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The Hospitality Industry Business Toolkit

   

Added on  2020-12-09

17 Pages4312 Words277 Views
THE HOSPITALITYBUSINESS TOOLKIT

Table of Contents

INTRODUCTIONHospitality industry is the combination of various businesses which helps in providing awide range of services to the potential customer's. The main focus of this industry is to increasethe satisfaction level of the customers so that their experience is enhanced. The major motive ofhospitality industry is to provide quality service to their valuable customer's. Hospitalityindustry is not only concerned with providing best services to the customer's but it is also relatedto planning, coordinating and analysing various activities in the proper manner. This projectreport will based on Carnival corporation & plc which is the top travel leisureorganisation(Cascio, 2015). Its headquarter is situated in Florida, United States. The major topicscovered in this file is monitoring and analysing the financial performance of CarnivalCorporation, HR life cycle, trial balance will be prepared and various laws, rules related to thistype of industry and the various communication methods used by the organisation for achievingits goals and objectives. TASK 1 P1Principles are the combination rules and techniques used to analyse and interpret thefinancial performance of the business organisation. These principles and rule directly helps inimproving and enhancing the performance of Carnival Corporation. With the help of this thefinancial performance of the organisation can also be increased and the targeted goals andobjectives will be achieved in the effective and efficient manner. The various principles formaintaining good financial performance are discussed below- Arrangement of finance- It is very much necessary for Carnival Corporation to makebetter plans for the arrangement of finance because this will directly lead to proper functioningof the activities. With the adequate arrangement of finance the operations and activities ofCarnival can be carried out in the best possible manner and it will safe the organisation from anyuncertainty or risk (Performance & Financial Management,2019). Carnival Corporation canarrange its finance from banks or other financial institutions as from their the arrangement offinance can be done by the Carnival corporation in the best possible manner. This is becausethese financial institutions generally provide finance on low interest rates. So choosing thismethod will be a profitable situation for the organisation.

Preparation of financial statement- Another important principle for managing andcontrolling financial performance of the Carnival Corporation is financial statement such asbalance sheet and P&L account can be used in the chronological order by the accountsdepartment of the organisation. As this will help the organisation to make ascertain its financialposition for the future in the desirable manner. Expenditure management- The day to day expenditure of the organisation must beproperly managed by the management of the organisation. Since the organisation is planning toincrease their ability in taking better decisions(Brealey and et. al., 2012). So proper managementof the expenditure will be one of the major important task for the company. The manager of theCarnival Corporation can appoint team of professionals for managing and coordinating theexpenditure in the appropriate manner. As with the help of the team daily as well as yearlyexpenditure can be managed in the effective and efficient manner. Risk factor- The risks and uncertainty involved in the business of Carnival Corporationmust be known by the management. This is because if this is known than better plans for thefuture can be made and the growth of the organisation can be increased. The best method foridentifying the degree of risk can be analysing the present and past situations of the organisationand market in which the business is being conducted. As with the help of this CarnivalCorporation will be able to decrease the effect of risk and uncertainty in the sequential manner.These principles will directly help the organisation in making proper guidelines for theworking structure of the organisation and also for managing the funds in the best possiblemanner. The two KPI for restaurants are as follows-Food Cost- The investment done on the purchases of food materials needs to be managedin the systematic order. The food consumption per head can be analysed by calculating profitmargin of per customer(Chapman, 2011). Kitchen Labour- This can be calculated by measuring the total food sale of theorganisation. The productivity of the kitchen department can be known by performanceindicator plan. P2Double entry Bookkeeping system- According to this system every activity is recorded intwo account. This means every financial activity will be recorded in two different nominalaccount. The amount of the transaction will be shown in both debit and credit side of the

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