Detailed Analysis of Radisson's Hospitality Business Toolkit Report

This report provides a detailed analysis of a hospitality business toolkit, using Radisson as a case study. It begins by examining the principles of managing and monitoring financial performance, including maintaining inventory, creating financial statements, and evaluating overhead costs. The report then delves into the double-entry bookkeeping system, illustrating how to record sales and purchase transactions in the general ledger and produce a trial balance. Furthermore, it reviews the different stages of the HR life cycle, including recruitment, induction, development, retention, and separation, and their importance in developing talent within the hospitality industry. The report also outlines a performance management plan, detailing steps for planning, coaching, appraising, and taking action to improve employee performance and address negative behaviors. Finally, it discusses specific legislation relevant to the hospitality industry and illustrates how company, employment, and contract law impact business decision-making. The report concludes by summarizing key findings and providing references to the sources used.

Hospitality Business
Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Study the principles of managing and monitoring financial performance.............................3
Utilize the double entry bookkeeping system of debit and credits to record sale and purchase
transaction in general ledger ..................................................................................................4
Produce a basic trial balance applying the use of the balance off rule to complete the ledger8
Review the different stages of the HR life cycle applied to a particular hospitality job role and
their importance for developing talent...................................................................................9
Create a performance management plan for a specific hospitality job role applying the
method to resolve both negative behaviour and overcome the issues of staff retention .....10
Determine the specific legislation that a hospitality organisation has to follow..................11
Using specific examples illustrate how company,employment and contract law has a potential
impact upon business decision-making in the hospitality industry......................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................13

INTRODUCTION
Hospitality industry provides the services of lodging,food,event planning etc it includes
hotels, resorts,bar which give the relaxation to the tourist who comes for visit. Every industry
wants to provides the best services to its customers so that it can profit in the market. An
organisation should understand the business tools which drive its profitability and success.
Business tools which helps the organisation to earn its profit are human capital, recruitment of
the employees, effective utilisation of resources etc(Andreu and Palomo,2020).
Radisson is one of the top hospitality industry in the world it is originated in united states which
provides the luxurious facilities to the customer. It is easily affordable for business and event
purposes. Radisson have more than 1,100 hotels around the world its main focus is the safety and
security of the guests and the employees who are the working in the organisation. In this report
we will analyse how business tools helps Radisson to increase its profit and market share.
MAIN BODY
Study the principles of managing and monitoring financial performance.
Financial performance is basically the measure of assets which the company utilise for
generating its revenue it indicates how the organisation is performing its task. With the help of
financial performance company can observe the area where it is lacking behind so that they can
improve their performance. Financial performance management has number of principles which
helps in monitoring the financial condition of the company(Wang and Sarkis,2017).
 Maintain a proper of stock and inventory: It helps in maintaining a complete record of
raw material which the company has purchased in order to increase its profitability. It
also helps in gaining the knowledge about the extra purchase which in done by the
company.
 Creating financial statement report: it helps in the overview of companies current
financial position along with the balance sheet which help the organisation to analyse its
profit and loss so that the company can improve their performance in the coming year.
 Evaluating of overhead cost: It is basically the expenses incurred in manufacturing a
product it helps the company to know the additional expenses which are generated so that
company can reduces it and earn its profit .

Utilize the double entry bookkeeping system of debit and credits to record sale and purchase
transaction in general ledger
Double entry bookkeeping is a system of bookkeeping in which each and every entry to
an account requires an opposite and corresponding entry to the different account. It has two equal
and corresponding sides which are debit and credit. In double entry bookkeeping both sides of
the equation should be equal. If both the sides are not same then there is some mistake in the
equation which needs to be corrected(Faccia and Mosteanu,2019).

