Unit 4 The Hospitality Business Toolkit

Unit 4 The Hospitality
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Examine the key principles for managing & determining financial performance...........3
P2 Application of double entry book-keeping system of both credit and debits to record
purchase as well as sales transactions into a general ledger...................................................4
P3. Create a trial balance implementing the use of balance off rule in order to complete the
ledger......................................................................................................................................4
TASK 2............................................................................................................................................5
P4. Analyse various phases of HR life cycle which is applied to a particular hospitality job
role along with their significance for developing as well as retaining talent.........................5
P5. Develop a performance management plan for a specific hospitality job role applying
techniques to resolve both negative behaviour and overcome issues of staff retention.........6
TASK 3............................................................................................................................................7
P6 Examine particular legislation which a hospitality business entity has to comply...........7
P7 Analyse how organisations employment & contract law has potential influence on the
decision making process.........................................................................................................8
TASK 4............................................................................................................................................9
P8 Various functional roles which are interrelated within hospitality industry.....................9
P9. Discuss various ways of communication, monitoring & coordination application within in
hospitality sector in order to strengthen the value chain......................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
Books & Journals.................................................................................................................12

INTRODUCTION
In today's competitive world, hospitality industry is one of the largest and biggest sector
which includes various departments such as restaurants, food and beverage, lodging as well as
accommodations. It has been observed that success of business organisations are highly depend
on the leisure activities and time (Anderson and et. al., 2017). This is the department which have
basic knowledge and understanding about different activities along with linking together. In the
present report, a new salads and drink store is open which is named as “Healthy life”. This outlet
is generally based on the preferences of individuals who have a motive for healthy lifestyle and
avoid junk & fast foods. For a business entity, it is quite essential to enhance the basic
knowledge about the principles in order to manage the financial performance with the assistance
of double entry system, trial balance. Along with this, in this report various stages of Human
resource cycle are going to be reviewed along with some legal legislations and policies which is
associated with employment contract.
TASK 1
P1. Examine the key principles for managing & determining financial performance
To examine organisational performance, various crucial questions have been asked which
requires to be answered just like whether the organisation is running into a smooth way? Is the
business entity is successful at competitive marketplace? There are Various methods used by
managers to monitor financial performance of an organization which are going to be discussed as
follows:
Developing key financial statements: It refers to the first and basic report which needs to
be prepared by every business organisation such as P&L account, balance sheet and many other
financial reports. It helps in examining the financial performance as well as position of the
organization at competitive marketplace (Belarmino and Koh, 2020).
Creating inventory records: It has been analysed that there are different business entities
which highly invest in raw material, equipment’s, tools as well as machinery. Along with this, it
will also maintain exact inventory records so that stocks and resources when needed by managers
can easily be identified.
Business transaction

P2 Application of double entry book-keeping system of both credit and debits to record purchase
as well as sales transactions into a general ledger
Double entry system is that system of accounting which states that every monetary
transaction of enterprise must be written in two accounts or we can say that every transaction of
business have two sided effects that are credit & debit. This is the widely used system to record
business transaction. It have some principals this book keeping system aerial balance which are
discussed below
 Book keeping has prepared in that way by which it includes various account to record
transaction of business. These accounts are journal, ledger, trial balance and final
account of business (Deale, 2017). There is proper record of each and every transaction.
 Trial balance is prepared in the end for closure of all accounts . The main purpose of this
is to find errors in recording of transaction
P3. Create a trial balance implementing the use of balance off rule in order to complete the
ledger
Trial balance refers to the list of ledger mainly consist of general ledger accounts
including ledger of an organization. It is the list which contains name as well as value of every