Hospitality Business Toolkit: Principles of Financial Performance, Book-keeping, HR Life Cycle, and More

This document is a comprehensive guide for the hospitality industry, focusing on principles of financial performance, book-keeping, HR life cycle, legislations, employment law, and functional roles. It covers topics such as monitoring financial performance, application of book-keeping system, stages of HR life cycle, legislations compliance, impact of employment law on decision making, and interrelation of functional roles within the hospitality sector. The document provides valuable insights and guidance for professionals in the industry.

The Hospitality
Business toolkit
1

Table of content
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Principles of monitoring & controlling financial performance........................................3
P2. Application of book-keeping system along with debits & credits in order to record sales
connected with purchases in general ledger...........................................................................4
P3. Produce trial balance........................................................................................................5
TASK 2............................................................................................................................................6
P4. Diverse stages of HR life cycle........................................................................................6
P5. Development of performance management plan.............................................................7
TASK 3..........................................................................................................................................10
P6. Identify legislations that hospitality organisation has to comply...................................10
P7. Company employment & contract law can posses a prospective impact on the process of
business decision making.....................................................................................................11
P8 Explore how different functional roles within hospitality sector interrelate...................11
TASK 4..........................................................................................................................................12
P9 Explain methods of communication, coordination & monitoring that is applicable in
particular sector of Hospitality Company in order to strengthen the value chain................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
Hospitality industry is determined as huge sector of organisation that provides different kind
of services to its clients. There are diverse services which facilitated by chosen sectors which are
lodging, accommodation, transportation and so on. For this assignment, the chosen organisation
is named as Intercontinental hotel. It is luxurious hotel brand founded in 1946 by Jaun Trippe in
UK. There are 213 Hotel as well as resorts located worldwide. Herein, the topic that is covered in
this assignment is the principal of handle as well as monitor financial performance, double entry
bookkeeping system as well as trial balance, assessment of cost and many more. In addition to
this, there is also a description regarding HR life cycle, performance administration plan and
legislation which must we comply in order to conduct different activity within business
organisation and the effect of employment & contract law in diverse functional role that is
interrelated within hospitality sector and also provide different method related to communication,
coordination and monitoring within a particular department related to hospitality sector in order
to strengthen value chain (Betcher, Standish and Gillespie, 2020).
TASK 1
P1. Principles of monitoring & controlling financial performance
There is different concept that is adopted by management team of hotel in order to reveal
monetary performance in order to maintain profit margin in an appropriate manner. It signifies
inflow as well as outflow of cash in order to maintain transaction in an appropriate manner. In
assistance of these, the financial performance helps in analysing diverse principle so that they
can use key performance indicator in order to analyse outcomes. And, the financial manager of
company emphasised on creating monthly budget in order to track activity in proper way. There
is diverse principle that is adopted in order to monitor financial performance which is given
beneath:
Preparing financial statement the company are needed to maintain financial statement
which is important for assessing performance level of business organisation in order to assess
financial health of company. In reference of Intercontinental Hotel, the manager focuses on
preparing effective balance sheet in order to check level of performance of organisation that is
useful in organising business in better way (Halbert and Ingulli, 2020).
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Preparing inventory record there are diverse organisations which emphasis on
investment within machinery, equipment as well as raw material. In reference of chosen hotel,
they focus on maintaining records related to inventory in respect of purchasing and selling of
inventory which is useful in assessing profit & cost that is incurred in company during the period
of time.
Creation of analysis of HR connected activities it is helpful in analysing requirement in
separation process and so on. In reference of Intercontinental Hotel, they emphasised on
recruiting and selecting potential candidate for executing various task in proper way.
P2. Application of book-keeping system along with debits & credits in order to record sales
connected with purchases in general ledger
There is significant principle that is adopted within bookkeeping system that is
determined as a separate entity concept by which company emphasis on having its own lawful
article. In assistance of this, the principle of accounting equation is Assets -Liabilities =Capital.
The principle signifies every transaction which imposes direct impact on other transaction which
is considered as dual effect (Kasemsap, 2019).
Balance sheet of Intercontinental hotel
Assets Amount Liabilities Amount
Insurance 1200 Current liabilities 15000
Current assets 52000 Fixed liabilities 54490
Fixed assets 94000 Capital: 30000
NP: 47710 77710
Total 147200 Total 147200
On the above-mentioned financial statement of company, it is analysed that overall
principal connected to bookkeeping system is followed through financial department. The
company focuses on maintaining & managing balance sheet as per needs and requirements.
