Hospitality Business Toolkit Report: Financial and HR Strategies

This report delves into the operational and strategic aspects of the hospitality industry, using the Marriott Hotel as a case study. Part A focuses on financial transactions, including double-entry bookkeeping, trial balances, cost analysis, and the importance of accurate accounting. It covers principles of financial management, cost types, and their impact on financial performance. Part B examines the HR life cycle, recruitment methods, performance management, and employee retention strategies. It also addresses legal compliance, communication methods, organizational structures, and integration within a hospitality business. The report provides a comprehensive overview of the key elements essential for success in the hospitality sector, including financial management, human resources, and operational efficiency.

HOSPITALITY
BUSINESS TOOLKIT

Table of Contents
INTRODUCTION ..........................................................................................................................1
PART A...........................................................................................................................................1
Introduction to the financial transactions....................................................................................1
Principles of managing and monitoring financial performance..................................................2
Apply double entry bookkeeping system of debits and credits to record sales and purchases
transactions in general ledger......................................................................................................2
Produce basic trial balance applying use of balance off rule to complete ledger.......................3
Analyse types of cost and how they can be managed to influence the financial performance of
your business...............................................................................................................................5
Discuss the importance of accurate recording of transactions in line with accepted accounting
principles.....................................................................................................................................5
PART B............................................................................................................................................6
Review different stages of HR life cycle applied to specific hospitality job role and
importance of retaining and development talent.........................................................................6
Evaluate each stage of the HR life cycle and the importance HR plays in supporting, growing
and retaining talent applied to the specific job role....................................................................7
Develop performance management plan for specific hospitality job role applying technique...7
Identify specific legislation that hospitality organisation has comply and adhere to..................8
Using specific examples illustrate how company, employment and contract low has potential
impact on decision making in hospitality industry.....................................................................8
Examine the potential implications of regulations......................................................................9
An exploration of the different functional roles within the hospitality sector and how they
interrelate using an organisation chart........................................................................................9

Explain the different communication methods and levels used in an organisation..................11
A review of Coordination and Integration within a business organisation...............................11
Analyse the effectiveness of different communication methods, integration and monitoring
within a specific department ....................................................................................................11
Recommendation.......................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Hospitality sector refers to that industry where numerous types of services are offered to
the people. These services are travel, tourism and many other services which helps clients to
enjoy their moments freely (Qiu, Shaukat and Tharyan, 2016). Operating business within the
hospitality sector it is very significant for all entities to make sure that they can fulfil all needs
and requirements of clients so that high level of success are to be enjoyed by company in their
long term survival. By operating several operational activities effectively and systematically,
manager also pay attention towards the way that they followed to get high results. The company
that is selected for study this project is Marriott hotel that is one of the largest multinational hotel
group in UK. It includes several terms related to managing finance, recording and accounting
transactions, human resources, improving performance development plan and many more.
Further it includes rules and regulations that are useful to coordinating and integrating with
several functional area in hospitality organisation that impact positively on decision making of
company.
PART A
Introduction to the financial transactions
Financial transactions defines an agreement, communication that shows between buyer
and seller in terms of exchange an goods and services for payment. These type of transactions
impact directly on profitability of organisation because in this very transactions are recorded
which represent financial information in appropriate way (Benckendorff and et.al., 2015). In case
of Marriott hotel, accounting play an essential role includes compliance of several laws that
provide safety to investors so that they invest within hotel to get profitable results.
Source document refers to a initial document where all types of data are recorded in
relation to transaction of business. These are related to documentary evidence where all
information are recorded in relation to books of accounts. It includes several source of document
such as petty cash vouchers, journals, sales credit, purchase credit notes, cheques etc.
Information in source documents are recorded in original books of accounts for holding it to a
more time period.
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Recording process- In this Marriott hotel follows journal system for managing entries
and accounts. It is highly essential for hotel management to keep and hold record related to all
transactions in systematic manner so that easiness is to be maintained within environment.
Principles of managing and monitoring financial performance
For successful company managing and monitoring financial performance is useful as it
helps in gaining profitable results. There are several number of principles which is used by
Marriott hotel to monitor and manage financial performance that are elaborated below:
Consistency- It is an essential principle that mainly emphasis on managing and
organising financial performance. This principle is followed by Marriott hotel manager to
manage and monitor overall financial performance in an effective and systematic manner(Louis,
2015)).
