Hospitality Business Toolkit: Financial and HR Report for Kickapoo Joy

This report provides a comprehensive analysis of financial management, human resources, and communication strategies within the hospitality industry, using Kickapoo Joy Juice as a case study. It delves into financial transactions, double-entry bookkeeping, cost analysis (fixed, variable, semi-variable), and the importance of accurate accounting records. The report also examines talent acquisition and retention challenges, explores the HR lifecycle, and evaluates performance management plans. Additionally, it covers the role of financial management in achieving business growth and evaluates various communication methods. The report provides an overview of the issues in talent acquisition and retention within the food & beverage industry, relates factors to a specific hospitality job in food & beverage industry, identification of specific legislation and reflection in company's employment contract or its potential impact on business decision making.

Hospitality Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.Introduction to the financial transactions along with the identification of the types of source
documents and recording processes.......................................................................................1
2.The principle of double entry bookkeeping system............................................................2
3.Demonstrate the need for an accounting report and presentation of a trail balance by using a
sample data.............................................................................................................................2
4.Analysis of the types of cost that how they can be managed to influence the financial
performance............................................................................................................................3
5.Evaluation of the importance of accurate recording of the transactions with accepted
accounting principles..............................................................................................................4
6.Critically evaluation of the role of financial management and monitoring in achieving
positive growth in the business...............................................................................................5
TASK 2............................................................................................................................................5
1.Overview of the issues in talent acquisition and retention within the food & beverage
industry...................................................................................................................................5
2.Relate factors to a specific hospitality job in food & beverage industry.............................6
3.Identification of specific legislation and reflection in company's employment contract or its
potential impact on business decision making.......................................................................6
4.Evaluation of the stages of HR life cycle and the importance HR plays in supporting,
growing and retaining talent applied in the specific job role.................................................7
5. Develop a performance management plan to support the specific job role.......................9
6.Recommendations on processes and documents at each stage of the HR life cycle can be
improved.................................................................................................................................9
TASK 3..........................................................................................................................................10

Covered in to PPT................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Hospitality industry is broad group of business that provide various services to
customers. It can be a wide category of fields within the service industry that includes lodging,
accommodation, event planning, transportation and other related services. This assignment is
discussed about Kickapoo Joy juice & Drinks which is London Based company specialises in
salads, juice and smoothies. This task is discussed about principles of financial management and
double entry bookkeeping system on translations in a ledger. Types of cost and influence of
financial performance is explained and critically evaluation of the role of financial management
to monitor or achieving positive growth in the business. This report will further review the
various stages of HR life cycle, performance management plan and specific legislation of the
hospitality organisation. Different functional roles, various communication methods and the
effectiveness of that methods will explained in the report. A mind map of different
communication methods and recommendation son processes or documents which make
improvement in company's departmental integration are defined (Jayawardena and et. al., 2013).
TASK 1
1.Introduction to the financial transactions along with the identification of the types of source
documents and recording processes
Financial transaction is an agreement that carried out between buyer and seller to make
exchange an assets for payment. These transactions involves a change in the status of the
finances of two or more individuals. In Kickapoo joy, these transactions take place when the
goods are exchanged at one time and the money at another.
Source documents- It is a written documents that provide details of a transaction and the
evidence that the transaction has taken place. In Kickapoo joy, they are important for the
company because they provide information about business transaction, date of transaction,
specific amount of money, authorizing signature and back up the accounting journals and general
ledger during an accounting and tax audit. There are various types of source documents such as
checks, invoices, receipts, credit memo, deposit slips etc.
Recording process- It is a process that record and have information about the financial
transaction of the firm and organisation (Kysilka and Csaba, 2013). In Kickapoo joy, the
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management department of this company use various source documents to record the transaction
of the company.
