The Hospitality Business Toolkit

Unit 4
The hospitality
business toolkit

Contents
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
Principles of monitoring as well as managing financial performance......................................................3
Double entry book-keeping system.........................................................................................................4
Trial balance by applying the use of balance off rule..............................................................................5
TASK 2.......................................................................................................................................................6
Stages of HR life cycle............................................................................................................................6
Performance management plan................................................................................................................7
TASK 3.......................................................................................................................................................8
Specific legislation that a hospitality organization has to adhere to.........................................................8
How firm employment and contract law affect business decision making...............................................8
TASK 4.....................................................................................................................................................10
Functional roles within hospitality sector..............................................................................................10
Approaches of communication, coordination used within an enterprise................................................10
CONCLUSION.........................................................................................................................................11
REFERENCES..........................................................................................................................................12

INTRODUCTION
In terms of hospitality business it is changing at a very fast scale and is a necessary as
well as significant aspect for each business organization to remain focused on market situations
so that all targets are achieved. There are various kinds of services which are provided like
lodging facilities, parking, accommodation services and many more. The report is based on
Accor hotel (Andreu and et.al, 2020). It is a French multinational hospitality company which
franchises hotels and resorts. They operate in around 100 countries and provide different
services. The report includes principles of managing and monitoring financial performance,
double entry book-keeping system, trial balance, HR life cycle, performance management plan,
and legislation imposed on Hospitality Company, impact on business decision making,
functional roles and different ways of communication, coordination within an organization.
TASK 1
Principles of monitoring as well as managing financial performance
It is essential for every company to accept all practices and principles in order to manage
and monitor financial performance on constant basis. In relation with Accor hotel, it is becoming
vital for them to implement a proper monitoring system to evaluate the performance financially.
There are different ways which are selected by taken hotel and it is further been explained as
below: -
 Record every transaction on regular basis: - In accordance with this principle the hotel
is to record each transaction in and out on continuous basis so that decision with respect
to expenses and finances are commenced properly.
 Understanding of market situations and risks: - In terms of this principle for managing
financial performance because through this it becomes easy for hotel to properly
understand about different situations and the occurrence of uncertain risks (Lobo and
Samaranayake, 2020).
Different business transactions in context with Accor hotel
Particulars Debit Credit
Bank loan 14000
Cash in hand 13950
Capital 15000
Rates 2000
Trade creditors 12200
Purchases 13000
Sales 14600
Sundry creditors 1450
Debtors 11000
Vehicles 6050

Bank loan interest 1300
Other expenses 10000
Total 57250 57250
From the above reflected information it is examined that principles of managing and monitoring
financial performance are necessary elements which helps business organizations to make
decisions and implement strategies accordingly.
Double entry book-keeping system
Book-keeping system refers to a double entry software system which is used by an
organization for recording financial data and transaction that are implemented within whole
business sector. There are various book-keeping systems like double entry or single entry. In
relation with ledger it is defined as an account which includes book-keeping entries in order to
prepare income statement transactions and balance sheet (Read and et.al, 2020). They both are
significant in context to debit and credit the amount so that all transactions are recorded
accurately. There are different principles being involved and is focused by Accor hotel. These
are being described as below: -
 Recording profits and expenses: - The recording of all the expenses as well as profit are
the top most priority principle in book-keeping system and is necessary because it
supports in managing all the costs which are associated and recorded within the business
and outside business activities.
 Principle of objectivity: - In context with this principle the accounts record only that
information of credentials which are confirmed and consistent (García-Rodríguez, Dorta-
Afonso and González-de-la-Rosa, 2020). Through this principle Accor hotel has the
capability of indulging with all the audiences easily.
From the above reflected information, it has been analyzed that the hotel should use book-
keeping system in terms of managing all recorded sales and buys the transactions which are an
advantage for achieving all goals and objectives.