Justification- As per this principle, justification related to recorded book and books of
accounts are presented. For effectively manage financial performance, manager of Marriott hotel
mainly emphasis on actual information to take decisions well.
Timelines- It is related with managers and their task for attaining all objectives on
specified period of time. In terms of Marriott hotel, accounting professional using this principle
that helps in align all recorded data as per assigned work.
Documentation- It is significant for Marriott to manage and monitor financial
information prominently. In thgis top authority guides their manager so that they keep all
records in systematic manner which helps in completing targets on daily basis.
Apply double entry bookkeeping system of debits and credits to record sales and purchases
transactions in general ledger
Profit and loss statement- It is a financial statement that represent expenses and revenues
during an financial year on the basis of monthly, quarterly and yearly manner. It is also known as
income statement, where double entry system is reflected as bookkeeping. It is described as a
framework for business transaction to record data entry according to that nature i.e. debit and
credit column. An assumed P&L statement and trail balance statement of Marriott hotel are
presented below:
Profit and loss statement of Marriott Hotel for January 2020
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Effective recording of debit and credit
It is elaborated as an aspect of recording transaction by using two different columns that
is debit and credit. Recording within this statement is done by using journal entry rules which
presents ' debit the receiver and credit the giver', debit what come in and debit what goes out,
credit all incomes and debit all expenses. This helps in presenting transaction in systematic
manner.
Manual addition to computer software to record financial data together with information
In an accounting period financial statements are prepared that is useful to analyse and
determine the potential of taking decisions in relation to goals attainment. In present environment
people focus on recording their accounts by using several media mainly digital media to reduce
complexities and time (Mariani and et.al., 2018). Because transaction that are recorded in
electronic medium are presented true and fair judgement. It provides accurate data in a
convenient manner and also it is easily understandable.
Produce basic trial balance applying use of balance off rule to complete ledger
Trial balance refers to a collection of ledger accounts that helps in making ledger of an
organisation. It is prepared at the end of accounting period at the time of preparing final
statement. Every account of ledger holds debit and credit balance it is essential to match both
column total. It means all ledger accounts of an accounting year is balanced till date.
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Trial balance of Marriott hotel
Role of Trial Balance in identifying rectification of errors- Trial balance play a vital
role in analysing and examining errors that are needed to rectify. In this it is prominent to match
debit and credit column if not then a person open suspense account. It helps in rectify mistakes
and also supports in an effective decision making.
Components of Trial Balance- Trial balance includes account name, debit and credit
column, account name, number. The manager of Marriott hotel apply trial balance to take
effective decisions for better results.
Uses of budgets to plan and control
Income Stream- It refers to that stream where revenues are generated by using profit
margin. In this manager of Marriott hotel consider income related to high rate of return on risk,
capital generation on investment etc.
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Pricing strategies and setting realistic goals- This pricing strategy represent cost
incurred within an organisation related to production cost that is consumed by users with profit
margin. In terms of Marriott hotel manager implement cost plus pricing strategy in which firm
focus on profit margin and work effectively for maximising overall revenues.
Analyse types of cost and how they can be managed to influence the financial performance of
your business
There are several types of cost which helps Marriott hotel to enhance overall financial
performance that are demonstrate below:
Fixed cost and variable cost- It is represented as expense that are fixed and cannot
fluctuate as changes done in output (Zhang and et.al., 2016). It includes several cost in relation to
Marriott hotel like wages, salary etc. on the other hand variable cost are those which fluctuate as
per changes occur in output. In relation to Marriott hotel cost based on direct material, labour etc.
are included.
Product cost and period cost- Product cost are those cost which are related to purchased
of good and services for sale to customers. Whereas period cost associated with expenses in a
particular period in which they occur. In terms of Marriott hotel, manager adopts this cost to
attain high amount of profits and revenues by selling products and services to customers. In this
they also incur several expenses all these are recorded in books so that profitable results are
enjoyed.
Discuss the importance of accurate recording of transactions in line with accepted accounting
principles
Manager and investors interpret financial statement to get the profitable success in future
perspective. Accurate recording of transaction helps comparability of financial data using
statement presentation so that companies can benchmark their performance according to that. It
also helps in maintaining consistency so that investors managers cannot be confused to take
decisions. It helps in gaining profitable results to business.
