The Hospitality Business Toolkit (Docs)
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Added on 2020-10-22
The Hospitality Business Toolkit (Docs)
Added on 2020-10-22
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The Hospitality BusinessToolkit
Table of ContentsINTRODCUTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 The principles of managing and monitoring financial performance.................................1P2 The double entry bookkeeping system of debits and credit to record sale and purchases2................................................................................................................................................5P3.Produce a trial balance applying the use of balance off rule to complete the ledger........5TASK 2............................................................................................................................................6P4 Different stages of HR life cycle of hospitality job role and their importance in retainingand developing talent..............................................................................................................6P5 Develop performance management plan for a Carnival Cooperation Plc.........................7TASK 3 ........................................................................................................................................8P6 Identify specific legislations that Carnival Cooperation Plc has to comply and adhere to8P7 Examples related with how company, employment and contract law has potential impacton business..............................................................................................................................9TASK 4 .........................................................................................................................................10P8 Interrelation between different functions and roles within hospitality sector.................10P9 Different communication method, coordination and monitoring in the department.......13CONCLUSION .............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODCUTIONHospitality industry is considered as a accumulation of different businesses that assists infacilitating a broad range of services appropriate consumers. The main aim of this industry is toenhance the clients satisfaction level so that its experiences maximises (Bergene, Boluk, andBuckley, 2014). It do not only focused to facilitating quality services to consumers but this isalso concerned to preparing, coordinating as well as examining many activities in effective way.For this report is chosen company is Carnival Corporation & Plc which is the British Americancruise operator and is leading travel leisure firm. The purpose of this report is to explain theprinciples of managing and monitoring financial performance, Human resource life cycle, trialbalance will be formulated as well as many rules, regulations regarding respective industry.Apart from this different communication methods utilise by company for attaining theirobjectives. TASK 1 P1 The principles of managing and monitoring financial performancePrinciples are considered as a set techniques as well as rules apply to interpret andexamine financial performance of business enterprises. These rules and principles straightlyassists in developing and maximising Carnival Corporation & Plc performance. With theassistance of this organisational financial performance can also get enhanced and objectives willbe accomplished in effectual way. Some principles for maintaining better financial performanceare mentioned below:Preparation of financial statement:This is the essential principle for monitoring as well as maintaining Carnival Corporation& Plc financial performance which includes the financial statement like profit and loss account,balance sheet etc. can be prepared in sequential manner by accounts departments of the firm. Asit will assists to improve their financial position for future (Performance & FinancialManagement, 2019). Expenditure management:The daily expenses of company must be appropriately maintained and handle bymanagement of the firm. Since the business enterprise is planning to enhance its capability inmaking effective decisions (Blair, 2017). Therefore, appropriate management of expenses will be1
the essential task for the company. Carnival Corporation & Plc manager can appoint proficientteam for maintaining as well as coordinating expenditure in proper way. As with the assistanceof team whole expenses such as daily or yearly can be managed in effectual manner.The above principle will be assists company in formulating suitable guidelines fororganisational working structure and also handle finances in proper way. So the two KPI's forrestaurants are explained below: Food cost: The investments done on buying food materials required to be handled inorganized order. Per head food consumption can be examined by computing profitabilitymargin of each consumers.Kitchen Labour: it is computed by evaluating entire food sale of the company. Thekitchen section productivity can known with the assistances of this performanceindicator plan.P2 The double entry bookkeeping system of debits and credit to record sale and purchasesDouble entry book keeping is considered as a system where each transaction is recordedinto two account. It means all activities related with finance will be recorded into 2 differentnominal account (Clark, 2014). The transactions amount will be shown on credit as well as debitside of financial account. Carnival Corporation & Plc can apply this recording transactionmethod for determining its profitability and loss within accounting period.2
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