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P3. Produce trial balance
The trial balance statement is a list of ledger accounts that contain within ledger of
organisation. This list involves each nominal account related to ledger as well as cost of balance
of nominal ledger. Therefore, that trial balance of Intercontinental Hotel is given below:
On the basis of above given table, it is analysed that the voucher and money which is
collected are assessed and recorded inside journal. So that it is analysed that every transaction
must be tracked as well as recognised within ledger e-book with nature of transaction.
The motive is to growing trial stability recording method is appropriate. And, the focus of
chosen hotel is to control over all activity that is executed with requirement of organisation (Le,
2019).
Analysis diverse kind of cost
There is diverse cost which is occurred within organisation as management procedure in
order to track overall record & explore activities within company in proper way. Therefore the
organisation must concentrate on variable, fixed and semi variable cost.
The example of Net profit
NP = NP / Sales revenue*100
= 25000/105000*100
= 23.80%
Gross profit example:
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GP = GP / Sales revenue*100
= 18500/105000*100
= 17.61%
Value of correct recording of procedure
This is significant for company to align all kind of transactions that is mentioned in
accounting principle. In assistance of this, it is used as per debit and credit which is equivalent to
enhance investment for company. In reference of Intercontinental hotel, they follow principles
that help in enhancing profitability in future time period (Mahajan, 2016).
TASK 2
P4. Diverse stages of HR life cycle
There are diverse stages included in HR life cycle for job role related to front office
administrator in hospitality sector which is given below:
Attractions the level of attraction depend on familiarity of individual person within
company. It possesses diverse shapes as well as size & the manager of Intercontinental Hotel
focuses on branding that is also affected by former subordinate of company. Therefore, the
significance of employer branding is affected by individual person communication in order to
perform work as an employee.
Recruitment is determined as a second stage of HR life cycle. For carrying out process
related to recruitment for front office manager, the management team of Intercontinental Hotel
emphasis on targeting suitable work staff in order to attract suitable subordinate for job role.
On boarding is determined as a phase related to HR life cycle in which relationship
among employee as well as employer or manager is laid. This stage is assess when subordinate
make contract related to employment signed by individual person applied for front office
administration of chosen hotel and manager. It makes sure that overall resources needed for role
of job and signifies consistency of subordinate within an organisation (Martin, Depaire and
Caris, 2016).
Retention is significant factor that reduces turnover of subordinate. The individual person
performs their work as a front office administration must be impacted by different factors within
company. It is depend on technology & culture of chosen hotel and physical space must be
offered by company.
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Development signifies opportunities and chances that are provided to subordinates with
purpose to provide access related to learning. This is significant phase as the individual person
appointed for role related to front office administration and they can resign if they do not feel
that there is any kind of scope related to growth.
Thus, the overall stage related to HR lifecycle is determined as significance in attracting
large number of candidate. It is significant for company to recruit individual person in right place
and at right time. And, recruitment is determined as a positive process through which individual
person focuses on applying job vacancy within company. The individual person can select
according to their talent. The retention and improvement related to talent of subordinate is
important as it provide motivation to individual person to execute job in proper manner and
reduces turnover rate. It also decreases gap in skill between manager and employee this provide
better experience to its customer and provide job opportunity (Mehta, 2016).
P5. Development of performance management plan
The performance administration plan has a diverse objective that must be accomplished for
increasing performance of staff. Therefore, as a front office administration of Intercontinental
hotel, the performance administration plan focuses on fulfilling objective in order to define goal
that help in achieving objective of company. It possess genuine expectation and appropriate
mode related to communication between subordinate and standard of performance in assessing
training need for staff. After maintaining performance management plan, it is important to assess
issue connected to negative behaviour as well as retaining the staff. There is different kind of
method which is used to resolve these kinds of problems related to improper behaviour and
increase in turnover rate of staff that is given below:
Control of job the subordinate of Intercontinental hotel must be offered opportunity to
take decision within company. There is not any kind of involvement from management to
express opinion.
Freedom to express opinion The employee has given independence in order to take
initiative during framework of procedure this helps in increasing morale of subordinate. The
management team of intercontinental Hotel focus on enhancing confidence level of subordinate
in order to execute diverse activities in an appropriate manner.
Fair treatment the subordinate of Intercontinental Hotel focuses on providing fair
treatments to its staff member so that they perform work in proper way.
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Trust and respect the employee must treated with respect and provide them respect
according to their efforts & contribution (Morabito, 2016).