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PART B
Review different stages of HR life cycle applied to specific hospitality job role and importance
of retaining and development talent
Marriott hotel is a leading international hotel in UK that directs and controls wide aspects
for gaining profits in all its franchising. In this HR manager focus on executing HR life cycle to
manage roles and effectiveness related to targets achievements.
HR Life Cycle- This refers to several stages of employees where they perform their work
for a specific company. In terms of Marriott hotel, HR manager concentrates on employees for
evaluating their skills and capabilities so that they will compete with their competitors for
gaining success. HR Life cycle is presented below:
 Recruitment- It refers to that process in which candidates provides application for vacant
job position in company for a specific job role (Jarratt and et.al., 2019). In this HR
manager of Marriott hotel use this process to recruit their employees for right position so
that task are attained on time. In this several position are presented such as reception,
staff, chef etc.
 Selection- In this aspect employer of company select application of employees that are
suitable for particular job profile. In this HR manager of Marriott hotel identify best
candidate by taking interview.
 On boarding and orientation- In this process employees and their job role are discusses
so that manager of Marriott hotel easily acknowledge their employees within hotel
environment with proper code of conducts.
 Exit and transition- In this factor worker retires or moved from their job to performed
different activity. In this HR of Marriott hotel focus on retires their old worker and hires
new talents so that innovative solutions are presented that gives proficient results (Bilro,
Loureiro and Guerreiro, 2019).
Different recruitment methods- There are several methods of recruitment method such
as training and development, succession planning, encouragement of staff etc. In this
performance management is a process which is used by manager of Marriott hotel to evaluate
employees performance so that they provide training and development session to them. It helps
in attaining targets on time.
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Evaluate each stage of the HR life cycle and the importance HR plays in supporting, growing
and retaining talent applied to the specific job role
From above explanation it is evaluated that recruitment is essential for company to
attracts new talents but it also need more financial resources to conduct this. In this HR play a
role of attracting new hiring for specified position. In this selection is another stage where
manager of Marriott hires candidate by using interviews for particular position. Conducting this
stage involves high cost and time. Further orientation is necessary to make employees
comfortable where HR focus on supporting and retaining talent by developing relations among
them so that high profitable results are enjoyed.
Develop performance management plan for specific hospitality job role applying technique
Performance Management Plan defines to an analysis of set of practices that are
performed by employees to attain specific objectives. In terms of Marriott hotel, HR manager
execute plan to direct and control performance of employees for achieving targets. In this job
role that is selected by manager is food and beverage manager who maintains foods and drinks
facilities to customers (Sriprahastuti, 2018). In this manager focus on several issues such as
customer service, eliminating plastic facilities from paper bag or jute bag, snacks facilities in
rooms etc.
Plan- It refers to a strategic decision making that helps company to remove hindrances
that delays in attaining targets. Food and beverage manager of Marriott Hotel focus on issues that
impact work to examine several corrective actions to reduce it. It helps in maintaining internal
discipline because of proper communication and skills workforce due to which many clients are
attracted towards it.
Track or monitor- It refers to that process in which manager can focus on tracking
working style of workers in relation to goals attainment. In this food and beverage manager of
Marriott hotel tracking activities of workers in particular duration that will impact goals(Higgins-
Desbiolles, Moskwa and Wijesinghe, 2019). This helps manager to take proper decisions related
to proper arrangement related to several activities such as tables, snacks and beverages to rooms
etc.
Review- In this process manager of an organisation review and monitor activities so that
it will be deliver to customers in an effective manner which fulfil overall demands. In this Food
and Beverage manager of Marriott hotel focus on several manpower actions to examine working
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style of workers and their fluency so that get incentives and bonuses for effectiveness. It will also
motivates other to done their task appropriately.
From analysing above performance management plan it is evaluated that negative
behaviour of employees are managed by manager by doing extra efforts so that targets are
attained on time. Managing multi working teams helps in developing cooperation and
coordination that results in company success.
Identify specific legislation that hospitality organisation has comply and adhere to
Legislation is termed as statuary law which is imposed by government of UK for
organisations so that they monitor health and safety issues of workforce. Hospitality industry
faces several issues like cybercafe, employment protection etc. which is essential to resolve these
issues for attaining goals and objectives otherwise firm pay high price to government of
countries. Some legislations are demonstrate below:
Environmental Legislation Act, 1974- It reflects several environmental issues like air,
noise, water etc. that impact health of living beings, society and animals etc. In this manager of
Marriott hotel focus on eliminating the environmental pollution within their working and
products so that high results are attained.