..Particulars...... Debit Credit
cash ...Account... Debit 28000
To capital 28000
Rent ...Account... Debit 2000
To Cash ...Account... 2000
Purchase ...Account... Debit 22000
To Cash ...Account... 12000
To Vendor ...Account... 10000
Prepaid Insurance Policy ...Account... Debit 1500
To Cash ...Account... 1500
Purchase ...Account... Debit 17000
To WH Adams Ltd ...Account... 17000
LaunDebity Fees ...Account... Debit 500
To Cash ...Account... 500
Telephone and Internet
Expenses ...Account... Debit 2500
To Cash ...Account... 2500
Water Charges ...Account... Debit 1000
To Cash ...Account... 1000
Wages and Salary ...Account... Debit 2550
To Cash ...Account... 2550
cash ...Account... Debit 15000
To Sales ...Account... 15000
cash ...Account... Debit 20000
To Sales ...Account... 20000
Ledger
Da
te ..Particulars......
J/
F
..Amo
unt.
Da
te ..Particulars...... J/F
..Amo
unt.
To
Capital ...Accou
nt... 28000 By Rent ...Account... 2000
To
Sales ...Accoun
t... 15000 By Purchase ...Account... 22000
To
Sales ...Account..
. 20000
By Prepaid Insurance
Policy ...Account...
1
5
0
0
By Laun Debity
Fees ...Account... 500

By Telephone and Internet expenses
...Account...
2
5
0
0
By Water
Charges ...Account... 1000
By Wages and Salary ...Account...
2
5
5
0
By Balance c/d 30950
63000 63000
Capital ...Account...
D
at
e ..Particulars......
J/
F ..Amount.
D
at
e
..Particulars...
...
J/
F
..Am
ount.
To Balance c/d 28000
By
Cash ...Acco
unt...
2800
0
28000
2800
0
Rent ...Account...
D
at
e ..Particulars......
J/
F ..Amount.
D
at
e
..Particulars...
...
J/
F
..Am
ount.
To
Cash ...Account.
.. 2000
By Balance
c/d 2000
2000 2000
Purchase ...Account...
D
at
e ..Particulars......
J/
F ..Amount.
D
at
e
..Particulars...
...
J/
F
..Am
ount.
To
Cash ...Account.
.. 12000
By Balance
c/d
3900
0
To
Vendors ...Acco
unt... 10000
To WH Adams
Ltd ...Account... 17000

39000
3900
0
Prepaid Insurance
Policy ...Account...
D
at
e ..Particulars......
J/
F ..Amount.
D
at
e
..Particulars...
...
J/
F
..Am
ount.
To
Cash ...Account.
.. 1500
By Balance
c/d
15
00
1500
15
00
WH Adams
Ltd ...Account...
D
at
e ..Particulars......
J/
F ..Amount.
D
at
e
..Particulars...
...
J/
F
..Am
ount.
To Balance c/d 17000
By
Purchase ...A
ccount...
1700
0
17000
1700
0
LaunDebity
Fees ...Account...
D
at
e ..Particulars......
J/
F ..Amount.
D
at
e
..Particulars...
...
J/
F
..Am
ount.
To
Cash ...Account.
.. 500
By Balance
c/d 500
500 500
Telephone and Internet
Expenses ...Account...
D
at
e ..Particulars......
J/
F ..Amount.
D
at
e
..Particulars...
...
J/
F
..Am
ount.
To
Cash ...Account.
.. 2500
By Balance
c/d 2500
2500 2500
Water

Charges ...Account...
D
at
e ..Particulars......
J/
F ..Amount.
D
at
e
..Particulars...
...
J/
F
..Am
ount.
To
Cash ...Account.
.. 1000
By Balance
c/d 1000
1000 1000
Wages and
Salary ...Account...
D
at
e ..Particulars......
J/
F ..Amount.
D
at
e
..Particulars...
...
J/
F
..Am
ount.
To
Cash ...Account.
.. 2550
By Balance
c/d 2550
2550 2550
Sales ...Account...
D
at
e ..Particulars......
J/
F ..Amount.
D
at
e
..Particulars...
...
J/
F
..Am
ount.
To Balance c/d 35000
By
Cash ...Acco
unt...
1500
0
By
Cash ...Acco
unt...
2000
0
35000
3500
0
Produce a basic trial balance applying the use of the balance off rule to complete the ledger
Trial balance is basically a general ledger account of revenue and capital which is
presented in a single worksheet to evaluate the profit and loss of the company. In trial balance
both sides needs to be equal(Gurskaya and Bagdasaryan,2019).
..Particulars...... Debit Cr
Cash ...Account... 30950
Capital ...Account... 28000
Rent ...Account... 2000
Purchase ...Account... 39000

