Unit 4: The Hospitality Business

Unit 4 The Hospitality Busi-
ness
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Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Introduction to the financial transactions of your hospitality business.......................................3
Investigate the principles of managing and monitoring financial performance of the business..4
Explain the principles of double – entry bookkeeping system....................................................4
Trial balance:...............................................................................................................................7
Discuss the importance of accurate recording of transactions with accounting principles.........8
Role of financial management and monitoring in achieving growth along with
recommendations.........................................................................................................................9
Different stages of the HR life cycle...........................................................................................9
Evaluation of Stages of HR Lifecycle.......................................................................................10
Performance Management Plan.................................................................................................10
Recommendations......................................................................................................................11
Identify specific legislation that complies with daily transaction of the business.....................11
How company’s employment and contract law impact on business decision – making...........11
Potential implications of regulation on standards......................................................................12
Impact of ethical issues of regulations, legislations and principles with recommendations.....12
Exploration of different functional roles and how they interrelate with each other in hospitality
organization...............................................................................................................................12
Different communication methods and levels used in an organization.....................................13
Review of integration and coordination within business organization......................................13
Analyse the effectiveness of different communication methods, integration and monitoring
with the specific department......................................................................................................14
Distinction between judgements and recommendations how coordination and integration
enhance the business performance.............................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
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INTRODUCTION
Hospitality is defined as services which are being provided to people or individuals within
hotel or in social industry (Kim and et.al., 2017). Marriott International is the American
multinational company that operates in hotel sector providing services to customers.
The report will analyse Marriott Hotel’s financial performance which will help in
maintaining the financial statements and balance sheets overall. The HR department functions
will also be analysed along with performance management which organization will incur. The
legislations, regulations within hospitality industry will be also described. Different functional
roles of hospitality sector and how they interrelate with each other will be described within
hospitality industry.
MAIN BODY
LO1
Introduction to the financial transactions of your hospitality business
Financial transactions are the transactions which are done for analyzing the scale of the
business and this is done with the help of how the profits and losses are managed of the Marriott
International Hotel. The financial transactions of the organization carry out the functioning of the
transactions which are being processed in and outside the business of the organization. The type
of source documents which the organization has are the deposit slips, credit memos, invoices,
purchase orders, cheques, time card of employees, receipts etc (Al-Wattar and et.al., 2019).
Along with this, the recording processes which Marriott follows is that the records which are
made for purpose of the how the financial transactions are done while recording the statements
which becomes helpful for the organization in future use. Marriott International follows proper
financial transactions which help the business grow on scales of how transactions are being
processed and this also enables the procedure of how finances are managed effectively for future.
Transactions:
Mr Joseph started its business with cash by £969.73.
Mr Joseph open a bank account with cash of £290.92
Mr Joseph purchased good from Mr Bishop on credit £387.89 and also paid carriage of £19.39.
Those goods were sold to Mr Brown at £193.95
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Mr Bishop return goods of £9.70
Sold goods to Marcia for £ 678.81
Paid rent of £96.97
Purchased furniture for cash for £77.58
Paid cheque of £48.49 for advertisement
Withdraw £58.18 from bank for personal use.
Recovered £630.33 from Mr Brown in full settlement against account.
Goods costing £9.70 donated to NGO.
Salary paid to employees £145.46
Interest received from bank
Compensation of £0.78 received from Mr Joseph on debit of £193.95
Stocks and goods at the end of year £310.31.
Investigate the principles of managing and monitoring financial performance of the business
There are five principles which are helpful in monitoring and managing the financial
performance of the Marriott International. These principles are described as below –
 Consistency – Transactions of the Marriott must be handled in a proper consistent
manner. This will initiate the procedures and policies which addresses the routine work
which the organization does.
 Timeliness - A reasonable period of time must be allotted so that all the transactions are
done in that way and is consistent in which the timelines are framed appropriately.
 Justification - The reason for the transaction is must for Marriott which will define that
how much and in what manner the transaction is being done (AKMEŞE and et.al., 2020).
 Documentation – The documents in the transaction process are must for managing the
transactions of the Marriott therefore, they should be managed properly.
 Certification – The authorization of the transactions must be done in such a manner that
they are verified by the Marriott international.
Explain the principles of double – entry bookkeeping system
Double – entry bookkeeping is the accounting system where the entry of the account is being
done on the basis of how the other account entries are done. Double – entry bookkeeping has two
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