Analyzing HR, Finance, and Legal Aspects in Hospitality Business

This report provides a comprehensive overview of a hospitality business toolkit, focusing on Marriott International Inc. It covers financial transactions, monitoring financial performance, double-entry bookkeeping, and the significance of accurate recording according to accounting principles. The report also reviews the HR lifecycle stages, including recruitment, onboarding, development, retention, and exit, and their impact on talent acquisition and retention in the beverage and food sector. A performance management plan for an assistant talent acquisition manager role is outlined, along with recommendations for improving HR processes and documents. Furthermore, it identifies relevant legislation, contract law, and company employment impacts on business decision-making. The analysis extends to different functional roles within the hospitality sector, methods of communication, coordination, and integration, and an evaluation of their effectiveness in achieving organizational objectives.

The Hospitality Business
Toolkit

Table of Contents
INTRODUCTION ..........................................................................................................................5
MAIN BODY ..................................................................................................................................6
Part A...............................................................................................................................................6
Describe about principles of double entry bookkeeping system of debits and credits with
support of standard data from the operations .............................................................................7
Produce a trial balance ...............................................................................................................7
Evaluate kinds of cost and in which manner can be managed to influence the financial
performance of the business and show how profit margins can be calculated using
an example of your choice .....................................................................................................11
Discuss the significance of accurate recording of transactions in line with accepted accounting
principles ..................................................................................................................................13
Part B.............................................................................................................................................13
Review of different stages of HR life cycle as applied to issues in retention and talent
acquisition within the beverage and food sector ......................................................................13
Create a performance management plan for supporting particular job role..............................14
Give recommendations in which manner documents and processes at every stage of HR life
cycle can be improved with support of examples ....................................................................15
Identify particular legislation that hospitality organisation has to comply in the daily
transaction of business with support of examples ....................................................................15
Illustrate about how the contract law and company's employment impact on decision-making
of business ...............................................................................................................................16
Explore about different functional roles within sector of hospitality and in which manner they
are interrelated with support of organisation chart...................................................................16
Describe about different methods of communication and levels used in an organisation .......17
Give review about coordination and integration within a business organisation with support of
examples where ever necessary................................................................................................17
Evaluate about the effectiveness of different methods of communication, monitoring and
integration within a particular department can support in achieving overall organisational
objectives ..................................................................................................................................18

CONCLUSION .............................................................................................................................18
REFERENCES..............................................................................................................................20

INTRODUCTION
Hospitality business toolkit refers to providing those skills which are essential for
becoming a competent manager in a hospitality environment. It allows them to understand key
principles with reference to key performance indicators for both financial and non-financial
aspect. In the present report, Marriott International Inc is taken into consideration. It is a hotel
which is an American multinational company that franchises, operates and licenses lodging
which includes residential, hotel and time share properties as well(Cobanoglu and Ongan., 2017).
The present report will cover discussion about different stages of cycles of HR life and also
about performance management plan for supporting the particular job role. In addition to this, the
report will cover analysis about recommendations on processes and documents at each stage of
HR life cycle and also about particular legislation that hospitality organisation has to comply.
The report also consist of contract law and company's law which impact on business decision-
making.
MAIN BODY
Part A
Explain about financial transactions of hospitality business through identifying kinds of source
documents and the recording process
Source documents are basically the documents which are the physical basis upon which
business transactions are recorded. These documents act as evidence when auditors review the
company's financial statement into later terms. In context to accounting cycle diagram, it has
been observed that financial transactions have been done through following certain standards of
accounting cycle(de Waal Malefyt and Morais., 2019). When transaction has been taken place
then journal entries have been done and then these entries have been posted for purpose of trial
balance. After that work sheet has neen prepared and then entries have been adjusted for purpose
of financial statements. At the end, books have been closed into the last step. In this manner,
financial transactions have been recorded in the business of hospitality.