Prepaid insurance Policy 1500
WH Adams
Ltd ...Account... 17000
LaunDebity
fees ...Account... 500
Telephone and Internet
expenses ...Account... 2500
Water
Charges ...Account... 1000
Wages and
salary ...Account... 2550
Sales ...Account... 35000
Total 80000 80000
Review the different stages of the HR life cycle applied to a particular hospitality job role and
their importance for developing talent.
HR life cycle the basically the journey of the employee within the organisation they
work. There are five stages of human resource life cycle:
 Recruitment: It is basically the selection of the best employees for each role of the
organisation. Recruitment of the well skilled employees is very important for the
organisation to increase its profit. The human resource management should hire the
employees according to their skill and knowledge they have so that they should face any
issue while working in the organisation(Bradshaw and Shaw,2019).
 Induction: Once the employees is selected induction session is planned for them in which
the management guides them about the values and vision of the organisation so that
employees can perform accordingly and increase the productivity of the business.
 Development: A leader should identify the skills of their employees and assign the work
according to that so that they can expertise in the work which is provided to them also it
will helps them to enhance their skill and knowledge which will develop the chances of
growth in the organisation.
 Retention: it is basically the power of the management to retain its employees in the
organisation it can be done by providing friendly environment to the employees so that
they can feel free to share their issue and resolve them which will not make them
frustrated and maintain their performance in the organisation. Organisation should clear

their expectation from the employees at the time of their hiring to maintain the
transparency which will help to avoid conflicts in the organisation(Carpi and Şenoğuz
2019).
 Separation:Human resource management should confirm with the employees about the
reason of separation from the organisation and should try to retain the good employees so
that organisation growth cannot get affected they should also approve the resignation of
the employees if they wants to leave the organisation. Because forcing the employees and
not approving their resignation will give the negative impact on the other employees also.
Which the effect the working environment of the organisation.
Radisson as the reputative hospitality industry has to follow the above human resource life cycle
to continue its growth in the environment because if they will not hire the employees according
to their skills then their business will get affected and their productivity will also decrease
because main motive of the hospitality industry is to satisfy their customer through the services
which they are providing .
Create a performance management plan for a specific hospitality job role applying the method to
resolve both negative behaviour and overcome the issues of staff retention
Performance management plan is the development of new techniques and methods to
improve the performance of the employees. It is basically increasing the efficiency of the
employees to work more effectively in the organisation. In performance management plan leader
and subordinates of the radisson discuss the standard which they have to met and where they are
lacking behind which will give them the direction to perform the duties(Chapuis and
Drogoul,2018). It properly guides the overall performance of the organisation into the specific
objectives of each business unit, so that employees and the organisation can clear the expected
results which they have to achieve in future.
Steps in the performance management process are:
 Planning: It is the first step of every business in order to achieve its goals because
planning plays an important role for the profitability of the business. Organisation has to
plan their long and short term goals which they have to achieve so that they can guide
their employees to work accordingly. Radisson should also involve their employees in
their decision making which will increase the efficiency of the employees(Chung,2018).

