The Hospitality Business Toolkit

THE HOSPITALITY BUSINESS TOOLKIT

CONTENTS
CONTENTS...................................................................................................................................2
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Principles of managing and monitoring financial performance of company.........................3
P2. Double entry book keeping system.......................................................................................4
Journal entries..............................................................................................................................4
Ledger account.............................................................................................................................4
P3.Produce as basic Trial Balance...............................................................................................7
LO2..................................................................................................................................................9
P4. Different stages of HR life cycle...........................................................................................9
P5 Producing performance management plan...........................................................................10
LO3................................................................................................................................................10
P6 Legislation that company has to comply with and adhere to...............................................10
P7 Describe that how organization employment and contract law has potential impact on the
business decision making in Hilton hotel..................................................................................11
LO4................................................................................................................................................12
P8 Ways in which functional roles within hospitality sector are interrelated...........................12
P9 Methods of communication and coordination......................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Hospitality industry includes various types of businesses like for example, food and drink
service, lodging, theme parks, restaurant, transportation, traveling, airline and many other
services. This industry focuses on getting consumer satisfaction by providing them high quality
of services. It is one of the most competitive industry. Present report will lay emphasis on Hotel
Hilton. Hotel is being situated in London United Kingdom. The number of rooms in hotel is 453.
Also the current year revenue is $442-$818. Assignment will highlight the principles of
managing and monitoring financial performance. It will Review the different stages of the HR
life cycle applied to a specific hospitality job role and their importance for retaining and
developing talent. Present assignment will lay focus on Develop a performance management
plan for a specific hospitality job role applying techniques to resolve both negative behavior and
overcome issues of staff retention (Ali, Amin and Cobanoglu, 2016).
LO1
P1 Principles of managing and monitoring financial performance of company
One of the most important aspect is managing and monitoring financial performance of
company. Hotel Hilton must have engaged in monitoring the financial performance on regular
basis. As this aspect can support them in having an idea about uncertainty and risk that can exist
in business. This method can help business in growing and management can also use business
intelligence in order to monitor and manage financial performance. There are various principles
that can be followed by hotel Hilton. It includes following:
 One of the most important aspect which can be used by manager of hotel Hilton is to be
engaged in preparing realistic budget, so that if any issues arrive in budget they can
overcome it (Noelke, 2015).
 Hotel Hilton must make sure that each department in their organization has adequate fund
and effective utilization of resources is being done by them.
 Management also must have engaged in identifying cost and risk and also if they find any
variances remedial actions must be taken by them.
Various tools can be used by company to monitor financial performance of company. This
includes the following:
Key performance indicator: This tool can be used by Hotel Hilton so that they can
monitor actual performance of business. It can support them in growing.

Balance Score card: This can be used by Hotel Hilton to develop strategies to monitor
financial performance. Balance Score card can help firm in improving their internal processes
and also it lays emphasis on effective utilization of resources (Ionel, 2016).
Benchmarking: It is one of the most important tool that can be used by hotel Hilton. This
tool can support company in knowing about whether they have reached out standard set up by
them or not. This tool can help them in knowing about gaps in performance. So company can
work upon it and improve their financial performance.
P2. Double entry book keeping system
Journal entries
Date Particulars Debit (in £) Credit (in £)
1/4/2016 Cash a/c Dr.
To capital
180000
180000
10/05/2016 Property a/c Dr.
To cash a/c
130000
130000
15/6/2016 Purchase a/c Dr.
To cash a/c
6000
6000
1/7/2016 Cash a/c Dr.
To sales a/c
8000
8000
1/8/2016 Purchase a/c Dr.
To cash a/c
9000
9000
1/9/2016 Sundry expenses a/c
DR
To Bank a/c
200
200
1/10/2016 Cash a/c Dr.
To sales a/c
17000
17000
1/11/2016 Wages a/c DR
To cash a/c
2100
2100
1/12/2016 Storage expenses a/c
DR
To Bank a/c
300
300
Ledger account
Cash a/c
Date Particulars Figures (in £) Date Particulars Figures (in £)
1/4/2016 To capital a/c 180000 10/05/2016 By Property
a/c
130000
1/7/2016 To sales a/c 8000 15/6/2016 By Purchase
a/c
6000