The Hospitality Business Toolkit

This report provides insights on managing finance, HR life cycle, legislation, and more in the hospitality industry. It covers topics such as principles of financial management, double entry bookkeeping, trial balance, cost management, accurate recording of transactions, HR life cycle stages, performance management plan, legislation at the workplace, and recommendations for improvement.

The Hospitality Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
ACTIVITY 1...................................................................................................................................3
Investigating ways to manage finance and record transaction to reduce cost.............................3
Principles of double entry bookkeeping system..........................................................................3
Purpose of trial balance...............................................................................................................5
Types of cost and ways to improve it..........................................................................................5
Importance of accurate recording of transactions........................................................................5
Critical evaluation of role of financial management...................................................................6
ACTIVITY 2...................................................................................................................................6
Different stages of HR life cycle:................................................................................................6
Evaluation of HR life cycle:........................................................................................................6
Performance management plan....................................................................................................7
Recommendation:........................................................................................................................7
ACTIVITY 3...................................................................................................................................8
Legislation imposed at work place in Marriott hotel...................................................................8
Company contract and employment law impact on decision-making in the business................8
Potential implication of the regulation on the foods and beverages............................................8
Recommendation:........................................................................................................................9
ACTIVITY 4...................................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................1

INTRODUCTION
In the current times, UK hospitality sector is growing with the very high pace which
makes significant contribution in the economic growth & development. By doing assessment it
has identified that UK hospitality industry is contributing 3.6% in UK’s GDP. For this project,
Marriott has been selected which offers luxurious accommodation services to the customers at
suitable prices. In this, the present report will provide deeper insight about how financial
statements help in presenting suitable view of monetary performance. Besides this, report will
also entail the role of financial management and monitoring with regards to the attainment of
organizational goals. Report will also develop understanding about HR life cycle as how it helps
in supporting as well as retaining talent. Along with this, report will also shed light on the laws
and legislation with which business unit need to comply.
ACTIVITY 1
Investigating ways to manage finance and record transaction to reduce cost
Principles of managing financial performance
The core principle of financial management are- consistency, which means putting
policies in consistent manner for all types of transactions. Second is timeliness, transactions
should be handled within the time frame (FIVE PRINCIPLES OF FINANCIAL TRANSACTIONS
MANAGEMENT. 2020). Third is justification, every transaction needs to be justified against the
goals. Last is documentation, all the sufficient documentation needs to be maintained to be used
at the time of audit.
Principles of double entry bookkeeping system
The main principle of double entry booking keeping system is that for every debit there is
a credit for an equal amount and visa-versa (Sangster, 2016). The basic principles of double
entry book keeping are-
Personal account: Debit the receiver, credit the giver.
Real account: Debit what comes in, credit what goes out.
Nominal account: Debit all losses and expenses, credit all gains and income.
The characteristics of this system are-
Two parties: It involves two parties for every transaction which is debit and credit. Of the
equal amount.
Giver and receiver: Each and every transaction must have a giver and a receiver.

Exchange of equal amount: The amount of transaction for both the parties should be
equal.
Separate entity: Under this, business is considered as a separate legal entity from the
owner.
Dual aspects: Each transaction has a dual side, the left side is called debit and right side
is called credit.
Complete accounting system: In this, the total of debit side will be equal to the total of
credit side. It is a scientific and complete accounting system.

Purpose of trial balance
The core purpose is to ensure that all the entries are posted to the ledger are balanced.
The total of debit and credit side is required to be matched (What is a Trial Balance? 2020). It
assists in preparing the financial statements.
Types of cost and ways to improve it
Direct cost: It refers to the cost that is directly related to production of product or services
which can be easily traced (Rivenbark, 2017). It can be better managed by purchasing less
expensive material, labour and equipments.
Indirect cost: It refers to the cost which is used for multiple activities and cannot be
easily traceable for individual activities. It can be managed effectively by getting on better
negotiation terms, using benchmarking system which will improve the financial performance of
the business.
Importance of accurate recording of transactions
It is important to keep the accounts up to date and accurate including details of income
and expenditure. It will help business in tax return and also helps in preventing fraud. It will also
assist in tracking the expenses, debt and credit (Financial and management accounts. 2020). It
can be used for applying for additional funding and avoiding penalties. It is required to be
prepared in accordance with GAAPs which is the statutory requirement that every business
concern is required to follow.

