Principles to Manage and Monitor Financial Performance in Hospitality Business

Unit 4 - Hospitality Business
Toolkit

TABLE OF CONTENT
INTRODUCTION................................................................................................................................3
PART- A ...............................................................................................................................................3
Principles to manage and monitor the financial performnace of the entity......................................7
PART -B................................................................................................................................................8
HR life cycle stages and their importance for retaining and developing talent ...............................8
Performance management plan for overcoming issues in negative behaviour staff retention.........9
Legislation to be adhered by hospitality organisations..................................................................10
Impact of employment law and contract law on business decision making...................................11
Interrelationship of various functional roles within hospitality sector...........................................11
Methods of communication, coordination and monitoring for strengthening value chain............12
CONCLUSION..................................................................................................................................13
REFERENCES ..................................................................................................................................15

INTRODUCTION
Hospitality business sector is one of the most competitive industry evolving in recent
competitive global level, where new skills and high specialised trained staff are in demand For this
report case scenario, East London catering venture has been taken for analysis which is growing
brand in recent time periods. The study will be explaining management of finance, transaction
recording for minimizing costs on wider domains for strengthening accuracy. Report will be
discussing HR life cycle stages and its role in improving workforce retention on wider domains
actively. Further, potential impact of legal and ethical considerations within company business will
be analysed for strengthening productive diversity on profound horizons. Importance of
coordinating and integrating various functions of departments within company also plays strong
role in enriching higher growth. Report will in depth further address this fact by analysing focus on
department’s interrelation, strategies to build communication, coordination and monitoring value
chain strength.
PART- A
In £
Date Particulars Debit Credit
01/01/21 Cash A/C dr. 30000
To Capital A/C 30000
05/01/21 Rent A/C dr. 1000
To Cash A/C 1000
06/01/21 Washers and dryers A/C dr. 25000
To Cash A/C 10000
To Creditor A/C 15000
07/01/21 Insurance Premium A/C dr. 1200
To Cash A/C 1200
09/01/21 Purchase food A/C dr 8000
Purchase beverages A/C dr. 7000
To WH Adams A/C 15000
11/01/21 Laundry fees A/C dr. 200
To Cash A/C 200
15/01/21 Telephone and Internet Expenses A/C dr. 2220

To Cash A/C 2220
15/01/21 Rates, water charges and refuse A/C dr. 950
To Cash A/C 950
16/01/21 Wages and salaries A/C dr. 1740
To Cash A/C 1740
18/01/21 Cash A/C dr. 20000
To Sales food A/C 20000
20/01/21 Cash A/C dr. 13000
To Sales beverage A/C 13000
Cash A/C
Date Particulars J.F Amount Date Particulars J.F Amount
01/01/21
To Capital
A/C 30000 05/01/21
By Rent
A/C 1000
18/01/21
To Sales
food A/C 20000 06/01/21
By
Washers
and dryers
A/C 10000
20/01/21
To Sales
beverage
A/C 13000 07/01/21
By
Insurance
Premium
A/C 1200
11/01/21
By
Laundry
fees A/C 200
15/01/21
By
Telephone
and
Internet
Expenses
A/C 2220
15/01/21
By Rates,
water
charges
and refuse
A/C 950
16/01/21
By Wages
and
salaries
A/C 1740
31/01/21
By
Balance
c/d 45690
63000 63000
Capital A/C
Date Particulars J.F Amount Date Particulars J.F Amount