Introducing Financial Transactions and Sourcing Documents in the Hospitality Business

This presentation provides an overview of financial transactions and sourcing documents in the hospitality industry. It covers the principles of managing and monitoring financial performance, double entry bookkeeping, and the significance of accurate recording of transactions. It also explores the different stages of the HR life cycle, the impact of employment and contract law on decision making, and the importance of coordination and integration within a business enterprise. Additionally, it discusses different communication techniques used in the industry and the effectiveness of these methods.

THE HOSPITALITY BUSINESS
TOOLKIT

Introduce financial transaction and identifying
types of sourcing documents
 Financial restrictions termed out as agreement that carried out among sellers and
customers with terms to exchange commodities for payment.
 This is process that covers change in status of the finances of two or more enterprises
or individuals. In addition to it, there are mainly four types of financial transaction
occur in business and these as are- Sales, Purchase, payments and receipts etc.

Principles of managing and monitoring financial
performance.
 Follow appropriate legislation and regulations- In this, all expenditure and activities
conducted by particular juice centres must be based on proper rules and regulations.
 Evaluate and analysis financial consequences- They must take steps towards to
evaluate and analysis consequences relates with financial before adopting any new
project and activities that aids to allocate resources in effective manner.

Principles of double entry book keeping system of debits
and credit
 Double entry book keeping system can be termed out as one of crucial concept that
each accounting transacting has two aspects within new business finance. Additionally,
general ledger mainly records two sides of each transaction.
 In this, one side reflect debit and other one shows credit. Debit side shows balance that
takes out from business for some object of making purchase and investment in “Health
Freakness”. Credit sides shows that money comes in after selling of commodities

Basic trail balance

Description on type of cost
 The cost in the accounting are outlined as-:
 fixed cost- This is defined as the cost of fixed inputs within productions.
 Semi variables- It is cost that termed out as partly fixed and partly variables.
 Variable cost- This is defined as cost of variables inputs that used in the production.

Significance of accurate recording of transaction
in line with accounting principles
 This is very crucial to undertake accurate recording and accounting of financial
transactions of business. It is one of the effective way to analyse the financial
performance of business.
 In addition to this, it aids to find out that how much entity as “Health Freakness” is
making profitability by offering the commodities of needs and wants of customers.
Hence, transactions must be recorded in aspect of equipment’s, rent etc.
 Thus, all transaction must be managed properly and this financial techniques aids to
manage this properly.

Review of different stage of HR life cycle.
 Attraction- It is step that is inclusive of talented employees in team and talented
employees within “Health Freakness” business mainly attracts with paying good
salaries.
 Recruitment- HR management of entities must hire employees who have effective and
good experience in the field. If employee have the good experience then they can boost
the growth of enterprise.
 On-boarding- It is defined as introduction of business to new candidates. After done
with process of hiring, they must offer training. It can help to understand the task
within workplace.

Stage of HR life cycle and significance on
HR plays in growing,
 Stage 1- “Health Freakness” must look towards to skilled and talented waiter to be
hired in business who renders quality services to customers.
 Stage 2- There is need to recruit the employees according to experience. Also, they
must provide good experience of waiters job role.
 Stage 3- After, the process of recruitment of appointing talented waiter they need to
introduce them with firm process, culture and duty.

performance management plan to support specific
job role
Develop
ment
Objective
s
Priorit
y
Activities
that must be
taken
Resources Target
Start
Date
Target
End
Date
Criteria for
Success
In order
to
enhance
the
performa
nce of the
Waiter
High To conduct
Training and
development
programs,
practical
sessions and
seminars.
Managers of
“Health
Freakness” will
offer training to
the waiter and
by organizing
the seminars
they can
professionally
enhance the
skills of waiters.
15/02/2
0
15/03/2
0
By help of
conducting
the regular
Regular
training the
waters can
perform
their role
effectively
and
efficiently.

Legislation that hospitality enterprise has to
comply
 In each country, the legal authorities takes the initiatives with help of making the
specific laws for each industry. “Health Freakness” needs to follow the business
transaction law that framed out by legal authorities.
 As per this law, the legal entities must show their transaction because government
charge some tax on them. In addition to thus, the legal authorities needs to send some
accounts to business owners to whom they must show the all transaction.