Equality Act, 2010- In this company focus on equal pay to men and women as per their
skills and working criteria (Ma, Cheng and Hsiao, 2018). In terms of Marriott hotel, manager
focus on providing equal pay to their workers as per their ability, skills and knowledge so that
employees are satisfied with their working and it helps an organisation to attain objectives
successfully.
Health and safety law act, 1974- In UK it includes two factors such as criminal law that
is enforced by local authorities at national level and personal injury law associated with safety of
workers at working place. In this manager of Marriott hotel ensures that they provide full safety
to their workers at all level like proper ventilation, insurance policy etc. so that they work
effectively towards attaining targets.
Using specific examples illustrate how company, employment and contract low has potential
impact on decision making in hospitality industry
Organisational have potential impact of legislation that impact strategic decision making.
It includes rules and regulations that are imposed by UK government to control business
activities that includes illegal and unlawful objects to attain targets (Mejia and Torres, 2018). In
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this manager of Marriott hotel focus on implementing employment, contract and company law to
restrict harmful actions for attaining overall objectives. These law are further elaborated below:
Employment Law- This law is imposed by government for employees benefits. It
impacts decision of hiring employees and what type of activities to be performed. In this
manager of Marriott hotel adopted this law to build strong relationship between member of
company so that high results are attained.
Company Law- This law is imposed to control and direct actions of an organisation on
legal and lawful activities for attaining high profits. In this manager of Marriott hotel implement
company law for health and welfare, occupational safety etc. that motivates work of workers for
accomplishing targets.
Contract Law- It includes an agreement having legal and lawful aspect related to
proposal acceptance for a particular agreement. In this manager of Marriott hotel implement this
law to perform several agreement to get the targeted results which are linked to government rules
and regulations.
Examine the potential implications of regulations
Every business needs rules and legislation that guide to do activities in ethical and
discipline manner to enhance overall performance. In some cases, uncertain situation impact
overall business performance and their decision making. For instance- If there is uncertainties
occur at this time legislation helps to take decisions by providing full treatment to injured
workers and offers basic amenities services. This will enhance employees morale and high level
of satisfaction. Another example is cyber security in this legislation helps in positive manner to
safe and secure company resources and data so that they will gain competitive advantage.
An exploration of the different functional roles within the hospitality sector and how they
interrelate using an organisation chart
Organisational structure of hotel
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Hospitality industry encompasses several types of business such as restaurants, theme
parks, hotels etc. and all have their own rules, function and structure which are interlinked with
one another. Some relation between several departments within Marriott hotel are as follows:
 House keeping and front office department- In hotel both departments functions are
essential (Organisation structure and responsibility centres, 2021). As housekeeping
department is mainly emphasis on cleaning of guest rooms, public areas and all hotel
premise so that client are satisfied with services and in this office department convey
these activities to housekeeping department so that they prepare their guest room ready.
In this front office department transfer information to housekeeping department related to
guest services such as room clean, bathroom clean etc. that improve brand image.
 Food and Beverage Service and Food Production Department- These both
department are essential for Marriott hotel. In this F&B department associated with
serving foods to customers and in this food production department prepares food for
customers by getting the requirements of customers.
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Illustration 1: source- organisational chart of Marriott hotel

Explain the different communication methods and levels used in an organisation
There are several communication method and levels which are used by Marriott hotel to
enhance productivity and performance. Communication is a two way process which helps in
transmitting information to receiver to attain targets effectively.
Face to face communication- It is an effective communication tool that is used by
manager of Marriott hotel to communicate guidelines to employees. It build trusts among
members so that targets are attained on time.
Email conversation- This is associated with formal method of communication within an
organisation. Due to this relevant information is transferred by manager and employees by
emails. In this F&B manager transfer relevant information by using this communication mode.
Social media application- It is highly used communication tool which is used by
manager of Marriott hotel to communicate with customers, investors effectively. It helps in
developing relations between employees and customers which is impressive for gaining profits.