Investigate about the principles of monitoring and managing financial performance of business
There are majorly five principles of monitoring and managing financial performance of
business and it is defined into the following manner:
 Consistency: It is necessary that transactions must be handled in a consistent manner. In
order to address similar kinds of transactions in a routine manner it is necessary to
establish policies and procedures as well(Ismiyati and Lestari., 2020).
 Timeliness: It is important that transactions must be handled within a reasonable period
of time in a consistent manner with the time frames which is outlined for private sponsor,
federal agencies etc.
 Justification: Under this head, it is important to give justification for the particular
transaction which supports the project's goals and also adheres to guidelines which is
outlined by federal agencies and a private sponsor
 Documentation: For supporting the transaction it is important to have sufficient
documents in order to support into appropriate manner. The documentation should
organised, retained and also complete enough to stand up to an audit.
Illustration : Accounting Cycle Diagram
Source : Study Finance

 Certification: Under this head, it is important that transactions must be approved and
also carried out all the correct authorising signatures.
Describe about principles of double entry bookkeeping system of debits and credits with support
of standard data from the operations
There are certain principles of double entry book keeping system of credits and debits
and it is explained into the following manner:
 It is important that to follow that debit should be written on the left side and credit on the
right hand side (Jurigová., 2016).
 It has been observed under standard data of operations where under double entry book
keeping system, every debit must have a corresponding credit
 Under this head, debit receives the benefit and credit gives the benefit(Kozlov., 2017).
These are the principles of double entry bookkeeping system of debits and credits
Produce a trial balance

Evaluate kinds of cost and in which manner can be managed to influence the financial
performance of the business and show how profit margins can be calculated using
an example of your choice
Journal entries

Ledger accounts

Discuss the significance of accurate recording of transactions in line with accepted accounting
principles
It is important to record transactions into accurate manner according to accepted
accounting principles because it ensures that company's financial statements are complete,
comparable and also in consistent manner as well. It makes easier for investors to extract and
analyse useful information from the company's financial statements which includes trend data
over a period of time(Kukushkina., 2016). It is also important in this aspect that to record
transactions into accurate manner because it gives information in order to implement the control
of cash in the business. It also highly contributes in this aspect that it highly contributes in terms
of assessing the financial condition of the business at point of time. It also keeps records of
proper track of the expenditure on staff and also their performance. This is the main reason due
to which it is important that to have accurate recording of transactions in the appropriate line.
Part B
Review of different stages of HR life cycle as applied to issues in retention and talent acquisition
within the beverage and food sector
There are different stages of HR life cycle which has been applied to issues in talent
acquisition and retention as well and it is defined into the following manner:
 Recruitment: It basically refers to finding the right candidate for each position at
organisational level. A successful recruitment strategy is that where employer's brand
should be leveraged and monitored as well as it is about organisation's value proposition
and reputation. For recruitment purpose it is important to take support from recruitment
websites and applications from where potential candidates have been pooled out into
appropriate manner(Lervik, and Sutherland., 2017).So this is the best way to extract best
candidates from pool of lots of candidates into the market. In context to Marriott
International Inc, it is important that to acquire candidate with support of proper strategy
within this industry so that they can select that candidate which has proper skill according
to requirement.
 On boarding: It is a process where it is about giving a new hire the information and tools
which are required to start working. It s a very important stage when employee is taking

