The Hospitality Business Toolkit : Principles of Financial Management

14 Pages3262 Words81 Views

Added on 2021-02-21

The Hospitality Business Toolkit : Principles of Financial Management

Added on 2021-02-21

BookmarkRelated Documents

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

The Hospitality Business Toolkit : Principles of Financial Management_2

The Hospitality Business Toolkit : Principles of Financial Management_3

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 on The Nadler Victoria, a boutique hotel established inLondon. The study will provide the details about how the industry can manage the finance andrecord transaction to understate the cost. Along with it, the study will also cover anunderstanding of how to manage Human resource life-cycle and elaborate likely impact ofjudicial and ethical consideration on the business in hospitality. Lastly, the report will state thevalue of 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 thebusiness with purpose to confront any future financial loss and also to enhance the fiscalexecution 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 the setted 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

The Hospitality Business Toolkit : Principles of Financial Management_4

End of preview

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

Performance Management of Hospitality Business Toolkit

|15

|4273

|248

Principles of financial performance management in hospitality sector

|15

|4686

|243

Hospitality Business Toolkit

|12

|1302

|95

Hospitality Business Toolkit Report

|14

|4134

|405

Hospitality Business Toolkit

|25

|3892

|305

Hospitality Business Toolkit

|22

|5181

|433

The Hospitality Business Toolkit : Principles of Financial Management