2.The principle of double entry bookkeeping system
The basic principle of double entry bookkeeping is that there are two entries in every
transaction, one is credit and another is debit. Debit refers to entering an amount the left side of
an account and credit means to enter an amount on the right side of an account (Benckendorff
and et. al., 2015). Kickapoo joy can use these principles to manage its personal income and
expenditure that are occurred in the organisation.
Particulars Debit Credit
Cash in hand (Overdraft) 10700
Petty cash expenses 750
Cash sales 3350
Credit card sales 14795
Free issues 575
New kitchen equipments 6540
Food purchase 7900
Beverage purchases 12970
Purchase return 200
Discount received 2300
Credit notes 190
Rent 2850
Utilities 475
Functions and events (Income) 5967
Wages 4590
Debtors 700
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Till shortage 152
Total 37502 37502
3.Demonstrate the need for an accounting report and presentation of a trail balance by using a
sample data
Trail balance is bookkeeping worksheet in which the balances of all ledgers are compiled
into debit and credit account column tools that are equal (Ivasciuc and Epuran, 2015). Kickapoo
joy can prepare a trial balance after a fix period of time at the end of every reporting period. In
this it can record its financial transactions and at the end of the accounting year, the company
record its transactions in general ledger journals.
Particulars Debit Credit
Bank loan 12000
Cash in hand 11700
Capital 13000
Rates 1880
Trade creditors 11200
Purchases 12400
Sales 14600
Sundry creditors 1620
Debtors 12000
bank loan interest 1400
Other expenses 11020
Vehicles 2020
Total 52420 52420
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4.Analysis of the types of cost that how they can be managed to influence the financial
performance
Cost is the combination of all those expenses that are run by a business to deliver goods
and services to the customers. In accounting, there are various types of cost that is important to
operate the business of the company. They are following and related to the business of Kickapoo
joy:
Fixed cost-It is that cost which is fixed on every quantity of the products and services of
a business. Kickapoo joy, it is related to the products and services of this company such as juice,
drinks and other food services. For example, rent, insurance and depreciation etc. are the
example of fixed cost.
Variable cost- It is the cost that change according to the quantity of the goods and
services that a business produces changes. It is the cost which is different according the quality
and the quantity of the products (Nayak and Taylor, 2018). In Kickapoo joy, it is related to food,
salaries, equipments, expenditures, marketing etc.
Semi variable cost- It is known as semi fixed cost and composed of a mixture of both
fixed and variable components. This cost is partially fixed on some items or variable on some so
known as variable cost. In Kickapoo joy, it is related to facility rent, staffing expenses and others
(Bruce and Stephens, 2017).
These all types of costs can influence the business of the company in different terms. For
example if the firm use fixed cost of its product, it create negative impact because for all kind of
product, company use different production process and raw material which consume high and
low cost so if company follow the concept of fixed cost than its influence the business of the
company. Variable and semi variable cost are also influence the financial performance of the
company. It positively impact the financial performance of the company because by using it, the
organisation can enhance its sales and earn profit.
5.Evaluation of the importance of accurate recording of the transactions with accepted
accounting principles
Accurate recording of the transaction is important for the business of the company. In
Kickapoo joy, if the management department of the firm make accurate record and correct data,
it can save from the risk of extra expenses of the business of the company.
Accounting principles
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For having accurate recording of the financial transactions, the company can use
accounting principles, they are as following:
Accrual principle- It is a concept or principle by using or applying it, the organisation
can maintain the record of the transaction sin the accounting periods. In Kickapoo joy, it is
important for the construction of financial statements that provide information about the financial
transaction of the company that are happened in an accounting period. It is essential for the
business of the firm because it help the company to record the accurate transaction of the credit
and debit.
Cost principle- It is another accounting principle that can be used by the companies to
record its assets, liabilities and equity investments at their original purchase costs. For Kickapoo
joy, it is important because by using it the organisation can get correct information about record
assets and heading in the direction of adjusting assets and liabilities to their fair values
(Queckenstedt and et. al., 2017).
