Principles of Monitoring Financial Performance in Hospitality Industry

HOSPITALITY
BUSINESS
TOOLKIT

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1 ...........................................................................................................................................4
P1 Determine the principles of monitoring financial performance........................................4
P2 Use double entry book system to record transaction in ledger.........................................5
P3 Prepare a trial balance by using balance off rule to complete the ledger..........................6
TASK 2............................................................................................................................................7
P4 Several stages of HR life cycle within the particular hospitality job role and their
importance towards developing talent....................................................................................7
P5 Prepare a performance management plan in relevance with hospitality..........................8
TASK 3............................................................................................................................................9
P6 Explain various types of legislation that hospitality industry adopt.................................9
P7 Evaluate how contract and company law affect decision making..................................10
TASK 4..........................................................................................................................................11
P8 Briefly describe different role functions of hospitality sector.........................................11
P9 Explain various types of coordination method, communication method in relevance with
department of hospitality sector...........................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
BOOKS &JOURNAL :..................................................................................................................13

INTRODUCTION
Hospitality play important role in service industry and which maintained by organisation
in effective manner. Hospitality refers to relationship between guest and service provider. To
maintain and manage positive environment service is main source as well as resource in
hospitality industry. Services heterogeneous in nature which are performed and consumed at
different levels, needs and requirements. Organisation in service industry perform numerous
types of functions and operations which are performed in effective manner. Club Quarter hotel,
headquartered in London, UK is leading and trending service industry and is developing at rapid
level. Hotel is expanding their business activities at wider and broader level. Hospitality is
focused and considered as important part of business because customers behaviour and goodwill
of firm depends upon quality of service. High quality of service and well organised staff is
present in hotel which increases its creditability in market. This report comprises of principles of
monitoring financial performance, using double entry and book keeping system, trial balance and
ledger, life cycle of HR and importance of retaining and developing talent, preparing
performance management plan in relation with hospitality,legislation and laws that service
industry adopts and concept and impact of company, employment and contract law in decision
making.
TASK 1
P1 Determine the principles of monitoring financial performance
Principles are set of guidelines which assists the business to achieve goals and objective
in proper manner. It is important for every organisation to adopts and follow principles which are
stated within a firm. In finance, principles are essential so that errors and conflicts are minimised
and process or procedures are undertaken in systematic manner (Pieroni, 2019).Numerous
principles in finance are-
 Inventory Records- In organisation, ample number of transactions and huge cost is
involved such purchasing raw materials, machines, equipments, tools, and many more.
Entities play different role in business and perform various activities which so, it is
important to make records of inventory so that a proper evaluation is done time to time
and stock status is determined (Hughes,2019). This, assists business to analyse their
needs and requirements and make firm prepare for future prospectives. In relation with