The performance management plan is given below:
Job role Time
period
Development
focus
Development
strength
Developmen
t of needs
Development
Action
Experienc
ed
managem
ent team
in middle
phase of
company
Jan 2021-
March
2021
Improving
skills
prevailed in
staffs and
executed them
in increasing
present skills
in order to
reach top
position within
business
organisation
Skills like
resolving
problems and
issues of staffs
and offering
them expertise
in order to
execute
function which
is offered to
staff member.
Improving
ability of
handling and
bringing
change. It is
useful within
learning
skills for
particular
functions like
learning to
perform
juices as well
as salads
within
company.
Possessing
expertise
within
executing
cross
functional
areas
Manager
ensures that staff
member should
focus on
realising
potentiality and
perform task
accordingly.
First level Feb 2021- Developing Offering Perform work
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manager March
2021
staffs and
allotting them
along with
innovative role
and works.
They provide
training in
order to handle
diverse short
term projects
due to handle
staff in proper
way.
mentoring to
members
belong to
diverse
functional
departments
of business
organisation.
with its member
of team for aim
of creating plan
that is used
within company.
The
management
team focuses on
planning and
implementing
communication
team member
for in order to
create plan that
is executed
further.
The
managem
ent team
of food &
beverage
departme
nt
March
2021-
May 2021
Experienced
subordinates
of
management
team who have
competent
staffs to
manage team
in proper way
(Zeng, 2018).
Effective skills
and knowledge
of
administration
in order to
provide
services in pre-
decided time
period.
Providing
guidance to
workers so
that there is
issues that
must be
resolved in
timely
manner
Helping and
provide
guidance to
subordinates in
order to
motivate them to
provide services
to user in a best
possible way.
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TASK 3
P6. Identify legislations that hospitality organisation has to comply
There are various legislations that are used by organisation like Intercontinental Hotel that
is considered as a part of hospitality sector. It is important for company to follow rules that is
used by organisation that is given below:
Food act 1999 this act is executed by organisation in order to develop food menu. And all
guidelines that is given in this act have compulsorily used by organisation which is connected
with safety related issue of user
Equality act 2010 as per this act, the employees performs their work that provide equally.
It signifies that there is not any kind of discrimination between subordinate in order to execute
policy in respect of pay compensation and such kind of policy. The discrimination practice is
connected to sex, culture and so on. In context of Intercontinental Hotel, the administration team
focuses on providing equality to subordinate at overall level. It aids assistance in satisfying
subordinate and also creates work place that provide positive ambience to subordinate.
Liquor Control Act 2003 it is determined as an act that is executed in 2003 this is
initiated by minimum use of liquor. It is used by organisation which is provided like drink to
individual person. It is determined as an act that focuses on consumption as well as sales option.
It represent organisation that provide to its customers if there is any kind of harmful content
within drink that is provided by Intercontinental that must be eliminated (Noh, Kim and Jang,
2016).
Health and safety work act 1974 it is recommended that is connected with user safety
perform work within an organisation. It is the duty of management team within an organisation
that they ensure that overall subordinates is safe. The overall stakeholder is taken like employee,
user, shareholder is determined as a secure in order to perform work within business
organisation. In context of Intercontinental Hotel, there are appropriate establishment related to
proper knives, freezer, and gloves and so on. There are different kind of security measures that is
used by staff member in different functional and department like front office administrator
subordinate, staff and so on.
Minimum wages act 1998 as per this act, the organisation focuses on implementing act
for minimum wage criteria that is set for subordinate. This is determined as a criteria set by
government depend on different factor like employee age, working hours & responsibility related
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to job. There are diverse factor that is assessed through government in this act. In context of
Intercontinental Hotel, all such kind of regulation appropriately executed so that subordinate
satisfied and willing to perform with any other company within long run
P7. Company employment & contract law can posses a prospective impact on the process of
business decision making
It is important for organisation to determine rules & regulation which is useful for them in
taking decisions. In context of Intercontinental hotel, there is diverse decision that is taken in
timely manner to grab opportunity (Podolnaia and Riabova, 2017). Decision making is
significant process that how this function is managed as well as helps in increases productivity
and taking decisions is given below:
Employment law In business organisation, it is a crucial part related to stakeholder group.
The overall function is depending on how subordinate focuses on contribution towards goal of
company. In context of Intercontinental Hotel, the overall procedure is connected to
expectation of staff member and then all laws related to employment law that is adopted in order
to satisfy employees of company.
