Report on Financial Performance, HR, and Communication in Hospitality

This report analyzes the hospitality business, focusing on Carnival Corporation and PLC, a major cruise service provider. It investigates financial performance through key financial statements, aged debtors, working capital statements, and fund flow. The report also examines double-entry bookkeeping, trial balance applications, and the principles of financial management. Furthermore, it explores the HR life cycle, including recruitment, onboarding, career development, employee recognition, and offboarding, emphasizing its importance for talent retention and development. A performance management plan for waiters is detailed, addressing skill improvements and behavioral issues. Finally, the report discusses relevant employment and contract law, functional roles, and communication methods within the hospitality industry, highlighting strategies to strengthen the value chain.

Hospitality business
and toolkit

Table of context
INTRODUCTION.......................................................................................................................1
P1 Investigate the principles of managing and monitoring financial performance......................1
P2 Double entry book keeping system of debits and credits to record sales and purchases
transactions in a general ledger...........................................................................................2
P3 A basic trial balance applying use of balance off rule to complete the ledger........................2
P4 Different stages of the HR life cycle of specific hospitality job role and their importance for
retaining and developing talent.............................................................................................6
P5 Performance management plan for specific hospitality job role applying techniques to resolve
negative behaviour and overcome issues of staff retention...................................................7
P6 Identify specific legislation.........................................................................................................8
P7 Impact of employment and contract law on decision making in the hospitality industry..........8
P8 Functional roles within hospitality industry...............................................................................8
P9 Different methods of communication, coordination and monitoring in hospitality organisation
to strengthen the value chain..................................................................................................9
CONCLUSION.............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Hospitality industry is a sector in which services and products are offered to customers
and clients. These products and services provided by organisations are food, beverage,
accommodations, drinks, etc. The demands and needs of customers it is very important for an
organisation to take care about the performance of their employees along with quality of the
products and services offered by them (Bruce and Stephens, 2017). This report is based on
Carnival Corporation and Plc, which is one of the biggest cruise service provider organisation in
Europe . In this report, a discussion will take place on Leader account and Trail balance of them,
and also recommendation for it will take place. Also, as study will take place on HR life cycle
and performance management plan of their employees. Along with this, different laws and
employment contract will come in discussion. It also includes different communication methods
and interaction between different functional role will get discussed.
P1 Investigate the principles of managing and monitoring financial performance
There are different ways by which financial performance of the organisations can be
taken care. Some of the points are discussed below-
Preparation of Key financial statements- Carnival Corporation and PLC is a Cruise operator and
it is essential for this company to maintain basic reports for producing balance sheets and
profit/loss statements. These are vital indicators of the performance of business and these provide
an overview about faring of enterprise.
Preparation of Aged Debtors trial balance- This is necessary for organisations to make
an aged debtors trial balance for keeping track of all customers and accounts. Carnival
Corporation and PLC prepares debtors and trial balance to keep track of customer status.
Working capital statements and financial ratios- The financial team of business must
put together regular working statements and periodic calculations of current ratios and quick
ratios (Dirrigl Jr, and Noe, 2018). This helps in keeping track on assets and liabilities company
posses. Carnival corporation and PLC operator has a financial team that takes care of all
financial ratios of the company.
Fund and cash flow statements- Fund flow statement and cash flow statement are
business reports that demonstrates amount of liquid cash of business. Carnival corporation and
PLC prepares fund and cash flow in order to run business with proper earnings.
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P2 Double entry book keeping system of debits and credits to record sales and purchases
transactions in an general ledger
Accounting is defined as recording and classification the transaction of financial nature.
