The Hospitality Business Toolkit

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.