Hospitality Business Toolkit Report: Financial, HR, and Legal Overview

This report examines the hospitality business, using Carnival Corporation & PLC as a case study. It delves into the principles of managing and monitoring financial performance, including preparing financial statements and managing expenditures. The report also demonstrates the double-entry bookkeeping system, providing journal entries, ledger accounts, and a trial balance. Furthermore, it explores the human resource cycle, focusing on recruitment, education, motivation, evaluation, and celebration within the context of hospitality job roles. The importance of these stages for retaining and developing talent is also discussed. Finally, the report identifies relevant legislation and the impact of employment and contract law on decision-making within the hospitality industry. The document also presents an overview of the interrelation of different function roles within the hospitality sector and different modes of communication within a specific department.

Hospitality Business
Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 principles of managing and monitoring financial performance.............................................1
P2 Double entry bookkeeping system of debits and credit to record sales and purchase...........2
P3 Producing a trail balance and applying use of balance off rule to complete ledger..............5
TASK 2............................................................................................................................................6
P4 Different stages of Human resource Cycle of hospitality job role and their importance in
retaining and developing talent...................................................................................................6
P5Developing a performance management plan for specific job role with applications of
techniques....................................................................................................................................7
TASK 3............................................................................................................................................8
P6 Identifying specific legislation that an organisation comply and adhere...............................8
P7 impact of employment and contract law on decision-making in hospitality industry...........9
TASK 4............................................................................................................................................9
P8 Interrelation of different function roles within hospitality sector.........................................9
P9 Different mode of communication, coordinating and monitoring within a specific
department.................................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In toady's context hospitality industry play's an effective role as it is accumulated with
different business that assist in facilitating a variety range of service for customer's. It main
motive is to enhance broad range of services in order to satisfy customer by providing
appropriate goods and services as per the need and preference(Bruce,and Stephens, 2017). In this
report an organisation chosen is Carnival Corporation & PLC, a British American cruise operator
and one of the leading travel leisure firm. This report is going investigate principles of managing
and monitoring financial performance as well as applying double entry system of debits and
credits in order to record sales and purchase transaction. Moreover, producing basic trial balance
in order to use balance of rule to complete ledger. Additionally, reviewing different stages of
human resource cycle applied to specific hospitality job role and its importance in retaining and
developing talent and identifying specific legislation within an hospitality organisation.
TASK 1
P1 principles of managing and monitoring financial performance
In business principles of managing are consideration or set of techniques that are applied
to interpret and examine the financial performance of a particular business. Herein, Carnival
Corporation & PLC are developing to monitor the financial performance in order to fulfil their
goals and objectives in an attractive manner. Therefore, some of the principles adopted by them
in order to improve better financial performance are determined below:
Preparing financial statements: It is essential for a business to monitor as well as
maintain financial performance which consist of profit and loss statements, trial balance and
balance sheet(Dirrigl and Noe, 2018). Herein, the manager of Carnival Corporation &PLC need
to prepare such statements in an sequential manner as it help to assist to know the financial
position.
Expenditure management: It is necessary for managers of company to assist and handle
expenses in order to know the capability of a particular firm. Herein, it is responsibility of a
manager in order to maintain and coordinate expenditure in an effective manner. Thus, it will
help an manager to know daily expenses of their business operation and function.

The above principle will assist a respective company in order to have proper principles
of managing and monitoring performance so that they can maintain their financial stability.
Apart from this they have adapted KPI's in their business such as:
Qualitative key performance indicator: It is the basic role of Carnival Corporation &
PLC to ensure proper information about the quality of work that are performed by employees as
well as staff members. As this method hep a respective organisation to analysis the performance
of employees by rating system so that it help to decrease the chance conflict among them.
Quantitative key performance indicator: With the help of quantitative key performance
indicator the manger of Carnival Corporation & PLC will be beneficial in judging performance
of employees in numeric value so that they are rewarded in an effective manner.
From the above it can be determined that manager of respective company can adopt
qualitative key performance indicator as it help them to judge performance of employees in an
appropriate manner.
P2 Double entry bookkeeping system of debits and credit to record sales and purchase
In context to business, double bookkeeping is a framework in which each transaction is
recorded in two accounts. Basically, it indicates that all the activities are related with finance that
are recorded into two different accounts (Eltayeb, 2018).Herein, the transaction of Carnival
Corporation & PLCC are recording their transaction method for determining its profitabilty nas
loss within accounting period.
Journal Entries
Date Particulars Debit Credit
February, 1 Purchase a/c
To Kate's kitchen a/c
5001
5001
February, 1 Purchase a/c
To Harry's a/c
29552
29552
February, 3 Beverage a/c
To Sales a/c
11203
11203
February, 3 Food a/c
To Sales a/c
1824
1824

