The Hospitality Business Toolkit

The Hospitality
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Task 1.....................................................................................................................................1
Introduction of financial transactions...........................................................................1
Types of source documents and the recording processes.............................................1
Principles of managing and monitoring financial performance....................................2
Double entry bookkeeping system of the Hotel............................................................2
Produce a basic Trial balance of the Hotel...................................................................2
Purpose of the Trial Balance.........................................................................................3
Types of cost.................................................................................................................3
How cost can be managed to influence the financial performance...............................4
How profit margins can be calculated by showing the process....................................4
Importance of accurate recording of transactions in line..............................................4
Role of financial management and recommendations..................................................5
Task 2.....................................................................................................................................5
Stages of the HR life cycle in talent acquisition and retention.....................................5
Importance of HR plays in a specific job role..............................................................5
Developing performance management plan for a specific job role..............................6
Recommendations to improve the each stage of HR life cycle....................................6
Task 3.....................................................................................................................................6
Legislation that hospitality organisations has to comply..............................................6
Impact of employment and contract law on business decision-making........................7
Implications of Two of the regulations.........................................................................7
Identify two ethical issues and it's impact on business.................................................7
Recommendations on improvement of employment contract......................................7

Task 4.....................................................................................................................................8
Functional roles within the hospitality sector...............................................................8
Interrelation of roles......................................................................................................8
Communication methods and levels used in an organisation.......................................9
Reviewing coordination and Integration within a business..........................................9
Effectiveness of communication methods on integration of functions.........................9
Recommendations in enhancement of business performance.......................................9
CONCLUSION..............................................................................................................................10
References:.....................................................................................................................................11

INTRODUCTION
Hospitality business is referred to the business which mainly deals with the hotels and
restaurants. It consist several types of departments which are required to be managed such as
finance, human resource, marketing, production, research and development, information
technology and many more in order to function smoothly in a market (Konovalova, Yudina,
Ukhina and Zvyagintseva, 2018). Organization chosen here is the The Rosewood, London, it is
one of the top five star hotel based in London, UK. It mainly provides services like dining,
accommodation, free Wi-Fi, restaurant, bar, room service, free breakfast, spa, fitness centre,
children friendly, business centres, hairdressers, pets allowed, air conditioning and many more.
The following discussions made on the financial transactions, double entry book keeping, trial
balance, cost, profits, human resource life cycle, performance management, laws, regulations,
legislations, ethics, functions and communication methods with proper findings, judgements,
recommendations and conclusion in context of The Rosewood, London Hotel.
MAIN BODY
Task 1
Introduction of financial transactions
Financial transaction is defined as the monetary or money transactions in a business to
conduct the purchase and selling activities in an organization. It's management depends on the
size of the company which means that if the company is big with large turnovers the they will
need high sense of financial management resources and vice versa (Li and Singal, 2019). In
context of The Rosewood, London, they manage their financial transactions on a large scale by
using human as well as technical resources in order to estimate and interpret the finances in an
organization.
Types of source documents and the recording processes
There are various types of source documents used by The Rosewood, London in order to
make financial transaction more convenient and valuable such as checks, invoices, receipts,
credit memos, employee time cards, deposit slips and purchase orders. They mainly contains the
date of the transactions, total amount of the transactions, description of the transactions, one or
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