The Hospitality Business Toolkit

The Hospitality
Business Toolkit
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Table of Contents
INTRODUCTION...........................................................................................................................3
P1 investigate the principles of monitoring financial performance........................................3
P2 Double entry bookkeeping system of debit and credits to record sale and purchase ......4
P3 producing a basic trial balance applying the use of the balance off rule to complete the
ledger......................................................................................................................................8
P4 Review the different stages of the HR life – cycle applied to a specific hospitality joB 10
Explain how performance management plan for hospitality job role applying techniques used
for both negative behaviour and issues in staff retention.....................................................11
P6 Explain different legislation that company needs to follow. ..........................................12
P7 Explain how company, employment and contract law has an potential impact on decision
making of an organisation. With the help of an example.....................................................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
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INTRODUCTION
In accordance to study hospitality organizational is defined as a management and
managing each and every moving parts which are participating in the hospitality industry. This
process deals with structure of hotel brands and organisation charts which are related to hotels
and to make assure that whether business is running in a smooth manner or their guests are
satisfied. Rosewood hotels is luxury hotel on an international level, this is presently held by
Hong- Kong and their resorts have operating almost 28 hotels in 16 countries across the world, it
was nearly founded in Texas, Dallas by Caroline rose hunt in 1979.In this report would be
covering utilization of business tools in an organisation to gain their targets or goals.
P1 investigate the principles of monitoring financial performance
Financial performance this term is quite helpful in judgements in an organisation, they
have obligation of observing improvement performance of a company and even they measure
activity of assets which further helps in earning net profit. There are many principles of financial
performance given below ;
 They maintain complete record of inventory thus which might be further utilized for the
profit of company as well as for maintaining financial stability.
 Making financial report – In this statement report examine both profit and loss of an
organisation which is maintained by balance sheet therefore by using this company may
gets profitability furthermore this also helps in effective decision making or improving
the performance of the company.
 Calculating overall cost – This statement helps in reduction of extraordinary expenses of
an organisation which may occur during manufacturing process of product thus due to
this company may increase their productivity and along with this maintains financial
stability of an organisation.
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P2 Double entry bookkeeping system of debit and credits to record sale and purchase
Double entry bookkeeping is a process in which balance sheet is maintained to keep all
the records this is a system where each and every entry to an account requires similar or different
account is required for entry. In the context of company they comply a balance sheet for keeping
required records There are two equal sides of double entry which are known as debit and credit,
if these sides are incorrect then it might effect on improving performance of an organisation or
on the developing business(Kavanaugh and Lavallee 2020) In double entry transactions are done
where equal sum of money has been sent from one account to another. There is specific rule for
data – entry of debit and credit bookkeeping, it is stated as total amount is written on left side
and then equal amount should be written on right side in an account . Each and every assets in
balance sheet should be equal to the liabilities. In double entry system both types of accounts are
maintained whether they are personal or impersonal and with this all outcomes of transaction,
which are recorded in a good manners. It means it measure arithmetical accuracy in all books of
accounts. This booking explains that every transaction have two sides as well as both aspects
have been recorded in the worksheet of accounts. So this process recognizes every value and
equally value needs are described.
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