Unit 4: Hospitality Business Toolkit

Unit 4: Hospitality
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
PART A...........................................................................................................................................1
An introduction to the financial transactions of hospitality business.........................................1
Investigate the principles of managing and monitoring financial performance..........................2
Explain the principles of double entry bookkeeping system......................................................3
Produce a basic Trial balance......................................................................................................4
Analyse types of cost and how they can be managed to influence the financial performance...5
Discuss the importance of accurate recording of transactions....................................................5
Critically evaluates the role of financial management and monitoring in achieving growth.....6
PART B............................................................................................................................................6
Different stages of the HR life cycle as applied to issues in talent acquisition and retention....6
Stage of the HR life cycle and the importance HR plays in supporting, growing and retaining
talent............................................................................................................................................7
Develop a performance management plan to support the specific job role................................7
Recommendations on how processes and documents at each stage of the HR life cycle...........8
Identification of specific legislation that hospitality organisation has to comply.......................8

Determine how company's employment and contract law impact on business decision making
.....................................................................................................................................................9
Examine potential implications of any two regulations on standards.........................................9
Critically evaluate impact of ethical issues of regulations, legislation and principles..............10
Exploration of the different functional roles within hospitality industry sector and how they
are interrelated...........................................................................................................................10
Examine different communication methods and levels used in an organisation......................10
A review of coordination and integration within a business organisation................................11
Analysis of effectiveness of different communication methods, integration and monitoring
within an organisation...............................................................................................................11
Judgements and recommendations............................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Hospitality business is consist of broader concept which also consist of event planning,
theme parks, lodging, cruise line, transportation and many other additional field as well. It also
get include various aspects that collectively fall under larger umbrella as like motels, restaurant,
hotel, theme park and many others too. In addition to this it also consist of five basic segment as
like lodging, food, recreation, travel and tourism (Higgins-Desbiolles, Moskwa and Wijesinghe,
2019). It is an industry that has worked for to advance adequate objectives which is processed to
advance and enhance overall quality framework by which customers get attracted towards
different facilities that is offered by hospitality business. It is also be defined as cordial and
generous welcome as well as reception under which better treatment is offered to all the guest.
The report below is based on Hyatt that is a usually known for its hotel and resorts which is also
be an American multinational organisation that also manages luxury and business hotel, resorts
and vacation properties. The report below consist of finance record and transaction to minimise
cost, human resource life-cycle in relation to HR strategy, potential impact of ethical and legal
consideration within hospitality business.
MAIN BODY
PART A
An introduction to the financial transactions of hospitality business
Introduction to the financial transactions
The business transaction is usually been used by the business in order to control and
manage all the different detailing of the business through which profitable ending is resulted in
favourable manner. It is a basis which is required for the business and under this financial
transaction is analysed that has direct impact over profitability and productivity of business. In
relation to Hyatt the management make sure to measure and monitor financial performance and
with this ability to control both debit and credit sales is managed in appropriate mode (An, and
Quail, 2018). The financial transaction is basically an agreement that is used to carried suitable
interaction in between buyer and seller. For this, clear information is transformed that ensure
clear compliance to investors through which perfect dealing is processed systematically.
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