Unit 4 The Hospitality Business Toolkit

HOSPITALITY
BUISNESS TOOL-
KIT

Table of Contents
TASK 1............................................................................................................................................4
P1. Investigating various principles of managing & monitoring financial performance.......4
P2. Application of the system of book-keeping related with debits & credits for recording of
sales & transactions related with purchases in a general ledger............................................5
P3. Produce a basic trial balance applying the use of the balance off rule to complete the
ledger......................................................................................................................................6
TASK 2............................................................................................................................................7
P4. Review of different stages of a HR life cycle that can apply to a specific hospitality job
role & its consequence for development & retaining of talent...............................................7
P5. Development a performance management plan...............................................................8
TASK 3..........................................................................................................................................12
P6. Identify specific legislations that a hospitality organisation has to comply...................12
P7. Company employment & contract law can posses a prospective impact on the process of
business decision making.....................................................................................................13
TASK 4..........................................................................................................................................14
Covered in PPT.....................................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Hospitality is a sector that is having very fast growth prospective in the present scenario
of economy. There are various departments that are part of the hospitality industry such as
accommodation, lodging facilities, food and beverages etc. In this report there is a new outlet
that is named “Organic Coup”. The major differentiation feature of this new outlet will be the
healthy menu that has been developed keeping in mind the changing preferences of their
customers (Andringa, Poulston and Pernecky, 2016). It is very necessary to develop an
understanding of all the functions that organisation have to understand so that there can be
proper coordination among all the activities. It is necessary to understand the financial
performance with use of double entry, trial balance, reviewing different stages. This report is
discussing topics such as HR cycle, double entry system, employment laws etc. There is need
for discussing various roles in hospitality sectors & ways that are applied in the organisation
TASK 1
P1. Investigating various principles of managing & monitoring financial performance
For evaluation of performance business organisation that are considered in the hospitality sector.
There are various ways to evaluate the financial performance of organisation as discussed below:
Preparation of cash flow statements: There is preparation of cash flow statements that are very
essential part of business organisations. It can also help in managing the financial performance
(Baxter and Bereziat, 2017). It also helps in calculation of ratios such as liquid ratio, current
ratio, profitability ratios etc. All these are give a insight about the overall financial structure of a
organisation.
Preparation of inventory records: There is a requirement to keep a record of all the
inventories that are kept in a business. It is very helpful in prevention of wastage of resources in
a organisation. There si a justification that can be made between raw material requirements for
calculating further business operations and functions.