Unit 4 The Hospitality Business Toolkit

Unit 4 The Hospitality
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1 Investigation of the principles of managing and monitoring financial performance.............4
P2 Application of double entry book-keeping system of debits and credits to record sales and
purchase transactions in general ledger.......................................................................................5
P3 Production of a basic trial balance applying the use of balance off rule...............................7
TASK 2..........................................................................................................................................10
P4 Reviewing stages of HR life cycle which is applied to a specific hospitality job role and
their importance in retaining and developing talent..................................................................10
P5 Development of performance management plan for a specific hospitality job role applying
techniques to resolve problems.................................................................................................12
TASK 3..........................................................................................................................................14
P6 Identification of specific legislation that a hospitality organisation has to comply.............14
P7 Illustration of the way in which employment, company and contract law has potential
impact upon business decision making.....................................................................................15
TASK 4..........................................................................................................................................16
Explanation of different functional roles within the hospitality sector and how they interrelate
using the organisation chart .....................................................................................................16
Different communication methods in organisation ..................................................................17
CONCLUSION..............................................................................................................................17
REFERENCES .............................................................................................................................19

INTRODUCTION
Hospitality sector is one of the most essential sector within business world as it includes
various kind of services that are associated with travel, tourism, catering, food services ,etc. The
main objective of all companies within the hospitality sector is to provide good and effective
services to the customers. When business is operated within the hospitality sector, it is easy to
earn profit of all the customers are have fulfilled their choices and preferences. For the effective
achievement of goals and objectives, it is concluded that all the companies have worked
effectively to attain organisational goals. The company considered for completing this file is
Marriott Hotel chain (Brealey, and et. al., 2012). This is one of the biggest hotel chain of US. It
is providing services across the world. This report discusses about various topics such as finance,
marketing, affect of legal as well as ethical issues, different functions of the company, etc.
TASK 1
P1 Investigation of the principles of managing and monitoring financial performance
There are different organisations within business environment which are providing
services within the hospitality sector. There is need for managing and controlling the financial
aspects of the company while providing service to the customers. The main focus of Marriott
hotel ehilw giving it's services to people in market is mentioned below -
Consistency: This is a major aspect while providing service as it is essential to manage
and control all the finances and money related issues. These are helpful in providing customers
good and effective service. The management of Marriott hotel ensures that it ia taking care of all
the activities involved in providing service to customers.
Justification: As per this factor, it is concluded that companies must keep record of
whatever they are doing. All the activities and tasks need money and it is essential duty of the
organisations for keeping a book record which will provide information about what amount of
money is required for managing and monitoring the business activities. The managers of Marriott
are involved in analysing the actual needs and demands of customers and providing them
effective services.
Timelines: According to this principle, it is stated that all companies have to complete all
the tasks and activities of business within specified time frame. It is essential for the companies
to take care that they are able to provide effective services to customers within specified time

frame. This helps in developing good brand image and reputation. In context of the Marriott
International, it is seen that all the accounting department is taking care of managing accounts
evert day so that there is no problem in future.
Documentation: This is defined as an important factor which explains that all the
business operations and activities are done under proper documentation. This means that it is
easy for managing as well as monitoring the work related to different departments of Marriott.
All the transaction and profit loss details are included in this (Chapman, 2011). The Marriott
International must know how to manage and record the transactions properly.
Recording all expenditures
Incomings Outgoings
Wages Weekly service of rooms
Room service Housekeeping
Benefits Gifts, offers, discounts
Allowances Household utility bills
Drinks
Lunch purchases
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:- The profit & loss statement is known as financial statement used
for representing revenue incurred by the organisation. The accounting period can be monthly,
quarterly and yearly basis. Profit and loss statement is also known as income statement. The
double book keeping system is known as the process in which there is recording of all the
transactions that includes records of credit as well as debit.