To maintain or having accurate recordings of financial transactions is important in such
manners which given below:
 If the company maintain accurate data of each transaction of the company, it provide
financial transparency between the business and shareholders (Foster and Carver, 2018).
 Having accurate transactions record, the firm can evaluate tax liability and reduce the risk
of high tax.
 It help in better decision making, planning and forecasting if the company have accurate
recording of the company's business transaction.
6.Critically evaluation of the role of financial management and monitoring in achieving positive
growth in the business
Financial management is a process of planning , organising, controlling and monitoring
financial resources to achieve organisational goals and aims. It focus on the ratios, equity and
debt or the main objective of it is profit maximization and maintaining proper cash flow. The
main objective of financial management is that to maintain or having proper record of each
financial transaction and resources such as debit, credit, assets, equity and others. The company
revenue of the company will increase it positivity impacted the business of the company and
achieving growth in positive way. Having accurate recording of transaction, it make transparency
in the business and increase the number of shareholders and investors. It help in increasing the
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business growth of Kickapoo joy. Account payables provides an organisation with information
about accounts with suppliers. It can help the company recover past due accounts before they
become bad debts which help in monitoring or achieving positive growth in the business (Liu,
2018).
TASK 2
1.Overview of the issues in talent acquisition and retention within the food & beverage industry
Food and beverage industry is made up by various segments, including groceries, oils &
fats, food additives, packaged food, health & natural foods, baked food, soft drinks, alcoholic
drinks and energy drinks etc. Talent acquisition ans recruitment is an area that poses some major
challenges and issues to F&B sector. There are several issues occurs in this industry related to
talent acquisition and retention.
Issues in talent acquisition
There are various issues that are facing by F&B industry during the time of recruitment,
they are as following:
Lack of skills and awareness- Due to advances in technology and innovation, each company and
industry need or required unique and special skills or talent. But lack or shortage of the skills this
industry face various challenges related to skills. In Kickapoo joy, the company face issue of
skilled and talented employees (Moratis, Melissen and Idowu, 2018). In this sector organisation
need food scientist, food technologist, line operator and others but lack or shortage of skill, the
management department of the firm are unable to get these talent. This issue is face by the
company because some of company are not provide proper training to their employees so they
are not make improvement in their skills and knowledge.
Issues in employee retention
There are various challenges and issues that are facing by food and beverage industry
related to retention are as following:
Salary Dissatisfaction- It is a big issues that are facing by Kickapoo joy related to its employees
retention. Every employees has high salary expectation and this is the major issue which create
the situation of retention. The employees of the company desires of reward for their good
performance and work, compensation, benefits etc. but the organisation do not provide them on
time so this problem facing by the company.
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2.Relate factors to a specific hospitality job in food & beverage industry
In Food and Beverage industry, Lack of skills and awareness and Salary Dissatisfaction
are two factor that are related to the job role of HR trainee because when Kickapoo joy organise
recruitment and selection process to this vacant position it face the negative impact of these
factors. Shortage of skilled and talented employees can negatively influence this job role and
create an issues for talent acquisition. Salary dissatisfaction is an another factor which also
negatively influence the job role of HR Trainee because during the time of hiring process, most
of the employees dissatisfy with their salary (Liu, 2018).
3.Identification of specific legislation and reflection in company's employment contract or its
potential impact on business decision making
The hospitality industry encompasses arts, entertainment, recreation, food services and
other various services. These all laws related to employees and guests, health and safety,
hygiene, alcoholic licensing regulations and various others. The specific legislations that
hospitality organisations has to comply and adhere to are as following:
Licence Act, 2003- It is law that is developed by the government of UK to regulate the
sale and consumption of alcohol. In UK, the sale of alcohol is restricted, only those restaurants,
pubs, shops and other can have permission who have this licence that is issued by the
government under this law (Nayak and Taylor, 2015). Kickapoo joy have this licence and
follows all the rules of this law such as this legislation allow for the consumption of alcohol by
those under in age of 18. By following this law, this company sold alcoholic drinks to those who
are following the set criteria of this act.