Company law the company focuses on taking decisions at every level and affected by
policy in context of Intercontinental Hotel the management team make sure all section as well as
law as that is considered as a part of organisation that is executed in company. The law of
organisation helps in functioning and operations of company and this is useful in taking decision
during the time period.
Contract law signifies diverse law that impose direct impact on decision taken in order to
make contract. The contact signifies supplier, employee, contractor and many more. The entire
contract made after appropriate consideration that is mentioned in this act.
P8 Explore how different functional roles within hospitality sector interrelate
In current scenario, there are different kinds of function that is executed by company that
help in executing their business in long run. In reference of hospitality sector like
Intercontinental Hotel, there is diverse function which is considered as a part of company like
food, finance as well as Marketing department. This kind of department assists in accomplishing
objective of business organisation. The interrelationships among these department focuses on
achieving objectives in timely manner.
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Finance and marketing Finance Department is connected to handle overall transaction
related to accounting as well as budget and the department of marketing possess responsibility
to handle promotional activity in order to achieve target in timely manner. There are ample of
customer in respect of company and increases sales.
Customer service department and food service department there are necessary requirement
that user services department possessed in connection along with food service sector. In context
of Intercontinental hotel, there is appropriate coordination that is maintained within organisation
(Sisson, 2017).
TASK 4
P9 Explain methods of communication, coordination & monitoring that is applicable in
particular sector of Hospitality Company in order to strengthen the value chain
There is diverse method that is allocated by Intercontinental group so that it is useful in
coordination between activities that is given below:
Communication it is considered as a method that is adopted for aim of transmission of
data and information from one individual person to other in organisation. It helps the
management team of organisation in smooth running of different function in proper way.
Coordination the procedure of values chain signifies sector that is combine for
implementation of various function and work is executed in order to reduce conflict.
Monitoring is considered as a process that is adopted for making comparison of
performance of organisation and desired standard related to performance.
CONCLUSION
On given assignment, it is assess that hospitality industry is determined as huge sector of
organisation that provides different kind of services to its clients. Herein, the topic that is
covered in this assignment is the principal of handle as well as monitor financial performance,
double entry bookkeeping system as well as trial balance, assessment of cost and many more. In
addition to this, there is also a description regarding HR life cycle, performance administration
plan and legislation which must we comply in order to conduct different activity within business
organisation and the effect of employment & contract law in diverse functional role that is
interrelated within hospitality sector and also provide different method related to communication,
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coordination and monitoring within a particular department related to hospitality sector in order
to strengthen value chain.
REFERENCES
Books and Journals
Betcher, C.A., Standish, M.D. and Gillespie, G.L., 2020. Need and Capacity of a Toolkit for
Occupational Health Nurses to Promote a New or Enhanced Drug-Free Workplace
Program. Workplace Health & Safety, 68(6), pp.263-271.
Halbert, T. and Ingulli, E., 2020. Law and ethics in the business environment. Cengage
Learning.
Kasemsap, K., 2019. Professional and business applications of social media platforms. In Social
entrepreneurship: Concepts, methodologies, tools, and applications (pp. 824-847). IGI Global.
Le, A., 2019. Transforming Public Space Toolkit.
Mahajan, G., 2016. Value creation: The definitive guide for business leaders. SAGE Publishing
India.
Martin, N., Depaire, B. and Caris, A., 2016. The use of process mining in business process
simulation model construction. Business & Information Systems Engineering, 58(1), pp.73-87.
Mehta, H.K., 2016. EcoGrid: A Toolkit for Modelling and Simulation of Grid Computing
Environment for Evaluation of Resource Management Algorithms. In Project Management:
Concepts, Methodologies, Tools, and Applications (pp. 607-623). IGI Global.
Morabito, V., 2016. The Future of Digital Business Innovation. Schweiz: Springer International
Publishing.
Noh, M., Kim, H. and Jang, H., 2016. Learning performance and business performance of
knowledge management organizations: The moderating effect of technological
capability. Information development, 32(3), pp.637-654.
Podolnaia, N.N. and Riabova, S.G., 2017. Sustainability of regional socio-economic systems:
evaluation toolkit and the nature of development. Nacionalnye interesy: Prioritety i
bezopasnost, 13(5), pp.827-842.
Sisson, N., 2017. The Suitcase Entrepreneur: Create freedom in business and adventure in life.
Simon and Schuster.
Zeng, M., 2018. Smart Business: What Alibaba's Success Reveals about the Future of Strategy.
Harvard Business Press.
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