The Hospitality Business Toolkit

The Hospitality
Business Toolkit

Table of Contents
INTRODUCTION......................................................................................................................3
MAIN BODY.............................................................................................................................3
Overview of the company......................................................................................................3
TASK 1......................................................................................................................................3
1.Examine the fundamentals of financial performance management and monitoring...........3
2. Use the debit and credit double entry accounting technique to record sales and purchases
in a general ledger..................................................................................................................4
3. Complete the ledger by creating a basic trial balance using the balance of rule................6
TASK 2......................................................................................................................................6
4 . explain phases of the HR life cycle as they apply to a given job position and its
significance in keeping and developing talent........................................................................6
5. Performance Development Plan.........................................................................................7
TASK 3......................................................................................................................................8
6. Specific laws with which a hospitality business must comply...........................................8
7. Using particular instances, demonstrate how a company's, employee's, and contract law
might affect business decisions in the hospitality sector........................................................8
TASK 4......................................................................................................................................9
CONCLUSION........................................................................................................................10
REFRENCES...........................................................................................................................11
Books and Journal................................................................................................................11

INTRODUCTION
Hospitality sector which has huge domain in the field which includes several services
like housing, event planning, food, and many more (Fridman, Napper, and Roberts, 2020).
The hospitality sector teachers use scope of the program in order to collect the more customer
base towards the organisation and make them more loyal towards the company. This report is
going to illustrate on the Lowry hotels which provide several services and also provide
accommodation and events for family gathering. This is going to illustrate about the
bookkeeping system of debit and credit in order to maintain the transaction of buying and
selling in the Ledger and general. The support also going to listed above the several stages of
life cycle and the significance of sustaining talent. Along with this this report illustrate about
the principles of management and evaluating the financial performance of the company
which has adopted by the company in order to improve and develop the skills of their worker.
Moreover there is an illustration about the performance management plan in order to
overcome the uncertainty of the organisation that are facing by them.
MAIN BODY
Overview of the company
The Lowry hotel is situated in United Kingdom and founded in 2001. It is a most
lavish and luxurious Hotel of Manchester and awarded winning awards.
TASK 1
1.Examine the fundamentals of financial performance management and monitoring.
Financial performance is there activity which defines as their subjective measure in
order to examine about the organisation that how they used appropriate and better assets by
their primary modes of the organisation in order to analyse the revenues which are generated.
There are various kinds of values and rules which provide appropriate direction to the
organisation in order to observe the financial performance of the company. Performance is
also support the organisation to get several advantages in order to decrease the expenditure
and financial accounts. The Lowry Hotel, that maintains the informant data in order to
maintain daily revenue of buying and selling of raw material. Each and every organisation are
required to manage their Assets and the funds in order to minimise the cost and money flow
which are observed by several kinds of financial statement. There are various kinds of roots
and values that are mentioned below:
 Preserving suitable record of stock this is the concept based on conserving
and introducing appropriate documentation of stocks in order to analyse the
revenues which are generated by the organisation. The record of stock
provides appropriate information to the Lowry hotel in order to identify the
wastage of the product during the retention procedure of the stock list.
 Construction key financial statement reports this value depends on
enhancement and developing the conclusion of the current financial
capabilities of the company . there are various current financial capabilities of

the organisation such as profit and loss balance sheet and many more
(Gasienica, 2020)(Gruss, Kim, and Abrahams, 2020). In context of the Lowry
hotel they are capable to illustrate several factors by conducting financial
statement reports in order to increase profitability and get better results.
2. Use the debit and credit double entry accounting technique to record sales and purchases in
a general ledger.
This is the Framework which are required to be match with the opposite account entry
and this is also known as double entry as credit in debit to stop the right side is known as the
credit side and the left side of the column is known as debit. These kinds of values and roles
in this framework like have separate entity.
CASH ACCOUNT
Date Particulars J/F Amou
nt
Date Particulars J/F Amou
nt
To Capital a/c 28000 By Rent a/c 2000
To Sales a/c 15000 By Purchase a/c 22000
To Sales a/c 20000 By Prepaid
Insurance
Policy a/c
1500
By Laundry
Fees a/c
500
By Telephone
and Internet
expenses a/c
2500
By Water
Charges a/c
1000
By Wages and
Salary a/c
2550
By Balance c/d 30950
63000 63000
Capital a/c
Date Particulars J/F Amou
nt
Date Particulars J/F Amou
nt
To Balance c/d 28000 By Cash a/c 28000
28000 28000
Rent Account
Date Particulars J/F Amou
nt
Date Particulars J/F Amou
nt
To Cash a/c 2000 By Balance c/d 2000
2000 2000
Purchase a/c