entry into the organisation so its important to follow all procedures and regulations into
appropriate manner. In context to Marriott International Inc, it is necessary that they
follow proper procedure for on boarding so that it creates a kind of picture in the mind of
employee so that they can retain within this sector for longer period of time.
 Development: This stage begins at that level when as the new hire starts working. The
best way to nurture people skills is to invest into learning opportunities and also offer
attractive challenges as well. With changing period of time, it is important that there
should be consistent development into the employees so that their skills can be developed
according to requirement of job role and market requirements as well(Lindberg., 2016).
In context to Marriott International Inc, by introducing new ways and procedure for
employees development they can retain employees for longer period of time within this
sector.
 Retention: The best way to retain employees for longer period of time is to listen in
careful manner to understand what is going on and in which manner an individual can
help. In this competitive world, when employees have lots of options to switch then
organisation have to be aware about changing their strategies in terms of retaining
employees for longer period of time. It is necessary to adopt modern measures for
retaining employees at organisational level(McIntosh and Cockburn-Wootten., 2018). In
context to Marriott International Inc, it is necessary that to listen their employees into
appropriate manner so that employees do not find any reason to quit from this particular
reason.
 Exit: This is a stage where worker leaves the organisation whether it is for personal
reason, retirement or a new job its necessary to manage situation accordingly(Mohamad
and et.al). It is a very important stage when employee is giving resign from the
organisation so its important that while taking leave it is necessary that their all dues
should be clear into appropriate manner. In context to Marriott International Inc, it is
necessary for organisation to make sure that they complete or follow all procedure of
taking exit from the organisation.

Create a performance management plan for supporting particular job role
For assistant talent acquisition manager job role, performance management plan can be
developed into the following manner:
Plan: For creating a performance management plan, first of all it is important that to plan in a
effective manner that what are the requirements and objectives of a particular job
role(MUHAMMAD and Lambu., 2018). It is also required that under this step to set a level of
performance and expected behaviour as well.
Monitor: Under this step, it is important that to monitor the progress of employee at
organisational level and what are the improvements which needs to be done into effective
manner.
Review: Under this step of creating performance management plan, it is important to review the
progress meetings with employees and also outline the consequences which does not meet the
standards into appropriate manner.
In this manner, performance management plan has been created in terms of supporting for a
particular job role.
Give recommendations in which manner documents and processes at every stage of HR life
cycle can be improved with support of examples
It has been recommended that recruitment process can be made more in digital form or
interview can be taken on the online basis and at the time of on boarding the documentation
work can also be done on the online basis and kept in the digital form as well. For development
of skills of employees, new procedures can be adopted and through support of videos employees
can easily adopt skills into appropriate manner(Staunton and et.al., 2021).For retaining
employees, Marriott International Inc hotel can adopt various new procedures it is important that
to reward efforts with appropriate prizes so that employees have motivation to work in the
further spectrum. It has also been recommended that exit procedure can be improved through
making the procedure very short and documentation work can be done on the online basis and
final payment can also be done through immediate basis on the online basis with all kinds of
clearance. The procedure can also be improved through planning into modern manner and
according to requirement of organisation so that they can execute results into the context of
profit of an organisation.

Identify particular legislation that hospitality organisation has to comply in the daily transaction
of business with support of examples
Following are the legislation that hospitality organisation has to comply and it is
explained into the following manner:
 Trade Description Act 1968: Under this act, it is important to provide accurate
information or description about the hotel which is basically true and fair reflection and is
also not misleading in any aspect (Tran and Pasura., 2018).
 Business Name Act 1985: Under this act, owner of hotel has to display a notice which
shows about the owner's name and it is not same as the name of business. This has also
applied to any invoice for goods and services, business letters, receipts and accounting
information as well.
These are the legislation which needs to be followed by hospitality industry into positive manner
so that they can run their business into accurate manner with support of positive results as well.
Illustrate about how the contract law and company's employment impact on decision-making of
business
According to Contract Law of UK which is basically legislated through sale and supply
of goods act that provides protection of the seller and buyer. Under this law, both parties are
legally bound through terms and conditions of that contract. This law is basically involved in
every purchase, selling, rendering services and reselling as well. Under this law, there are terms
and conditions which pertains to transactions between clients and businesses. If there is proper
coordination between hotel and their clients then their transactions has also been done into
successful manner. In this manner, business also grow into positive manner with successful
implementation. When Marriott International Inc hotel has hired right kind of candidate for their
organisation then business will perform into successful manner with the right kind of decision.
When talented candidates have been hired then they can be easily used into resourceful manner
which will help in terms of decision making of hotel.