Principles of Managing and Monitoring Financial Performance in Hospitality Business

Hospitality Business
Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Investigation of the principles of managing and monitoring financial performance..............1
P2 Application of double entry book-keeping system of debits and credits to record sales and
purchase transactions in general ledger.......................................................................................2
P3 Production of a basic trial balance applying the use of balance off rule................................3
TASK 2............................................................................................................................................5
P4 Reviewing stages of HR life cycle which is applied to a specific hospitality job role and
their importance in retaining and developing talent....................................................................5
P5 Development of performance management plan for a specific hospitality job role applying
techniques to resolve problems....................................................................................................6
TASK 3............................................................................................................................................7
P6 Identification of specific legislation that a hospitality organisation has to comply...............7
P7 Illustration of the way in which employment, company and contract law has potential
impact upon business decision making........................................................................................8
TASK 4............................................................................................................................................8
Covered in PPT............................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Hospitality sector can be defined as the industry in which different types of services such
as travel, tourism and others are offered to the clients. While operating business under this sector
it will be very important for all the entities to make sure that all the requirements of clients are
fulfilled so that growth for business could be acquired. In order to operate all the operational
activities properly the managers are also required to pay attention towards the way which is
followed by them to operate business (Benckendorff and et.al., 2015). The organisation which is
selected for this report is Marriott Hotel which is one of the largest hotel of United Kingdom.
This report covers various topics which are managing finance, human resource, recording
transactions, development of performance management plan etc. Along with this, impact of legal
and ethical considerations and importance of coordinating and integrating various functions in
hospitality organisations are also covered in this report.
TASK 1
P1 Investigation of the principles of managing and monitoring financial performance
It is very important for all the organisations to manage and monitor financial performance
and for this purpose all of them are required to follow appropriate principles. Some of them
which are focused by Marriott Hotel are described below:
Consistency: It is one of the main principle which is required to be focused by all the
organisations to manage financial performance (Ebi and et.al., 2014). It is taken in to
consideration by managers of Marriott Hotel for the purpose of managing and monitoring
presentation of business in monetary terms.
Justification: According to this principle all the organisations should record justified
information in the books of accounting. In order to manage and monitor financial performance
this principle is focused by Marriott because it allows the managers to analyse actual information
and form effective decisions accordingly.
Timelines: This principle states that all the managers within the organisations are
required to complete all the tasks in a specific time period and meet timelines of the tasks. It is
used by accounting professionals of Marriott so that they can manage and monitor performance
of business and analyse that all the tasks are performed properly or not.
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Documentation: It is also an essential principle which is required to be followed by
entities such as Marriott for the purpose of managing and monitoring financial performance. It
guides managers to keep detailed information of all the transactions which are made by the
organisation during the year (Filimonau and Delysia, 2019).
P2 Application of double entry book-keeping system of debits and credits to record sales and
purchase transactions in general ledger
Profit and Loss Statement:- This is financial statement which collects revenue an
expense during an accounting period of monthly, quarterly and yearly basis. This statement is
also known as income statement. The double entry system is also termed as book-keeping. This
is described as the process for business transaction to record accounts in debit and credit column.
Profit and loss statement of Marriott Hotel for January 2020
Effective recording of debit and credit:- This is described as the process of recording
transaction through two different accounts which are debit and credit. These recordings are
further classified on the journal entries rules which are debit the receiver, credit the giver; debit
what comes in and credit what goes out; debit all expenses, credit all incomes. This recording
helps to maintain the data in systematic manner with proper presentation.
Manual addition to computer software to record financial data together with
information
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