The Hospitality Business Toolkit

The Hospitality Business
Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
Principles of managing and monitoring financial performance ..................................................1
Double entry system of debits and credits to record sales and purchases transaction ................2
Produce a basic trial balance applying the use of balance off rule .............................................3
Task 2...............................................................................................................................................4
Different stages of HR life cycle that are applied to specific hospitality industry......................4
Evaluation:...................................................................................................................................5
Develop performance management plan for specific industry by applying technique to solve
negative behaviour ......................................................................................................................5
Ethical Issues:..............................................................................................................................6
Task 3...............................................................................................................................................7
Identification of specific legislation that a hospitality organization comply ..............................7
Legislation:..................................................................................................................................7
How company, employment, and contract law has potential impact on business decision ........8
Task 4 ..............................................................................................................................................8
Different functional roles in hospitality sector and their interrelation ........................................8
Different methods of communication, Coordination and monitoring in specific department.....9
CONCLUSION..............................................................................................................................10
REFERENCE.................................................................................................................................11

INTRODUCTION
Hospitality business refers as section of service industry in which different types of
products and services are provides to guests and increase the satisfaction level. Many people
have basic business idea which uses to offer the variety of services and managing all functions
(Stoyanova-Bozhkova, Paskova, and Buhalis, 2020). In other words, it is also known as
accommodation sector in which customers are enjoying food and beverage, bed & breakfast,
hotels, resorts, food and drinks and others that can help to provide the satisfaction to all people.
The report is based on The Ritz London that is famous hotel of UK, providing variety of
products to their guest and increase performance. The report covers managing finance and
recording transactions, human resource life cycle, impacts of legal and ethical consideration that
are uses to make right business decisions.
Task 1
Principles of managing and monitoring financial performance
Finance is the core activity for any business as it needed to perform role and
responsibilities that supports to increase the business transaction and profitability. In context to
Ritz London, different principle of financial performance are defined below:
Principle and managing monitoring financial performance : This is uses by
management by analysing function and activities of organization that develop understanding how
to control and manage effectively. In relation to Ritz London, uses this principle to manage the
business transaction and performance effectively.
Principles of risk and return: This principles is uses by management to know risk that
arises while operating a business and get the return. The financial management of Ritz London
uses such principle that can help to earn the profitability by managing all functions.
Diversity principle – In this principle, funds and capital are allocated between activities
that reduces risk and arranging all assets. This can help to operate a business and managing all
financial transaction effectively (Bradshaw and et.al., 2019).
Principle of double entry system and bookkeeping system: As per this system all
transactions should be recorded on the debit and credit side properly that can show the both side
effect and states profitability. The management of Ritz London is following principle of double
entry and book keeping system that can help to maintain good performance.
1