 Coaching: Radisson should organise a timely meeting for their employees on the regular
basis because during the meeting proper guidance can be given to the individual which
will enhance their work and improve their quality providing the proper coaching and
training to the individual helps the organisation to increase its revenue in the market.
 Appraising the performance of the employees: Radisson should organise a performance
appraisal program for their employees where they should be appraise for the hard work
which they have done also guide the employees in the areas where improvement is
needed so that the performance of the employees can be enhanced in the organisation.
 Action: It is basically the reward given to the employees for the work which they done
for the growth of the organisation. In order to motivate their employees appraisal for the
work which they have done is very important to keep them motivated. Appraisal can be
in monetary form or in the form of promotion so that their career can also be developed
and organisation can earn more profit.
If proper management plan will be there in the organisation it will reduce the chances of conflicts
and also helps the employees to reduce their stress and work more effectively in the organisation.
proper management plan leads to develop a professional working environment for their
employees which will help in the retention of the employees in the organisation because if
employees will be satisfied with the job and then it will motivates them to continue with the
same organisation for a long period of time(Dolnicar,2020).
Determine the specific legislation that a hospitality organisation has to follow.
There are some law given by the government which Radisson has to follow in order to continue
it growth in the economy.
 Establishment and commissioning of hotels: this law is basically construction of
hotels,restaurants,guest house etc. this law also includes the industrial licensing policies,
land laws and foreign exchange management act. For the development of the hotels and
restaurant in the market. Radisson has to follow this law then only they can increase their
market share.
 Management and maintenance of hotel industry: these are the laws which are made of the
maintenance and security of the organisation. it includes insurance law,laws regarding
safety of workers,food and hygiene standard etc. these are the laws which the
organisation has to follow for the smooth functioning of the organisation. For example

food and hygiene standard law is meant to Ben the the sale of harmful food products so
that customer cannot suffer from food poisoning and company's reputation can also
maintained(Filimonau and Delysia,2019). Every organisation has to provide a proper
environment to its customer so that they can get attracted towards it and earn more profit
specially in the hospitality industry maintenance plays an important role because the
interior and the services of the organisation attracts the customer to visit the industry
once. For this organisation has to follow some legal rights so that its growth cannot get
affected and business can run smoothly in the market.
 Taxation and employment in hotel industry: There are certain tax which the organisation
has to pay according to their annual revenue which they are earning. If the organisation
will not pay the imposed tax then it can affect the growth of the organisation. There are
certain law for the employees regarding the payment of the work which they are doing
for the organisation in case the company is not providing timely payment to the
employees then they can take action against the organisation(Foster and Carver,2018). If
the organisation is forcing the employees to work more than the working hours of the
employees then company has pay the extra amount to the employees for their work if
they deny then employees can have the legal rights to take action against the company.
Using specific examples illustrate how company,employment and contract law has a potential
impact upon business decision-making in the hospitality industry.
Company law helps Radisson to modulate the incorporation of the organisation like how
a business should conducts its various activities without affecting the rules and regulation given
by the government. In the hospitality industry there are various laws given by the government for
the maintenance of the company and also for the safety of the customer. company has to follow
these rules for the smooth functioning of the business. In the hospitality industry company law
helps the business in making accurate decision so that they can perform their duties in a legal
format and can build up their reputation in the market.
Employment law helps the employees to perform their duties accordingly to their capacity
without doing any discrimination among the employees. it helps in the safety of the employees
and motivates them to work. if the organisation is not providing salary on time to the employees
then they can take action against the organisation employment law also help in the job security of
the employees which creates a positive impact in the mind of the employees and enhance their

performance. It helps Radisson to take decision accordingly so that employees cannot get
affected and conflicts can be reduced in the organisation(Hsu and Stanworth,2018).
Contract law is basically a bond which is made between the employee and the company which
includes the particular time frame in which the employee will serve the company .In hospitality
industry employees are basically hired on the contract basis and they have to performance their
duties according to the law which is maintained in the contract if the organisation goes against
the law then it can affect the performance of the organisation(Nelson,2018). So the company has
to take decision according to the law so that its productivity cannot get affected.
CONCLUSION
As per the report it has been analysed that business tools helps the organisation to
increase its productivity and overcome from the challenges that can occur in future. Radisson can
increase its profit by the help of business tools and can observe the areas where improvement is
needed so that the performance of the organisation cannot get affected.
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