Marriott adopts Hierarchy organisational structure and in this information are to be transferred
with upward flow that is presented below:
Downward flow- In this communication is flow down from one level to another level to
next range that represents next range from operational and strategic matters. It includes company
vision, mission, objectives that manager presents to their employees for effective working
(Melissen and Sauer, 2018).
A review of Coordination and Integration within a business organisation
Both Coordination and integration within business are highly essential to make effective
decision and lead employees properly. It is to be reviewed that manager of Marriott hotel focus
on implementing proper organisational structure with effective communication that helps in
enhancing overall performance of employees and targets are attained on time related to
customers satisfaction.
Analyse the effectiveness of different communication methods, integration and monitoring
within a specific department
From above explanation, there are several communication methods such as social media,
e mail etc. which is highly useful by hotel manager to integrate and monitor food and beverage
department effectively and efficiently because without effective communication no information
is transferred appropriately between members due to which targets are not attained on time. For
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instance- F&B department works preparing and service food to customers and it is highly
essential to convey information properly between members so that foods are to be delivered to
customers in appropriate way that satisfy customers needs.
Recommendation
From above analysis it is recommended that manager should focus on proper training and
development session between employees for transferring information properly. It helps in
enhancing integration and coordination between members. Focus on effective communication so
that high integration and coordination is to be developed between team members and in this
manager also implement motivation so that workers are satisfies and work with integration.
CONCLUSION
By above mentioned report it is to be concluded that hospitality industry is very essential
sector because it includes several framework that impact positively and negatively on overall
business related functions. In this every business enterprise have their own set of principles that
helps in monitoring monetary functions properly such as preparing journal entry, trial balance
etc. Although it also inculcates performance management plan which helps an organisation to
develop appropriate strategy so that conflicts are to be reduced and it betters the working
conditions. In this HR rules and legislation helps more hospitality company to guide and
supervised an operations of business to gain productive results so that high competitive
advantage are to be enjoyed.
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REFERENCES
Books and Journal
Benckendorff, P., and et.al., 2015. Creating educator resources for online simulation-based
pedagogies in tourism and hospitality. CAUTHE 2015: Rising Tides and Sea Changes:
Adaptation and Innovation in Tourism and Hospitality, p.67.
Bilro, R.G., Loureiro, S.M.C. and Guerreiro, J., 2019. Exploring online customer engagement
with hospitality products and its relationship with involvement, emotional states,
experience and brand advocacy. Journal of Hospitality Marketing &
Management. 28(2). pp.147-171.
Higgins-Desbiolles, F., Moskwa, E. and Wijesinghe, G., 2019. How sustainable is sustainable
hospitality research? A review of sustainable restaurant literature from 1991 to
2015. Current Issues in Tourism. 22(13). pp.1551-1580.
Jarratt, D., and et.al., 2019. Developing a sense of place toolkit: Identifying destination
uniqueness. Tourism and Hospitality Research. 19(4). pp.408-421.
Louis, T. A., 2015. Expand the toolkit!. The American Journal of Bioethics. 15(4). pp.40-42.
Ma, E., Cheng, M. and Hsiao, A., 2018. Sentiment analysis–a review and agenda for future
research in hospitality contexts. International Journal of Contemporary Hospitality
Management.
Mariani, M., and et.al., 2018. Business intelligence and big data in hospitality and tourism: a
systematic literature review. International Journal of Contemporary Hospitality
Management.
Mejia, C. and Torres, E.N., 2018. Implementation and normalization process of asynchronous
video interviewing practices in the hospitality industry. International Journal of
Contemporary Hospitality Management.
Melissen, F. and Sauer, L., 2018. Improving sustainability in the hospitality industry. Routledge.
Qiu, Y., Shaukat, A. and Tharyan, R., 2016. Environmental and social disclosures: Link with
corporate financial performance. The British Accounting Review. 48(1). pp.102-116.
Sriprahastuti, B., 2018, January. POLICY ANALYSIS ON INTEGRATED CHILD CENTER-
CORPORATE SOCIAL RESPONSIBILITY: CASE STUDY ON HOSPITALITY
BUSINESS SECTOR IN INDONESIA. In Proceedings of The International
Conference on Social Sciences (ICSS). (Vol. 1, No. 1).
Zhang, K., and et.al., 2016. Current and future potentialities of critical hospitality studies:
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<https://ukdiss.com/examples/management-planning-control-hotel.php>
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