February, 1 Kate's kitchen a/c
To Bank a/c
5001
5001
February, 10 Beverage a/c
To Sales a/c
8966
8966
February, 10 Food a/c
To Sales a/c
1687
1687
February, 14 Bank a/c
To Megaane a/c
2008
2008
February, 17 Beverage a/c
To Sales a/c
11710
11710
February, 17 Food a/c
To Sales a/c
1611
1611
February, 22 Harry a/c
To bank a/c
29552
29552
February, 22 Food a/c
To Kate a/c
7013
7013
February, 24 Beverage a/c
To Sales a/c
10614
10614
February, 24 Food a/c
To Sales a/c
1715
1715
Ledger account of different activities
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
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
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
Date Particular Amount Date Particular Amount
14th Feb By Bank 2008
28th Feb To balance b/d 2008
Total 2008 Total 2008
P3 Producing a trail balance and applying use of balance off rule to complete ledger
Balance off rule means that year closing accounts are closed are some are carried forward
for the next financial year. It is generally known as balance off method and its main aim is to
examine and measure all data that are covered in journal and ledger (Ervin, 2016).Herein, the
trail balance of Carnival corporation & PLC are accumulating different ledger that are
determined below:

TASK 2
P4 Different stages of Human resource Cycle of hospitality job role and their importance in
retaining and developing talent
In an organisation, human resource management play's an effective role as this
department related to job role within business(Foster and Carver,2 018). Initially, human
resource life cycle basically have different stages that are adopted by the manager of Carnival
Corporation & PLC are determined below:
Recruitment: In human resource life cycle recruitment is one of the initial stage that help
manger of Carnival Corporation & PLC to select right candidate for the right job designation.
Herein, they are hiring manger fro F&B department for Cruise Ship who have proper skills and
knowledge related to this designation. Moreover, proficient skill employees will help an
organisation to enhance its capability and productivity in competitive marketplace.
Education: In this stage each information is related to roles and duties that are provided
by an organisation to its employees so that they are ware about organisation norms and perform
their duty accordingly. Herein, the manager of Carnival Corporation & PLC limited need to
provide all relevant information to new candidate in order to bring awareness about is roles and
responsibility.
Motivation: In an organisation motivation play's an effective role as it help to encourage
employees so that they contribute their best towards achieving goals and objectives of a business.
Herein, manager of respective company need to motivate their employees of F&B as well as

other department too so that they perform their more in an effective manner. Apart from this,
appraising them on their performance and rewarding them with incentives and bonus.
Evaluation: In this stage it is the role and responsibility of a manger to measure and
evaluate the performance of employees. Herein, human resource manager of carnival corporation
& PLC need to measure the performance of F&B department employees so that their gaols and
objectives of hiring manger for specific department can be fulfilled and accomplished task
attractively.
Celebration: In human resource life cycle celebration is defined as last stage as at this
stage help manager to appreciate its employees performance and celebrate it with additional
benefits like gifts, incentives etc. Herein, the manger of Carnival Corporation & PLC need to
come cup with interesting activities that motivate their employees to work harder so that they can
celebrate their performance. Thus, in manner both employees and manger are bring sense of
belongingness towards each other as well as it is beneficial for an organisation too.
Importance of human recourse life cycle for retaining and developing talent within an
organisation: Herein, the importance of human resource cycle help in resolving issues of
worker retention and developing talent acquisition. It help in assisting moral value of employees
as well as their performance that help an organisation to achieve its goals and objectives in an
attractive manner(Godnov and Redek, 2018). Moreover, in context to Carnival Corporation &
PLC the importance of human resource cycle will help them to enhance their productivity and
profitability in competitive marketplace. It can also bring bring sense of belongingness so that
that lead to reduce less staff retention as well as maximising their talent by providing proper
training and development session to them.
P5Developing a performance management plan for specific job role with applications of
techniques
In an organisation performance management plan is consider to be flexible too that help
in developing performance of employees in an effective plan. Herein, this plan is implemented
by Carnival Corporation& PLC as they were facing problem like waiters who were not satisfied
with working condition as they don't want to cope with leader.
Plan: In context to Carnival Corporation& PLC they need to formulate certain plan and
policies regarding their employees and staff members so that they can reduce negative behaviour
and staff retention within an organisation.

