The Hospitality Business Toolkit

The Hospitality
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
PART A...........................................................................................................................................1
1: Introduction on financial transaction......................................................................................1
2: Research about principles of managing and monitoring performance of finance..................2
3: Explain principles of double entry bookkeeping system of credits and debits.......................3
4: Basic trial balance...................................................................................................................3
5: Examine types of cost and how they can be managed to influence performance of financial
.....................................................................................................................................................4
6: Importance of actual recording of transaction in line with accounting principles.................5
7: Conclusion..............................................................................................................................5
PART B............................................................................................................................................6
1:Review of various steps of HR cycle.......................................................................................6
2:Evaluate every step of HR cycle..............................................................................................6
3:Develop management performance plan..................................................................................7
4:Valid judgements and recommendations.................................................................................8
5:Identify particular legislation...................................................................................................8
6:Explain how firm's employment and contract law affect on decision making of business.....9
7:Analyse potential implications of two regulations...................................................................9
8:Critically reflects on affect of ethical problems of regulations, legislation and principles......9
9:Exploration of various functional roles....................................................................................9
10:Communication methods and levels....................................................................................10
11:Review of coordination and integration...............................................................................10
12:Effectiveness of communication methods, integration and monitoring with specific
department.................................................................................................................................10

13:Valid judgements and recommendations.............................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Hospitality business defines to wider concept of particular fields with in service industry
that include luxury accommodations, beverages and food quality, transportation, planning of
events, luxury resorts and etc. Hospitality industries have major role in success rate of country
and raising GDP. This sector's main focus on consumer's services and meet their needs and
desires. effective tourism of nation assist in better growth for an hospitality sector. Report is
based on The Dorchester hotel which is situated in United Kingdom and based on five star
hospitality sector and founded in 1930 (Broussard, 2019). Owner of hotel is Brunei investment
agency. They also offer classic car services for specific special entrance at special events and
relaxing spa facilities. Below report consider financial transaction, principles of managing and
controlling performance, principles of double entry bookkeeping systems, trial balance, types of
cost, importance of accurate recording transactions conclusion. In part B, review of HR cycle,
measure HR cycle and its importance, performance management plan, judgements and
recommendations, specific legislation and employment and contract law impact. Implications of
two regulations, ethical issues of regulations and legislation impact, functional roles,
communication methods, coordination and integration, effectiveness of communication methods
and valid judgements and recommendations.
MAIN BODY
PART A
1: Introduction on financial transaction
Financial transaction defines one of which where some sort of activities that
modifications in value of liabilities, assets and equity of owners of industry. It is also a
agreement or communication and carried out between a seller and buyer to exchange payment of
assets. It includes a status changes of finances of two or more individuals or industries. It is assist
in controlling and managing finances flow in organisation (Chen, Hung and Ma, 2020). In
context of Dorchester hotel, department who handle all financial activities they take acre about
transactions of debit and credit and also manage them to measure profitability and productivity.
For actual financial transactions company need suitable data and informations of activities of
finances, which are explained below as;
1