/how company employment and contract
law impact on decision making
 Employee laws mainly outlines unemployment insurance, severance pay and other job
separation concern. It affect each aspect of workplace. This helps to determines the
rights in terms to hiring, termination, discrimination, wage and benefits and more.

Impact on ethical issues of regulations.
 The entity as “Health Freakness” can face the two ethical issues such as Health and
safety and technological advancement. Therefore, health and safety plays crucial role to
render the business activities in more streamlined manner.
 On the other hand, technological advancement must be implemented to render fast and
effective services to customers. I have taken steps towards to implement it so that
employees of the enterprise can work accordingly. With help of ethically conducting
the business activities the entity needs to be consistent with company core values.

Fnctional role within hospitality sector how they
interrelates use of organisational chart
 Front desk- It is responsibility of manager to manage employees and to greet them
effectively. In addition to this, they must take steps towards to sort out the query and
make order for guest.
 Kitchen- The enterprise as “Health Freakness” take steps towards to prepare food for
guest. Additionally, entity will hire the staff who have effective skills to prepare diet
commodities.
 Waiter- They are the employees who serves the food to guest and they take order from
guest. At time, when the food is ready they starts to serve to guest

Different communication techniques used in enterprise
 There are different kind of communication that can be used in “Health Freakness” is
verbal communication.
 In this techniques, the employee hired at front desk, kitchen and waiter can allow to
make proper communication with one another.
 Also, the written communication also plays vital role as waiters of “Health Freakness”
needs to write customers orders

Coordination and integration within business
enterprise
 Coordination and integration assist to carry out the business activities in streamlined
manner. Integration can be defined as the first steps towards to business that enhance
business efficiency and growth.
 Therefore, coordination helps to coordinate the business activities of the entity in
streamlined manner. Henceforth, integration and coordination termed out as crucial
aspect to organisation as this demonstrate the ability of decision makers to lead
employees.

Effectiveness of different methods of
communication
 Verbal communication- This is defined as to exchange of message and information
with help of using words verbally by undertaking face to face conversation.
 Non verbal communication- It is termed out as method of communication that can be
used without the use of words. This can be done with help of body languages, gestures,
eye contracts and tone of voice etc.
 Feedback- This is crucial to undertake feedback on the performance of employees.
With help of this technique the performance of employees can be improved.

How coordination and integration enhance business
performance
 With help of execution of the controlling measures to reduce redundancies the entity
has to work towards to bring improvement in overall coordination within business
enterprise.
 In addition to this, coordination and integration plays crucial role to carry out working
in more streamlined manner
 In addition to this, “Health Freakness” must use some collaboration practices in terms
to accomplish high growth and success within business. Therefore, this will enhance
experience of employees as they get to work with senior employees.

CONCLUSION
 Hereby, it can be concluded that hospitality industry is one of the largest industry. The
present report is will be based on business activities as “Health Freakness”.
 This restaurant will be newly operated in London. It will take initiatives to offer
product and services such as healthy salads, blended juices and smoothies etc.
Furthermore, report has outlined the potential impact of legal and ethical consideration
over hospitality industry.
 Herein, study will outlined fundamentals towards coordinating and integrating varied
functions of department effectively

REFERENCES
 Books and journals
 Baum, T., 2019. Hospitality employment 2033: A backcasting perspective (invited paper for
‘luminaries’ special issue of international journal of hospitality management). International
Journal of Hospitality Management.76. pp.45-52.
 Brewster, C. and Söderström, M., 2017. Human resources and line management 1. In Policy
and practice in European human resource management (pp. 51-67). Routledge.
 Brown, T.C., O'Kane, P. M. and McCracken, M., 2016. Developing a Human Resources
Business Partner Life Cycle Model. In Academy of Management Proceedings (Vol. 2016, No.
1, p. 13726). Briarcliff Manor, NY 10510: Academy of Management.
 Burke, D. D., Sanney, K. J. and Clapper, D., 2019. Digital Accessibility in the Hospitality and
Tourism Industry: Legal and Ethical Considerations.
 Chen, X. and Voigt, T., 2020. Implementation of the Manufacturing Execution System in the
Food and Beverage Industry. Journal of Food Engineering. p.109932.
 COLLIARD, J. E. and Hoffmann, P., 2017. Financial transaction taxes, market composition,
and liquidity. The Journal of Finance.72(6). pp.2685-2716.

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