Critical evaluation of role of financial management
The financial management helps business concern in analysing the financial aspect of the
business. The major roles it plays are- it helps in financial decision making, planning, capital
management, effective allocation and utilization of resources, cashflow management, financial
reporting and risk management (Al Breiki and Nobanee, 2019). But it neglects the qualitative
aspects of the business which are also very essential. Other than this, it helps in overall growth of
the business. It is recommended that it should be applied in a systematic way to derive better
results.
ACTIVITY 2
Different stages of HR life cycle:
In respect of understanding the different stages of HR life cycle specially in the sector of
food and beverages department, it is stated that the firstly hiring is done to select the talented and
creative person for the post. Secondly, it is related to the orientation, in which they provide
adequate training to attain their duty in right manner (Rowley, Nankervis and Salleh, 2016).
Third is linked up with the career development in which various opportunities are given in
respect of earning rewards or incentives by performing well. Fourth step is relating to the
termination or transition from the jobs. In these aspects the employees are terminated if they
violated the company norms or transition is to be done by finding the good's opportunity in new
companies (Human Resources Life Cycle, 2020). HR role is to be managed the talented
employees by providing good benefits which enhances their interest in longer way.
Evaluation of HR life cycle:
In relation to evaluating the HR life cycle regarding managing the recruitment procedure,
it results in checking the capability and creativity of the candidates to present the food in unique
manner (Kulichyova, Moffett and Mc Knight, 2019). Through these aspects, the capability and
skills of the candidate is determined and on the bases of that aspects, the recruitment procedure is
undertaken. In context of retaining the employees, the procedure is undertaken in relation to
provide rewards or appreciation in exchange for the work committed (Bratton and Watson,
2018). The job role which is applied in food and beverages department is relating to the manager
of the Marriott restaurant and thus, the HR role is instructed and guide to retain the talent

employees at work place. Thus, it can be attained through treating every employee equally and
also provide training dealing with the customer in right manner.
Performance management plan
This plan is prepared by keeping in view the job role as the manager of the restaurant
Key
responsibili
ty
Specific
task and
competenci
es
Performanc
e standards
How
measured
Outcome If need
improveme
nt what
support is
provided
Committen
t
Training
staff
Using
accurate
languages to
present the
ideas to
them
By
providing
task to
complete
within the
set time
period
Through
taking
feedback
from the
customer
Satisfying
customer
needs
Professional
experts are
appointed
Attend
training
Accurate
following of
company
policies
Giving
flexibility to
attaining the
task
Notifying
them on
timely bases
to
accomplish
such work
By
examining
their
working
performance
s
Maintaining
ethics at
work place
Taking
feedback
from the
employees
regarding
changes in
company
policies
Work as per
the set
norms or
carry the
right to
terminate
from the
job.
Recommendation:
By reviewing the policies of the HR life cycle regarding recruiting and retaining the
talent person in the Marriott hotel, they can change their selection strategy (Zhang, 2017). As in
previous time the recruitment is done through the examination procedure but due to changes in
time, the selection is done through providing the task to accomplish such activity in different

manner (Francis and Baum, 2018). Outside training session is also organized to motivated
individual to interact with the other and also learn to attempt task in group.
ACTIVITY 3
Legislation imposed at work place in Marriott hotel
During attaining the post of the manager of the restaurant, the legislation which are
imposed at work place is relating to Equality act, 2010. As under this act, the equality is to be
maintained between the employees to attain the task in right manner. If the manager implement
this law in respect of enhancing the employees needs to treat every employee in single manner,.
It results in building the strong links between them. Through this manner, employees are
engaged with each other in respect of performing any task (Veersma and et.al., 2017). The
another laws which is required at work place is relating to the health and safety at work place act,
1974. In context of professional development, this is undertaken in relation to the protecting the
right of the employees regarding securing their life in working at hazardous places. For e.g. If
any of the employees dealing in delivering the products to the customer, they had to wear the
proper clothing which is provided to them.
Company contract and employment law impact on decision-making in the business
Employment law is mainly designed to protect the rights and interest between the
employer and employees to accomplish the task within the set instruction. In respect of
undertaking the decisions, it is helpful for the business in respect of providing accurate guidances
to the employees to work in the guidances instructed by the employee (Walmsley and et.al.,
2019). Employer also given the right to take the strict action against the employee, if they feel
that the employee are violating the company norms and regulation in larger way.
In relation to the contract law, it is mainly designed to maintain the ethical relationship
between the parties. As parties enter into the agreement with each other to share some valuable
things and such deal is made on the bases of consideration (Hill and et.al., 2019). The impact on
decision-making is raised in respect of working under the set norms which is mentioned under
the contract act, 1990.
Potential implication of the regulation on the foods and beverages
In respect of examining the potential implication of the employees regarding working
under the food and beverages department, the rules are to be imposed in respect of providing

