Hospitality Business Tool Kit

HOSPITALITY
BUSINESS TOOL KIT
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
P1 The principles of managing and monitoring financial performance.................................3
P2 The double-entry bookkeeping system of debits and credit to record sales and purchases.
................................................................................................................................................5
P3. Produce a trial balance applying the use of the balance of rule to complete the ledger.. 7
TASK 2............................................................................................................................................9
P4 Different stages of the HR life cycle of hospitality job role and their importance in
retaining and developing talent..............................................................................................9
P5 Develop a performance management plan for a Carnival Cooperation Plc....................10
TASK 3:.........................................................................................................................................12
P6 Identify specific legislation that Carnival Cooperation Plc has to comply and adhere to12
P7 Examples related to how the company, employment, and contract law have a potential
impact on business................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
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INTRODUCTION
Hospitality Industry is an amalgamation of the different professions incorporate industry
which assists in furnishing a large gamut of services to prospect consumers. The industry
operates with the motive of furnishing customers' satisfaction and building up their experience.
They operate to arrange a high class of services to its consumers along with a collaboration of
scheme, correlation, and analyses. The industry offers its diversified services in the fields of
food, lodging, tourism, traveling, events, etc. this comprises bars, restaurants, or hotels. This is
an entirely and purely service-based industry in the market (Ali and et. al., 2020). The present
report is based upon one hospitality industry based in the United Kingdom known by the name
"Rocco Forte Hotels". The company was established in the year 1996 having more than 14
branches across Europe, Sicily, Apulia, Saudi Arabia, China, etc. The report includes the
financial performances of the company, its analysis, and measurement. Various financial
accounts such as profit and loss accounts and the trial balance will be prepared in the assignment
based on Rocco Forte Hotels accounting data for a specific year. Further Human Resource Life
Cycle, plan for performance management, different laws, and regulations applied in the industry,
several rules about the type of industry, different communication techniques, etc. which are used
by the company to attain its set goals or objectives.
TASK
P1 The principles of managing and monitoring financial performance.
Principles of finance are considered as techniques and rules which are employed to
examine and translate firms' performance in accounting or financial terms. The principles
contribute directly to raising and improving the business performance of ABC. By the
preparation of certain financial reports company's goals and targets are efficiently achieved and
are set based on these performances (Cavallar, 2017). Principles which are considered for
maintenance of company's sound financial performance is under:
 Positioning of Finance: It is very much mandatory for the company Rocco Forte Hotels
to formulate superior plans for positioning of company's finances as this will straight
forward takes to the efficient functioning of operational tasks. Proper arrangement of
finances helps an organization to achieve its targets in the finest possible way which will
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also safeguard Rocco Forte Hotels from experiencing any contingency or uncertainty.
The company may position finances from various sources such as any financial
institutions or banks which will prove a best feasible manner. The reason behind this is
that such kind of institutions proves loans to corporates at a low rate of interest. Opting
for this method will result in a profitable decision for ABC.
 Making of Financial Statement: Most of analyzing a company's financial reports can be
done by the preparation of the Profit and Loss Account and Balance Sheet of the
organization (Davidova and Latruffe, 2020). Every company is mandatorily required to
prepare its financial statements as these statements tell about the performance of a firm in
terms of Gross Profit and Net Profit or Gross Loss and Net Loss during a year. Rocco
Forte Hotels Company has to prepare its financial statements in a sequential order to be
made by the department of accounts in the company. This will provide a fair position for
a company that will be considered for future decision-making.
 Expense Management: Managing a company's expense is the biggest and most tedious
task for every business. It includes capital expenditure as well as day-to-day expenditure
of the firm which are incurred during the course of business. Proper and efficient
management of the company's expenses helps the firm to make better decisions and
control the wastage of funds. This supports the organization to raise its potential for
further investments. Rocco Forte Hotels Company has the option to appoint a
professional team who can manage or prepare an effective budget and can control
unnecessary expenses.
 Risk Presence: Every business into existence is always backed by some risks or
uncertainties. Rocco Forte Hotels Company must be familiar with certain risks which can
hinder the company's performance. When companies are aware of the risks involved in it,
then they can make plans and decisions by taking those risks into mind. Firms can do this
by measuring their past and present situations, data, and positions along with current
market analysis. Rocco Forte Hotels by the knowledge level of risk presence can make
plans to lower down the effects of those risks on business performance. Through this
companies can prepare a realistic structure of the organization's working and ways for
efficiently managing its funds. Rocco Forte Hotels can do him either by managing the
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