The Hospitality Business Toolkit : Principles of Financial Management

Added on - 21 Feb 2021

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THE HOSPITALITYBUSINESS TOOLKIT
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1. Investigating the principles of financial management and performance..........................1P2. Applying the book-keeping system under double entry of debit and credits to record salesand purchases..........................................................................................................................2P3. Developing a basic trail balance.......................................................................................4LO 2.................................................................................................................................................5P4. Various phase of Human Resource life-cycle and the significance for holding anddeveloping talent....................................................................................................................5P5. Performance management plan and various methods in order to overcome negativebehaviour of staff and problems with employee retention.....................................................6LO 3.................................................................................................................................................7P6. Laws and legislations for the hospitality industry............................................................7P7. Affects on business decision-making in the hospitality sector through employment,compnay and contract laws....................................................................................................8LO 4.................................................................................................................................................9P8. Various serviceable roles in the hotel..............................................................................9P9. Various methods of monitoring, communication and coordinating in the particular unit9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONThere are various tool-kits in the hospitality industry is essential such as; HumanResource Toolkit, Finance Toolkit. The HR toolkit for managing people and to measure,motivate and manage the staff. Similarly, finance is the essential toolkit for the effective run inthe company that ensures the success as well as survival of the new business as well as existingindustry. The present study is based onThe Nadler Victoria, a boutique hotel established inLondon. The study will provide the details about how the industry can manage the finance andrecord transaction tounderstate the cost. Along with it, the study will also cover anunderstanding of how to manageHuman resourcelife-cycle andelaborate likely impact ofjudicial and ethical consideration on the business in hospitality. Lastly, the report willstate thevalueof coordinating and integrating different functions of the specific department.LO 1P1. Investigating the principles of financial management and performanceThe new expansion of Nadler Victoria's hotel is required to manage the finance of thebusinesswith purpose to confrontany futurefinancial lossand also to enhance thefiscalexecution of the organisation (Foster and Carver, 2018). There are various principles ofmanagement of financial performance in Hospitality sector are;Manager of The Nadler Victoria's hotel is required to prepare a budget, this is the veryfirst principle.Second principle stated that thesetted budget should be attainable,practical andreasonable.Third, Manager need to do analysis of the mission, goal and objective of the hotel beforedeveloping budget.Fourth principles is to detect further changes in the business circumstances and thisprinciple states that the actual outcome regarding finance are required to be comparedwith budget on regular basis (Filimonau and Delysia, 2019).Fifth principles mentioned that manager of The Nadler Victoria's hotel need to determinethe reason that bring variation between budgeted and actual cost, identify the activity andtake corrective action.1
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