employee turnover ratio management plan is developed with the help of HR
life cycle. After all the legislation laws are included in this report so that hospitality business can
remain adhere to that rules. At endmost this involves interrelationship among different
operational and functional department.
TASK 1
Investigate how to manage finance and record transactions to minimise costs responsibly within
the hospitality sector.
Transaction of a business is calculated by value of assets, liabilities, expenses and
incomes, capital that develops stability and evaluate performance of the company in the industry.
Carnival Corporation & plc control and monitor financial transactions by analysing business and
minimising total costs. Some type of business transactions is explained below:
Purchase: This can be cash or credit by the businesses. Carnival Corporation & plc uses
method of credit purchases for raw material and pay them within a specified period of time.
Sales: This is total earning of a company from providing all the services to the customers.
When money is paid on the same time it is known as cash sales and when paid after some time is
known as credit sales (Bavik, 2016).
Payments: This includes all the payments made in form of wages and salaries to
employees of Carnival Corporation & plc.

Receipts: This is a proof document of services rendered by Carnival Corporation & plc.
Financial performance represents the net inflow and outflow of cash inside the business
that involves all the transaction of creditors, debtors, customers and employees. Various methods
to measure performance are explained below (Gatling, Kim and Milliman, 2016):
Key performance indicator: This is an indicator that helps in measuring the
performance of individual at each activity within a business.
Cost to profit ratio: This is a ratio which evaluates that how much return is earned by a
company in lieu of investing on a particular cost of a service.
Return on investment: This indicates the invested amount by the business to the
customer and the gained return in lieu of provided services.
Thus with all these Carnival Corporation & plc measures and evaluates the numerous principle
of financial performance.
Double entry book-keeping system
Double entry system of book keeping is a system that helps in maintaining the amount of
debit and credit sale or purchase. Carnival Corporation & plc uses double entry system to
evaluate the statement of profit and loss for a particular year. The statement is stated as below: