The Travel and Tourism Business Toolkit
Added on 2020-10-05
15 Pages4031 Words237 Views
FinanceProfessional Development
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THE TRAVEL AND TOURISM BUSINESS TOOLKIT
Table of ContentsINTRODUCTION...........................................................................................................................................3LO1..............................................................................................................................................................3Two Key performance Indicators for restaurants...................................................................................3Preparation of journal entry, ledger and trail balance............................................................................4Trial Balance...........................................................................................................................................8LO2 .............................................................................................................................................................8Different stages of HR Life Cycle.............................................................................................................8Importance of HR life Cycle Stages for talent management...................................................................9Performance Development Plan...........................................................................................................10LO3............................................................................................................................................................11Different legislation that is being used by Carnival UK.........................................................................11Impact of regulations, legislation and ethical principles on decision making ......................................11LO 4............................................................................................................................................................12Different functional roles within hospitality sector..............................................................................12Different methods of communication, coordination and monitoring in the food and beverages Department and its usage in strengthening value chain......................................................................12CONCLUSION.............................................................................................................................................13REFERENCES .............................................................................................................................................14
INTRODUCTIONTravel and tourism industry provides pleasure to the people who are interested in traveling from one place to another.. Tourism can be at international or domestic level. It is an important source of income for many countries. Travel and tourism is the biggest sector in the economy. Present study will be based on Carnival Corporation & PLC. It is a British American cruise operator. It was founded by Ted Arison in 1972. Its headquarter is located at Miami, Florida, United States. It is a dual listed company composed of two companies, Carnival PLC and Carnival corporation that has one entity (Boniface, Cooper and Cooper, 2016).Report will include journal entries, ledger and trail balance. It will also include key performance indicator for restaurants. Furthermore, it will include different stages of HR Life Cycle and its importance for talent management and resolving negative behaviors of the waiting staff.LO1Two Key performance Indicators for restaurantsTwo key performance indicators for restaurants are:- Cash Flow: Cash flow means inflow and outflow of cash from the business. As in restaurants it plays an important role in achieving success for it. Cash Flow helps in calculating that how muchmoney is being earned by restaurants and through it indicate performance of restaurants. As cash flow is used as a key performance indicator as it shows inflow and outflow of cash from the organization. Furthermore, it will help in the development as proper cash flow is there in the company leads to growth for it.Retention or repeat Visitor Rate: Retention rate of restaurant indicate the performance that employees are satisfied with their job or not. As retention rate helps in growth of restaurants.If retention rate of the company is good then it will help indevelopment. It further helps in enhancing company's performance. Principles of managing and monitoring financial performance are as follows:-Organize the finances:-Organizing the finances is the first step that helps in creating the wealth for the company. As company have to maintain software that helps in tracking the accounting records of the company. As having software's in the company will help recording the transactions easily and all the work will be systematic.
Understand Risk:- Risk is the common factor that business have to take before starting its business. More the risk more return the company will get from it. Like stock and bonds is havinghigh risk as investing there is a greater risk and it gives higher return in the end.From the above principles I will recommend that the company have to organize its work from starting so that it will not create problem in the future. Risk is also another principle of monitoring financial performance in the company. High the risk high will be the return. So for monitoring performance company should monitor these principles (Xiang, Magnini and Fesenmaier, 2015).Preparation of journal entry, ledger and trail balanceJOURNAL ENTRYDateParticularL.F.Debit amount(£)Credit amount(£)1 Feb Purchase a/c Dr.To Kate KitchenTo Harry345535001295523 FebCash a/c Dr.To sales 1120311203 3 FebCash a/c Dr.To Sales 182418246 Feb Kate’s a/c Dr.To bank5001500110 Feb Cash a/c Dr.To Sales 8966896610 Feb Cash a/c Dr.To Sales 1687168714 FebBank a/c Dr.2008
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