Basically there are two methods of accounting naming single entry and double entry system. A
double entry system of accounting deals with two or more accounts of every business transaction
(Eltayeb, 2018). The double entry book system defines methods for accurate record keeping in
every industry. This includes detailed information of services and products, expenses, debt,
loans, income, etc. A ledger contains accounts of every liability and asset and capital of the
business. There is a separate account which is kept for items involved in business dealings. The
double entry system needs two entries for a debit and credit transaction. In Carnival corporation
and PLC any purchases like assets and raw material including payments from customers re
recorded in two places in the ledger system. This company balances the total funds in the debit
and credit accounts by using the equation given below-
Assets + Expenses = Liabilities + Owner's equity + Revenue
P3 A basic trial balance applying use of balance off rule to complete the ledger
Finance is very important part of any business. A proper management of finance will help
in performing various functions in an appropriate manner (Foster and Carver, 2018). Carnival
Corporation and PLC is the biggest cruise operator of UK and it is essential for this organisation
to make proper financial statements and monitor financial performance. The financial statement
of carnival Corporation and Plc is given below-
Ledger account and Trial balance:
Purchase A/C
Date Particular Amount Date Particular Amount
01st Feb
To Kate's
Kitchen 5001 28th Feb By balance c/d 34553
01st Feb To Harry 29552
Total 34553 Total 34553
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Kate's Kitchen A/C
Date Particular Amount Date Particular Amount
6th Feb To Bank 5001 01st Feb By purchase 5001
Total 5001 Total 5001
Harry's A/C
Date Particular Amount Date Particular Amount
14th Feb To Meganne 2008 01st Feb By purchase 29552
17th Feb To Bank 29552 28th Feb By balance c/d 2008
Total 31560 Total 31560
Bank A/C
Date Particular Amount Date Particular Amount
6th Feb By Kate's Kitchen 5001
28th Feb To balance b/d 34553 17th Feb By Harry 29552
Total 34553 Total 34553
Beverage A/C
Date Particular Amount Date Particular Amount
3rd Feb To sale 11203 28th Feb By balance c/d 42493
10th Feb To sale 8966
22nd Feb To sale 10614
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17th Feb To sale 11710
Total 42493 Total 42493
Sales A/C
Date Particular Amount Date Particular Amount
3rd Feb By Beverage 11203
3rd Feb By Food 1824
10th Feb By Beverage 8996
10th Feb By Food 1687
17th Feb By Food 1611
17th Feb By Beverage 11710
28th Feb To balance b/d 49360 22nd Feb By Beverage 10614
22nd Feb By Food 1715
Total 49360 Total 49360
Food A/C
Date Particular Amount Date Particular Amount
3rd Feb To sale 1824
10th Feb To sale 1687 28th Feb By balance c/d 6837
22nd Feb To sale 1715
17th Feb To sale 1611
Total 6837 Total 6837
Meganne A/C
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Date Particular Amount Date Particular Amount
14th Feb By Bank 2008
28th Feb To balance b/d 2008
Total 2008 Total 2008
Trial Balance
S. NO Particular Dr. Cr.
1 Purchase A/c 34553
2 Sales A/c 49360
3 Kate's Kitchen
4 Harry 2008
5 Beverage 42493
6 Food 6837
7 Bank 34553
8 Meganne 2008
9 Suspense A/C 30
Total 85891 85921
There are some principles followed by managers and leaders of Carnival Corporation
and Plc while designing budget. These are described below-
Carnival corporation and Plc makes budgets that contains details about resources required by the
organisation to provide quality services to customers.
It is essential for managers to prepare budget containing details about resources and introduce
these resources in operations of the company (Godnov and Redek, 2018). This will increase
efficiency of the organisational functions and operations.
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P4 Different stages of the HR life cycle of specific hospitality job role and their importance for
retaining and developing talent
Carnival Corporation Plc is UK's cruise service operator. It is necessary for managers to
increase efficiency of the company and increase employee retention. Managers and leaders
adopts HR life cycle in their operations which is described below-
Recruitment- This is the most important role of HR in the organisation. In Carnival
corporation and plc, managers hire and recruit talented employees so that productivity and
efficiency of functions will be increased.
On boarding – This is a phase in which freshers and new candidates are analysed for
knowing whether they will be beneficial for the company or not.
Career development- Carnival corporation and plc provides different opportunities to
its employees for building their efficiency and talent (Ervin, 2016). This helps workers of this
organisation to grow and develop their skills and knowledge.
