The Hospitality Business Toolkit

The Hospitality Business
Toolkit
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Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
Financial Documents of Marriott International...........................................................................3
Principles of managing and monitoring financial performance..................................................4
Principles of double entry bookkeeping system..........................................................................4
Trial Balance...............................................................................................................................6
Types of costs..............................................................................................................................7
Importance of accurate recording................................................................................................8
Role of financial management....................................................................................................8
LO 2.................................................................................................................................................8
Different stages of a HR life cycle..............................................................................................8
Evaluation of each stage of HR life cycle...................................................................................9
Project Management Plan.........................................................................................................10
Recommendations.....................................................................................................................10
LO 3...............................................................................................................................................10
Specific legislation(s) that hospitality organizations have to adhere to....................................10
Impact of company’s employment and contract law on decision making...............................11
Implications of any two regulations..........................................................................................11
Recommendations.....................................................................................................................11
LO 4...............................................................................................................................................12
(Covered in PPT).......................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
The hospitality industry is one of the fastest growing industries in the world today that
includes various activities like lodging, accommodation, food and beverage service,
transportation, travelling etc. One of the organizations chosen in this report is Health and Taste
juice center which is situated in Moorgate in London and offers healthy salads, juices and
smoothies to customers (Ali, Ryu and Hussain, 2016). The other organization chosen for this
report is Marriott International which is a leading organization in the hospitality sector. The
company was founded by J. W. Marriott and Alice S. Marriott in the year 1927. The report
provides an introduction of different kinds of financial transactions of the chosen organization
and the different principles of monitoring and managing its financial performance. An evaluation
of the different stages of a HR life cycle and evaluation of two regulations is also provided.
LO 1
Financial Documents of Marriott International
Profit and Loss Account
The P&L account can be defined as a financial statement that that is widely used by
organisations across various industries to show their expenses as well as revenues for a particular
period of time. Marriott International uses a profit and loss account to identify if it has made a
profit or loss and describe the way in which either one of them came up.
Cash Flow Statement
It is a type of financial statement through which complete information about the cash
inflows that a company receives can be gathered. This statement helps in identifying the areas in
which cash is being generated and spent.
Balance Sheet
A balance sheet provides people an idea of the financial position of the organisation
besides telling about what is that the company owns as well as owes to others (Benson and et. al.,
2020). A balance sheet also provides an insight to investors if they should invest in the company
or not.
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Principles of managing and monitoring financial performance
 Identifying risks – In order to remain stable in the industry, an organisation should have
clarity about various risks that can impact its overall performance. Thus, Health and
Taste juice centre should identify such risks and take measures to overcome the same.
 Optimising costs – The company should know how to optimise costs and manage its
expenditure. Thus, it should seek ways of eliminating unnecessary costs and sustain in a
highly competitive business environment.
Principles of double entry bookkeeping system
Double entry bookkeeping system is a concept that says that every transaction that is
made in an organisation has two affects on its overall finances (Chan, 2019). If a company sells
products, its revenue as well as cash increase by equal amounts. Each financial transaction that is
made is recorded in two columns, debit and credit. The recordings in both the columns should be
done carefully so as to avoid any kind of mistake.
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