The Hospitality Business Toolkit: Financial Transactions, HR Life Cycle, and Legal Compliance

Unit-4 The Hospitality
Business Toolkit

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
About financial transactions through types of source documents along with recording
process........................................................................................................................................1
Principles of managing along with monitoring financial performance...............................1
Principles of double entry bookkeeping system of debits as well as credits from
operations...................................................................................................................................2
Trial balance with sample data................................................................................................3
Types of cost along with how they could be managed to influence financial performance
of business..................................................................................................................................3
Relevance of correct recording of transactions in line through accounting principles......4
Critical evaluation of role of financial management as well as monitoring in
accomplishing growth with recommendations.......................................................................4
TASK 2............................................................................................................................................5
Stages of HR life cycle...............................................................................................................5
Evaluation of stages of HR life cycle and relevance of HR plays in supporting, growing
as well as retaining talent applied............................................................................................5
Performance management plan...............................................................................................5
Valid judgement as well as recommendations on how processes at stage of HR life cycle.
.....................................................................................................................................................5
TASK 3............................................................................................................................................5
Legislations that hospitality company has to comply to transactions of business..............5

How company’s employment as well as contract law along with impact on business
decision making.........................................................................................................................6
Implications of regulations.......................................................................................................6
Critical reflection on impact of ethical issues of regulations, legislations along with
principles by determining ethical issues..................................................................................7
TASK 4............................................................................................................................................7
Functional roles along with how they interrelate...................................................................7
Various communication methods as well as levels of company............................................8
Review of coordination and integration in business..............................................................8
Effectiveness of communication methods along with how it could accomplish company’s
goals............................................................................................................................................9
Valid judgements and recommendations................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Hospitality sector is defined to a service sector that focuses on providing various services
which are associated with lodging, travelling, accommodation and so on. hospitality sector deals
in providing a sense of comfort along with welcoming their customers (Heenop, Munro and
Chmela-Jones, 2019). As main focus of hospitality sector is to enhance satisfaction level of
customers by increasing their experience. As hospitality sector is not only concerned through
providing different services to customers along with it consists of various activities as planning,
analysing as well as coordinating different operations in a effective manner. This report is based
on hospitality business toolkit where various operations of hotel is carried as it is based on The
Savoy hotel which is the luxurious hotel located in Central London. This report consists of
researching how to manage along with record various transaction to minimise cost, assessment of
how to manage human resource life cycle in terms of HR strategies, potential impact of legal and
ethical consideration, patterns of co-ordinate action and integration in different functions of
department in hospitality sector along with its conclusion.
MAIN BODY
TASK 1
About financial transactions through types of source documents along with recording
process.
Financial transactions refer to an agreement as well as communication which is carried
between a buyer as well as sailors in terms of exchanging of an asset for payments. It consists of
change in status in finance of two or more than two businesses (Martins, 2020). As buyers as
well as trailers are considered to be separate identities for creating out objective that consists
exchange of items of value such as information good services and money. Financial transactions
could be recorded in different source documents as double entry systems, balance sheet and so
on.
Principles of managing along with monitoring financial performance.
It basically refers to a level of performance that could have by company over a specific time
scale in order to have profit or loss. It is very essential to evaluate financial performance that
could allow companies to judge their financial position along with analysing their business
1