Workplace health and safety act 2011- It provides a framework to protect the health,
safety and welfare of all employees and workers. This act is founded by UK government to
provide protection to employees, contractors, trainees, employers and others. Kickapoo joy
follow all rules of this law and provide protection to its employees related to their health and
safety (Lashley, 2018).
The organisation clearly provide introduction and information about every law of
hospitality sector to its staff and employees so that they can follow them and do their work
according the set criteria of regulations. If they are not following them, it affect the company's
employment. For example, If the management department of the company follow all the rules
of licensing act, it help in increasing sales and achieving business objective of the company. If
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the company follow workplace health and safety law or provide protection to them, they feel
secure and motivated. It encouraged them to help in the organisational growth and increase the
profit of the company.
4.Evaluation of the stages of HR life cycle and the importance HR plays in supporting, growing
and retaining talent applied in the specific job role
There are various stages of HR life cycle which is necessary for HR mangers to follow
them when they are organise recruitment process. The HR manger of Kickapoo joy is going to
hire a HR trainee for the vacant position in the organisation. For this, the manger use various
advertisement channels such as social media, LinkedIn and others to provide notification to the
applicants for the vacant positions. There are various stages of HR life cycle that are as
following:
1.Recruitment- It is process of selecting, choosing, hiring a qualified or talented
candidate or applicant for the vacant position. In Kickapoo joy, the management department of
the company can organise this process to hire a candidate for the vacant position of HR Trainee.
For this the HR department need to create a strategic plan that include the understanding of the
position and a strategy to attract best candidates. They should develop an interviewing protocol
that may include written test and other interview requirements (Jayawardena and et. al., 2013).
2.Education- It is a process that is related to the knowledge of the employees related to
their new position. In Kickapoo joy, they should know about the role of HR Trainee, their
expectations and responsibilities towards this role. In HR life cycle in this stage, it is important
to HR to communicate about the culture and values of the company to new hires and fully
understand them their job duties and responsibilities. By assigning a co-worker to support their
transition and feel them more connected with the company, the HR manger can support the new
hires and reduce retention.
3.Motivation- It is important stage of the HR life cycle because lack of motivation
increase turnover. In Kickapoo joy, It is essential to motivate the new candidate so that can do
their work with all their efforts (Kysilka and Csaba, 2013). The HR can effectively motivate new
candidate by offering better compensation, benefits and opportunities for growth. By providing
recognition and appreciating their contribution, they support and motivate them.
4.Evaluation- In HR life cycle, in this stage, the supervisor analyse and evaluates the
performance of the employee. In Kickapoo joy, It is an important stage because it help in
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measuring the or determining the employees performance that they are fit or right for the job or
not. The HR manger of the company can conduct performance review and can offer training or
professional development to help employees so that they can make improvement in their skills.
5.Celebration- This is the last stage of the HR life cycle, in Kickapoo joy, in this stage
the HR manger rewarded the employees for their good work and recognize important milestones.
They offer unique benefits to employees such as flexible work schedule, gifts cards and extra
paid time of. By providing all these kind of motivation they support the employees and
encouraged them so that they can loyal towards the company and help in achieving organisation's
goals.
5. Develop a performance management plan to support the specific job role
Performance management plan is known as a performance action plan tool and it is a tool
to give an employee with performance deficiencies the opportunity to succeed. In , it can be used
to address failure to meet specific job goals or to ameliorate behaviour related concern.
The role play script is as following who is rude with colleagues, the description is as
below:
Script 1
Manager: Is this the way to talk to your colleagues?
Alice: “Sir, actually my intention was not this.”
Manager: “Listen to me whatever the reason you do not to argue or give justification. You must
ensure that if this will happen next time then you have to face its replications.”
Alice: “Okay Sir.”
Script 2
Manager: “What is the reason behind this behaviour?”
Alice: “I apologize for this because it was mine mistake.”
