Unit 4 The Hospitality Business Toolkit

Unit 4 The Hospitality
Business Toolkit
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INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1. Examine the key principles for managing & determining financial performance................4
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........................................................5
P3. Create a trial balance implementing the use of balance off rule in order to complete the
ledger...........................................................................................................................................6
TASK 2............................................................................................................................................7
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..............................7
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..............8
TASK 3............................................................................................................................................9
P6 Examine particular legislation which a hospitality business entity has to comply................9
P7 Analyse how organisations employment & contract law has potential influence on the
decision making process..............................................................................................................9
TASK 4..........................................................................................................................................10
P8 Various functional roles which are interrelated within hospitality industry........................10
P9. Discuss various ways of communication, monitoring & coordination application within in
hospitality sector in order to strengthen the value chain...........................................................11
CONCLUSION..............................................................................................................................12
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INTRODUCTION
Hospitality industry is a wide industrial organisation that involves different types of roles
such as food and drinking, lodging, transportation, travelling, event planning, cruise line, theme
parks and more. It is a service industry that provides different type of entertainment facilities to
customers in order gain high profitable advantages (Kapoor, 2019). This industry is mainly
responsible to provide primary food and Accommodation services like resorts, hotel, conference
centre etc to consumers. It is one of the fastest growing and leading industrial sectors in today’s
economy. It has been identified that it is a multi-billion-dollar enterprise that offer diverse range
of services to customers according to their interest. This industry employs large number of
individuals through which they also increase economy of a nation. Present report has been
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conducted on can “Vigor life”. It provides different types of healthy food and drinking option to
customers. It promote healthy living in order to lead individual towards healthy lifestyle. In this
report discussion has been made on key principal as to manage as well as determined financial
performance of an entity. Along with this double entry bookkeeping system is being also
discussed in this report along with trial balance. In addition to this HR life cycle and
performance management plan concept is being defined in the present report. Project also
includes particular legislation that is applied on hospitality sector along with different types of
functional roles.
TASK 1
P1. Examine the key principles for managing & determining financial performance
In order to conduct organisational function as well as activities in a well defined minor it is
essential for an organisation to manage their financial performance in a best effective manner. In
this entity is required to determine their financial performance by evaluating their past financial
statements and further develop proper financial plan in order to conduct organisational activities
in a well-defined manner. In order to manage financial performance company by taking
advantage of different types of financial tool as well as techniques can fulfil their operation.
Mentioned below some of the effective methods are being define.
Developing key financial statements:
Development of key financial statements is one of the most prominent tasks that are
required to be undertaken by financial manager of an entity. In this manager is authorised to
formulate proper P&L account, balance sheet, ledger and other essential financial reports. In this
they are required to determine past performance and developed current financial strategies in
order to ensure high competitive advantage with the Marketplace.
Creating inventory records:
This has been identified that inventory is considered as one of the most essential element
for any entity. As by managing inventory company can effectively able to conduct the process of
production and process related to maintenance of raw materials, tools and machines in best effect
of manner. In this inventory manager is authorised in an organisation to properly execute
inventory records and make sure that proper stocks and resources are available in entity.
Business transaction
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