Employee recognition- Carnival Corporation and plc uses different strategies to retain its
employees. Workers who are not satisfied with their job role are given proper guidance and
counselling to motivate them.
Off boarding – This is the last step of HR life cycle where employees of Carnival
corporation and plc leaves the organisation after discussing the offers.
Importance of HR life cycle in developing and retaining talent
Enhancing employee performance- The HR life cycle of Carnival corporation and plc
provide training and career development programs to its employees. This enhances skills and
knowledge of individuals and help them in increasing performance of the company.
Increase employee motivation- The managers of Carnival corporation and plc provides
rewards and appreciation to employees who work better (King and Lee, 2016). This helps in
increasing motivation of employees to work hard and achieve goals and objectives of the
company.
Increase employee retention- The HR life cycle of Carnival corporation and plc helps in
getting information about talented employees of the company. This HR life cycle keeps a track
of good performers of the company. It helps to retain those talented employees by rewarding and
awarding them.
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P5 Performance management plan for specific hospitality job role applying techniques to resolve
negative behaviour and overcome issues of staff retention
A Performance management plan is used by mangers to enhance performance of
employees and achieving desired outcomes of the organisation. The managers of Carnival
Corporation and plc analyses roles and responsibilities of job positions (Mejia and Torres, 2018).
This helps to compare expected and actual performance of the employees. The mangers of
company decides which individual requires training sessions for increasing efficiency and
performance. The performance management plan of waiters of Carnival corporation and Plc is
given below-
Job Title : Waiter
Department : House keeping
Company : Carnival Corporation and Plc
Date : 15-04-19
Improvement
Objectives
Success Criteria Additional support
required
Objective outcome
Waiters of Skills of
waiters in Carnival
Corporation and
Plc is not very
good for serving
their customers.
And also they use
to keep some rude
behaviour with
them. This all lead
to reduction in
customer
satisfaction.
For solving this issues,
it is important for
Carnival Corporation
and Plc to provide
proper training and
development sessions to
their waiters, so that
their behaviour can get
improved.
Also, waiters have to
analyse different
activities by which their
performance and
behaviour can get
improved in content of
organisation.
This all will results in
improving the skills and
behaviour of waiters
working in Carnival
Corporation and Plc, so
that customers can get
satisfied with the
services provided to
them.
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Also, manager of Carnival Corporation and Plc have to apply HR life cycle in appropriate
manner, so that they can hire employees with the skills required by them and also can make work
force which is capable to understand their roles and responsibilities in organisation, so that
organisation can attain their goals and objectives (Sipe, 2013).
P6 Identify specific legislation
There are ample number of legislation which is designed by carnival corporation and Plc
to be followed at workplace for performing different operations. There are following legislation
described below-
Employment Act, 2002- The government of UK has made employment act for
protecting employees of the organisations to feel safe and protected at workplace. These rights
help in protecting employees against harassments, equality issues, etc (Employment Act, 2002,
2019). It is important for Carnival Corporation and Plc to study and analyse legislation and
provide equal rights for individuals working in the company. This will protect this organisation
to avoid any case of legal issue.
Equity Act, 2010- This act was introduced in 2010. According to this act, individual
should not be treated unequally. They cannot be discriminated on The basis of gender, religion,
caste, etc. at workplace. Carnival corporation and Plc help employees to work in an effective
manner and perform better and achieve objectives and goals of the company in specified time
frame.
P7 Impact of employment and contract law on decision making in the hospitality industry
An employment contract is an agreement between employee and employer that consists
terms of employment. This contract is not used in each employer- employee situation but it helps
in clarifying many items of this relationship. Once this contract is signed, it binds upon employee
and employer. A written contract will provide protection to both employee and employer and it
looks both parties onto an explicit agreement. In carnival corporation this agreement helps to
protect the terms between managers and employees of the company.
P8 Functional roles within hospitality industry
There are a number of roles and responsibilities which are required to interact and make
functioning of the organisation easy and smooth. There are following functional roles which are
independent to each other. They are described below-
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