Hospitality Business Toolkit

HOSPITALITY
BUSINESS
TOOLKIT

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
Understanding the fundamentals of monitoring and managing financial results.........................4
To keep track of sales and purchases transactions in the general ledger, using a double entry
bookkeeping method of debits and credits...................................................................................4
Basic trial balance by applying use of balance off rule to complete ledger.................................5
TASK 2............................................................................................................................................6
The HR life cycle can be applied to the job role of Front Office Manager in the hotel industry
at various phases. Also, emphasize the necessity of retaining and enhancing employees' skills 6
Developing a process improvement strategy for the job function of front office manager by
utilizing approaches to address bad behavior and employee engagement difficulties.................7
TASK 3............................................................................................................................................8
Understanding rules and regulations with hospitality industry must adhere with.......................8
Explain the effects of business law, employment law, and contract law on hospitality business
decision-making...........................................................................................................................9
TASK 4............................................................................................................................................9
Investigate the interrelationships between various functional jobs in the hospitality industry. . .9
Explain the various interaction, collaboration, and monitoring strategies used within a given
department of a hospitality company in order to reinforce the supply chain.............................10

INTRODUCTION
Each hotel in hospitality encompasses a wide range of enterprises such as spas, rooms, cafes,
cottages, restaurants, amusement park, and many others. This hotel sector is struggling about
providing clients with either a level of relief as well as pleasure. Tourism sector, catering
services, housing and amusement are the four basic divisions of the hotel industry. Tourist
bureaus and airline companies are part of the tourism industry, while cafes, clubs, diners, and
other casual dining establishments are classified as hospitality establishments. This report is
based on the Balmoral Hotel based in Edinburgh, Scotland. It is known for its luxury services
and accommodations to its consumers. Accommodations relates to resorts, whereas amusement
lifestyle activities such as sports, boating, diving, tennis, and etc. Every one of the classifications
listed above would be designed to present every attendee with just an intriguing as well as mood-
altering encounter. These sectors operate with both the goal of providing a pleasant and welcome
atmosphere as well as amenities that assist clients in obtaining simple and effective access to
basic services. Parking lot, bathrooms, and other services that can provide comfort to clients
were illustrations.
TASK 1
Understanding the fundamentals of monitoring and managing financial results
Every administration including its particular organization follows a number of criteria in order to
keep track of business performance as well as sustain a strong profitability. This denotes the
additional cash intake and expenditure of a budgeting which allows essential transactions to be
completed properly. Furthermore, each financial result evaluates key elements of advantageous
working capital, as well as critical success factors and investment return. By particular, its
organization's Finance Team focuses on building annual budget in order to properly track
operations.
To keep track of sales and purchases transactions in the general ledger, using a double
entry bookkeeping method of debits and credits
There really are three main principles which are already employed in accounting systems, each
of which can be regarded a separate entity paradigm wherein the company concentrates on
possessing all its statutory declaration. Furthermore, the concept relating towards the financial

statement (Assets – Liabilities = Capital) being explained. Finally, the point corresponds to each
and every activity that has a significant impact on some other activity, which is known as a
double impact.
Balance sheet of The Balmoral 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
Upon on foundation with the above organization's financial statements, it is determined that
perhaps the accounting department should adhere to all accountancy principles. This company
ensures that the accounting information is kept up to date.
Basic trial balance by applying use of balance off rule to complete ledger
Particulars Amount Particulars Amount
Rent 1000 capital 30000
Purchases 10000 Food supplies 2000
Insurance 1200 Sales 20000
Petty expenses 200 Sales of beverages 13000
Telephone and internet 2200