accurate wages in return of the work committed. As employees are motivated if they get the
actual payment of the work which they attained during the work place (Tudor and et.al., 2017).
Through this manner, the employees are more dedicated towards the work and deliver quality
services.
The rules also to be carried in respect of maintaining the health and safety norms such as
wearing equipment which is provided by the hotel during the time of cooking. Safety is also to
be ensured in respect of using the accurate transportation facility to deliver the goods to the
customer.
Recommendation:
The impact of ethical issues in business lies upon working under the company norms
which are designed to manage the interest of employees at work place. Issues which is faced by
company is relating to the not working under the company polices or committing fraud at work
place. In context of business, the major issues which they are facing is relating to data protection
which is covered under the Data protection act, 1998 (French, 2018). The another ethical issues
which is undertaken in business is relating to harassment or discrimination between the
employees at work place.
Thus, the legislation such as data protection act which is imposed upon the business
results in maintaining the employment contract is through securing their information in right
manner. As trust is necessary between the employer and employee to maintain the close
relationship with them as employee share the personal information with them and in return
expected to not disclose any of the information at work place or in public (Nickson and Baum,
2017). In context of contract, data protection results exist in respect of not disclosing any of the
information to the third party without the prior permission from that party. Through this manner,
legislation is necessary in business.
ACTIVITY 4
Covered under ppt
CONCLUSION
By summing up this report, it can be concluded that Marriott can track and evaluate
performance by maintaining financial records. Besides this, it can be inferred from the evaluation

that by following accounting principles business unit can prepare suitable reports. Along with
this, it has been articulated that HR plays a vital role in the growth and retention of personnel
within Marriott. For performing in a food & beverage sector prominently manager of Marriott is
required to comply with laws and legislation include health & safety Act, data protection Act ,
employment Act etc. By following such laws Marriott can improve its brand image to the
significant level.

REFERENCES
Books and Journals
Al Breiki, M. and Nobanee, H., 2019. The Role of Financial Management in Promoting
Sustainable Business Practices and Development. Available at SSRN 3472404.
Bratton, J. and Watson, S., 2018. Talent management, emotional labour and the role of line
managers in the Scottish hospitality industry. Worldwide Hospitality and Tourism Themes.
Francis, H. and Baum, T., 2018. HR transformation within the hotel industry: building capacity
for change. Worldwide Hospitality and Tourism Themes.
French, S., 2018. Between globalisation and Brexit: Migration, pay and the road to modern
slavery in the UK hospitality industry. Research in Hospitality Management. 8(1). pp.23-
31.
Hill, S. and et.al., 2019. Tobacco control and standardised packaging in the UK Overseas
Territories.
Kulichyova, A., Moffett, S. and Mc Knight, J., 2019, September. A potential of strategic HR
development on individual levels of creativity. In British Academy of Management
Conference. (p. 1).
Nickson, D. and Baum, T., 2017. Young at heart, but what about my body? age and aesthetic
labour in the hospitality and retail industries. In The Palgrave handbook of age diversity
and work. (pp. 539-559). Palgrave Macmillan, London.
Rivenbark, W. C., 2017. The intrinsic value of cost accounting for benchmarking service
efficiency. In Cost Accounting in Government (pp. 70-89). Routledge.
Rowley, C., Nankervis, A. and Salleh, N. M., 2016. Conclusion: The human resource
management–organisational effectiveness link: overview and the role of HR
practitioners. Asia Pacific Human Resource Management and Organisational
Effectiveness: Impacts on Practice. p.231.
Sangster, A., 2016. The genesis of double entry bookkeeping. The Accounting Review. 91(1).
pp.299-315.
Tudor, T. L. and et.al., 2017. Environmental management legislation and competitiveness: case
studies from Brazil, Germany, Italy and the UK. International Journal of Business
Environment. 9(2).
Veersma, U. and et.al., 2017. Bargaining for Productivity: National Report UK. Bargaining for
Productivity.
Walmsley, A. and et.al., 2019. Reactions to the national living wage in hospitality. Employee
Relations.
Zhang, P., 2017. A Study of the Factors that Affect Employee Performance in the UK
Hotels (Doctoral dissertation, California State Polytechnic University, Pomona).
Online
Financial and management accounts. 2020. [Online]. Available
Through:<https://www.nibusinessinfo.co.uk/content/importance-maintaining-accurate-
accounts>.
FIVE PRINCIPLES OF FINANCIAL TRANSACTIONS MANAGEMENT. 2020. [Online].
Available Through:<https://drexel.edu/comptroller/research-accounting/administration/
transactionsManagement/>.
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Human Resources Life Cycle. 2020. [Online]. Available through:
<https://smallbusiness.chron.com/human-resources-life-cycle-62078.html>.
What is a Trial Balance? 2020. [Online]. Available Through:<https://accounting-
simplified.com/trial-balance.html>.
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