logo

Hospitality Business Toolkit

Investigate how to manage finance and record transactions, assess HR life cycle, illustrate legal and ethical considerations, and explain the importance of coordinating and integrating departments within the hospitality sector for Carnival UK.

25 Pages3892 Words305 Views
   

Added on  2021-02-19

About This Document

Book keeping system of debits and credits as to make record of transactions of purchase and sales in general ledger 5 P3. Numerous mode of monitoring, coordination and communication in hospitality organisation department 20 An evaluation of numerous monitoring, communication and coordination methods in the segment of organisation within hospitality industry 21 CONCLUSION 22 REFERENCES 23 INTRODUCTION UK Hospitality is one of the fastest and leading sector within which different types of organizations perform their functions and offers wide range of services as to satisfy customer needs. With the

Hospitality Business Toolkit

Investigate how to manage finance and record transactions, assess HR life cycle, illustrate legal and ethical considerations, and explain the importance of coordinating and integrating departments within the hospitality sector for Carnival UK.

   Added on 2021-02-19

ShareRelated Documents
The HospitalityBusiness Toolkit
Hospitality Business Toolkit_1
INTRODUCTION...........................................................................................................................................3TASK 1..........................................................................................................................................................4P1. Investigation of the principles in order to manage and monitor financial performances.................4P2. Book keeping system of debits and credits as to make record of transactions of purchase and salesin general ledger......................................................................................................................................5P3. Balance off rule in order to complete the ledger.............................................................................10TASK 2........................................................................................................................................................11P4. Review the several stages of HR life cycle in order to apply in a particular hospitality job role andtheir significance for retaining and developing talent...........................................................................11P5. Develop the management plan for a particular hospitality job role applying techniques to resolvenegative behaviours and reduce the issues of staff retention...............................................................13TASK 3........................................................................................................................................................14P6. Formative legislation which is required to adhere in hospitality industry organisations.................14P7. Contract law along with employment impact on the decision making process of hospitalityindustry.................................................................................................................................................15TASK 4........................................................................................................................................................16P8. Several functional roles with in the hospitality sectors...................................................................16P9. Numerous mode of monitoring, coordination and communication in hospitality organisationdepartment...........................................................................................................................................20An evaluation of numerous monitoring, communication and coordination methods in the segment oforganisation within hospitality industry................................................................................................21CONCLUSION.............................................................................................................................................22REFERENCES..............................................................................................................................................23
Hospitality Business Toolkit_2
INTRODUCTIONHospitality is one of the fastest and leading sector within which different types oforganizations perform their functions and offers wide range of services as to satisfy customerneeds. In context with the hospitality business toolkit there are different types of organizationalpractices which are mainly based upon practical and inclusive approach. With the help of theseapproaches organization can effectively able to manage their process, action plans and self-declaration activities (Alfes, 2013). This report is based on Carnival UK which is a BritishAmerican Cruise operator and it claims to offer world largest leisure travel services.Organizations currently have 100 ships that engage in the offering of Hotel style events,accommodations, entertainment shows, food, cross travel and tourism services to theircustomers. In this report formative discussions has been made on HR life cycle with the help ofwhich organization can actually able to manage their performance as per going to job role. Inaddition, with this report covers different types of laws and legislations in context withhospitality sector required to be undertaken.TASK 1P1. Investigation of the principles in order to manage and monitor financial performances Finance acts as an organisation lifeblood with the help of which smooth functioning ofcompanies are conducted as to effectively accomplish goals and objectives. Finance is alwaysconcern towards investing in Assets and liabilities while undertaking risk in order to increasefinancial efficiency of organisation. With the help of suitable and continuous financial flowbusiness organisations can actually able to operate their functions. Thus, with the help of propermonitoring and managing of financial performances carnival UK can effectively able to conducttheir operation even in difficult situation mention below there are some principles:
Hospitality Business Toolkit_3
Budget must be properly form: major focus of an organisation is to effectively managetheir resources as to fulfil business objectives in well define manner. In context with carnival UKorganisations are required to evaluate each and every aspect of the financial performance oncontinuous basis in order to frame budget in appropriate manner.Budget must be depending on efficient evaluation:managers of Carnival UK requiredto effectively concern financial budget as to perform their daily basis organisational activities asper according to company pre determined values this will help entity as to fulfil organisationalobjectives and goals in well defined manner.As to accomplish organisation objective carnivalUK can undertake concept of financial techniques as to further enhance their future benefits.Realistic financial results should be maintained with daily basis budget activityThisfactor effectively aid organisation to perform their predetermined objectives by reducing thepossibilities of errors. For this financial aspects are required to evaluate effectively by businessorganisation to compare their Financial Service on daily basis budget activities. This helps themto analyse the gap with the help of which entity can take preventive measures to fill those gaps asto avoid unnecessary expenses.Determination of situation when financial research out formed the pre-determinedbudgetit is important for UK control manager to effectively identify actual reason behindvariances in financial results if it exceeds to the planned fund. This will effectively aid managerto take advantage of strategies and take preventive measures as to overcome main reason behindfinancial exceeding.Thus, it has been recommended to carnival UK manager to take advantage of effectivefinancial statements in order to manage their financial performance. In order to accomplish thismanagers are required to evaluate and frame working capital, trial balance, financial ratio andinventory records in well effective manner as to manage the organisational functions. With thehelp of this manager can effectively able to evaluate actual estimated cash flow with the help ofwhich entity can gain various advancements in financial terms.
Hospitality Business Toolkit_4
P2. Book keeping system of debits and credits as to make record of transactions of purchase andsales in general ledger Double entry book keeping system effectively aid organisation to maintain formativerecord of financial transactions. This form of book keeping system hold equal corresponding thatis mainly in debit and credit form. In context with, Carnival UK there is a requirement ofeffectively ensure that different types of accounting equations such as sum liabilities, assets aremanaged in well defined manner. In order to elaborate area table is mentioned below:Journal Entries DateParticularsDebitCreditFeb, 1Purchase account5001 To Kate's kitchenaccount5001Feb, 1Purchase account29552 To Harry's account29552Feb, 3Beverage account11203 To Sales account11203Feb, 3Food account1824 To Sales account1824Feb, 1Kate's kitchen account5001 To Bank account5001Feb, 10Beverage account8966 To Sales account8966Feb, 10Food account1687 To Sales account1687Feb, 14Bank account2008 To Megaane account2008Feb, 17Beverage account11710 To Sales account11710
Hospitality Business Toolkit_5
Feb, 17Food account1611 To Sales account1611Feb, 22Harry account29552 To bank account29552Feb, 22Food account7013 To Kate account7013Feb, 24Beverage account10614 To Sales account10614Feb, 24Food account1715 To Sales account1715Ledger: It is mainly a collection of financial accounts. Leader is a principle book withinwhich recording of financial transactions are done. In this debit and credit transactions arerecorded in separate columns along with opening of monitory balance and end of monitorybalance. Ledger Accounts
Hospitality Business Toolkit_6

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
The Hospitality Business Toolkit
|25
|4053
|44

Principles of Managing and Monitoring Financial Performance - Doc
|13
|3751
|69

The Hospitality Business Toolkit
|18
|4345
|374

Principles for monitoring and managing financial performance of hospitality industry
|18
|4476
|37

Hospitality Business Toolkit Assignment - Carnival Cooperation
|17
|4751
|316

A Toolkit for the Management of Hospitality Business
|16
|3582
|448