Manager: “ You need to ensure that next time this kind of fluctuation do not occur cause of your
behaviour.”
Alice: “ Sir, due to high work load this might have happened but I will make sure that I will
build good and healthy relation with my colleagues.”
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6.Recommendations on processes and documents at each stage of the HR life cycle can be
improved
There are 5 stages in HR life cycle like recruitment, education, motivation, evaluation
and celebration and it can be recommended to make improvement in each stage of this cycle that
the company can use recruitment documents in recruitment stages such as job description or
person specification (Benckendorff and et. al., 2015). It can use various methods of recruitment
such as interviewing, aptitude test and other to get talented candidate. In Education stage it can
make improvement by organising orientation or induction program to provide information about
the workplace and the job responsibilities. To improve the motivation stage the management
department of Kickapoo joy can organise training and motivational sessions to make
improvement in the skill of the employees. In evaluation stage, it can be recommended that the
manger can conduct performance appraisal to evaluate the employees performance. In
celebration, they can provide extra benefits such as they can send the employee on training
outside from the company which help in encouraging employees.
TASK 3
Covered in to PPT
CONCLUSION
In this assignment, it is concluded about the principle of of managing and monitoring
financial performance of Kickapoo joy, food & beverage department. The double entry
bookkeeping system of debits and credits to record sales and purchases transactions or a trail
balance is presented by using sample data. Various stages of HR life cycle is explained which is
important for retaining and developing talent. Performance management plan is defined which is
helpful for the enhancement in performance and achieving organisational targeted objectives and
aims. Various ways of communication are described to establish coordination within the
different department of the company.
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REFERENCES
Books & Journals
Jayawardena, C. and et. al., 2013. Trends and sustainability in the Canadian tourism and
hospitality industry. Worldwide Hospitality and Tourism Themes. 5(2). pp.132-150.
Kysilka, D. and Csaba, N., 2013. Employee turnover in the hospitality industry. Anale. Seria
Stiinte Economice. Timisoara. 19. p.377.
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.
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Ivasciuc, I. S. and Epuran, G., 2015. A Marketing approach on how continuous processes
improvement can contribute to hotel business Organic Growth. Bulletin of the
Transilvania University of Brasov. Economic Sciences. Series V. 8(2). p.185.
Nayak, R. and Taylor, J. Z., 2018. Food safety culture–the food inspectors’ perspective.
Worldwide Hospitality and Tourism Themes. 10(3). pp.376-381.
Bruce, J. and Stephens, C. A., 2017. Bridging secondary and postsecondary leadership
experiences: A toolkit for leadership learning facilitators. New directions for student
leadership, 2017(155). pp.95-106.
Queckenstedt, Y. and et. al., 2017. Examination of E-commerce Tools of Online Travel Agencies
and E-Commerce Websites: Developing a Toolkit for Independently-owned Hotel
Websites. PROCEEDINGS: Advances in International Interdisciplinary Business and
Economics Volume 8.
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perspectives on internationalisation in a business school with a revised
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Education. 16(2). pp.143-153.
Liu, Z., 2018, August. Creative Graphics Education Potential for Creativity of Hospitality
Students via Virtual Environment. In International Conference on Geometry and
Graphics (pp. 1643-1654). Springer, Cham.
Moratis, L., Melissen, F. and Idowu, S. O., 2018. Sustainable Business Models. Springer.
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Lashley, C., 2018. Academy of International Hospitality Research Conference, 27–28 March
2018: Slavery and Liberation. Research in Hospitality Management. 8(1). pp.1-4.
Sobaih, A. E. E., Ritchie, C. and Jones, E., 2012. Consulting the oracle?: Applications of
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International Journal of Contemporary Hospitality Management. 24(6). pp.886-906.
Rogerson, C. M., 2017. Business incubation for tourism SMME development: International and
South African experience.
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<https://www.accountingtools.com/articles/2017/5/15/basic-accounting-principles>.
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