Implement: Herein, mangers of Carnival Corporation & PLC need to implement their
plans and policies for their employees while performing each and every task so that uniformity
prevails within organisation. Moreover, it will assist employees to its full potential towards their
work.
Evaluate: Herein, mangers of Carnival Corporation & PLC need to monitor and
evaluate performance of employees so that they can achieve their gaols and objectives in an
effective manner. It will also help them to know its capability in competitive marketplace.
Feedback: Herein, the mangers of Carnival Corporation & PLC should welcome
feedback of their customers in an positive manner so that overcome with the issues with proper
and corrective action. Thus, it will help them to develop positive attitude towards their
employees and customer's as well as minimise turnover of workers.
Thus, it is responsibilities of manger to bring accountabilities in order to manage their staff and
facilitate them so that they can increase their productivity in competitive marketplace
TASK 3
P6 Identifying specific legislation that an organisation comply and adhere
In each organisation legislation play's a pivotal role in operating their business function
and activities in competitive marketplace. In case of hospitality sector it is crucial for a firm to
facilitate better service and obtain competitive advantages. Some of the legislation adopted by
them are described below:
Food and safety act(1990): This act is concerned about the food quality and safety of
customer's in a particular sector(King and Lee, 2016). Herein, Carnival Corporation & PLC
need to adopt this in order to assist and facilitate customer's with quality of food and safety
measure. If they fail to this they will be abided with certain penalty towards it.
Equality act (2010): This act indicates that every organisation need to maintain equality
irrespective of gender, age and religion. Herein, it is important for the manager of Carnival
Corporation & PLC to maintain equality among employees so that uniformity prevails with an
organisation. This will help them increase their capability and productivity in competitive
marketplace.
Thus, the above mention are some of the legislation that are need to main maintained by a
respective organisation in order to remain competitive in same product line industry.

P7 impact of employment and contract law on decision-making in hospitality industry
In toady's context there are various employment and contract law that impact both
positively and negatively in decision-making process of a particular organisation. Herein, each
legislation and regulation has its own impact in the business decision as well as the law of the
governing bodies which describes the body of corporations(Mejia and Torres, 2018). Moreover,
this legislations related to resolving the matters of the life cycle of any corporation which deals
with the formation, governance, funding along with death of the companies. Employment law
refers to legislations in the areas which describes the relationships between employer and
employee.
Apart from this, there are certain examples are as follows: LSER and Wettons were fined
as they have not implemented employment and contractual with in their business as they have
misused in minimum payment of wages to employees.
For such instance it is essential for Carnival Corporation & Plc to maintain such laws in
an effective manner so that they can good sustainability over competitive marketplace.
TASK 4
P8 Interrelation of different function roles within hospitality sector
In hospitality industry there are ample number of roles and responsibilities which are
interrelated with each other. Herein, functional department are interdependent with other roles
and responsibilities within Carnival Corporation & PLC which are described below: Service department of Carnival Corporation & PLC are interrelated with housekeeping
department as it help to know information related to vacancies, bookings as per it they
will perform their roles and responsibility. It also provide information related to facilities
that are need by customer's with their stay.
 Human resource department: Herein, human resource department of Carnival
corporation & Plc are connected with finance department so that employees as well as
staff members wages and salary are provided within time. Moreover, appropriate budget
is associated in selecting best candidate in order ton achieve organisation gaols and
objectives.
Thus, in a respective organisation each and every department are interrelated with each other
while performing their roles and responsibilities in an effective manner.

P9 Different mode of communication, coordinating and monitoring within a specific department
Herein, communication, coordinating and monitoring play's an effective role that help in
strengthening value chain of Carnival Corporation & Plc are determined below:
Email: In an organisation email act as an monitoring device because as it help in
assisting employees deviation in performing a specific role within an organisation(Nickson,
2013). Moreover, it also help an organisation to get reviews and attain feedback in order to add
value with an organisation performance.
Videoconferencing: It is the best way improve communication system and reputation of
an organisation. Herein, mangers of Carnival Corporation& Plc are adopting this method in
organising meetings with chain members in order to held instruction regarding housekeeping
and many more.
Thus, the above mention are some of the communication mode that are adopted by mangers of
respective organisation in order to have proper flow of communication.
CONCLUSION
From the above discussion it has been concluded that hospitality management play's an
effective role as it is accumulated with different business that assist in facilitating a variety range
of service for customer's. Herein, with the help of performance management plan assists the
organisation top build effectual strategy for solving the disputes and create effective working
environment. Apart from this, regulations and rules are added within firm to guide its operation
of the business to gain competitive advantage. Thus, various communication and monitoring
ways have been used to satisfy many departments of workers in an effective manner.