Exploring Key Aspects of Hospitality Management: A Business Toolkit

Desklib provides past papers and solved assignments for students. This report offers a comprehensive toolkit for hospitality business success.

HOSPITALITY BUSINESS TOOLKIT
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Table of Contents
Introduction:...............................................................................................................................3
P1(LO1): Investigate the principles of managing and monitoring financial performance........3
P2(LO1) Apply the double entry bookkeeping system of debits and credits to record sales and
purchases transactions in a general ledger.................................................................................4
P3(LO1) Produce a basic trial balance applying the use of the balance of rule to complete the
ledger..........................................................................................................................................4
P4(LO2) Review the different stages of the HR life cycle applied to a specific hospitality job
role and their importance for retaining and developing talent...................................................6
P5 (LO2) Develop a performance management plan for a specific hospitality job role
applying techniques to resolve both negative behaviour and overcome issues of staff retention
....................................................................................................................................................7
P6 (LO3) Identify specific legislation that a hospitality organisation has to comply and adhere
to.................................................................................................................................................7
P7 (LO3) Using specific examples illustrate how the company, employment and contract law
has a potential impact on business decision making in the hospitality industry........................8
P8 (LO4) Explore how different functional roles within the hospitality sector interrelate.....10
P9 (LO4) Explain the different methods of communication, coordination and monitoring
applied within a specific department of a hospitality organisation to strengthen the value
chain.........................................................................................................................................10
Conclusion:..............................................................................................................................11
Reference:................................................................................................................................12

Introduction:
The above topic offers resources and tips which will help all the candidates who are
interested in doing jobs in the hospitality management. The toolkit is based on five principles
and each of them form one section of the toolkit. The main five principles are as follows:
1. Culture
2. Standards
3. Learning and development
4. Progression
5. Performance
In, this above topic all the necessary points and all the parts of a hospitality toolkit will be
discussed. This business is growing day by day and the vacancies are being increased in this
sector. This sector has vast knowledge and vast work to deal with. Therefore, many efficient
workers are taken so that they can give a good output in this business.
P1 (LO1): Investigate the principles of managing and monitoring financial performance
There are many principles of monitoring and managing financial performance and those are:
1. There should be the preparation of key financial statements- Here, for managing the
financial performance we prepare a short financial statement in which all the profit
loss statement are present (Gursoy, 2018). Therefore, it helps the business to expand
their areas.
2. Preparing aged debtors trial balance- The Company should make a debtors trial
balance in every month to see how much the organization owes money from a person.
They can also keep a track of all the irregular contents and see who the defaulters are.

3. Preparation of inventory records- There are many tools in the hospitality manage
which are used in many purposes. All, the equipment are very costly and hence they
are been recorded in a file (Altin et al., 2018).
4. Preparation of fund and cash flow statements- They are a vital part of a business. This
statement means that how much liquid cash has come to the organization.
P2(LO1) Apply the double entry bookkeeping system of debits and credits to record
sales and purchases transactions in a general ledger
The Double entry bookkeeping defines that in this every entry, an account is required an
opposite and corresponding entry to another different account (Filimonau and Brown, 2018).
This term double entry generally has two corresponding and equal sites, which are known as
credit-debit. Therefore, the accounting equation becomes
Assets = Equity + Liabilities
Transactions done is written in the book accounts by applying three golden rules, which are:
1. Real account
2. Personal account
3. Nominal account
P3(LO1) Produce a basic trial balance applying the use of the balance of rule to
complete the ledger
In order for preparation of a trial balance any time, it's necessary to determine the balance on
each of the account. This process can also be defined as “balancing off” the ledger accounts.
The trial balance can then be prepared by listing all the closing balance from the ledger
whether the account has debit or credit balance. Basically, there are three types of trial
balance which are as follows:
1. The unadjusted trial balance

2. The adjusted trial balance
3. The post-closing trial balance
For analysing the sales and purchase transaction we use two steps which are as follows:
1. Built-in error checking- in this the double entry system is built in a form of error
checking. In this when the accountants and bookkeepers apply double entry methods
properly they see that the total sum of the entire debit entries in the account ledger for
the accounting period must be equal to the total sum of all credit entries.
All Debits = All Credits
2. Balance sheet balance and tracking all transactions- maintaining a balance sheet helps
an organization a lot that is the balance-sheet contains all the expenditure and income
of an organization (Peters and Kallmuenzer, 2018). In the balance sheet, all the
necessary report are given by which a company can see its economical status
Trial balance and trial balance period isare referred to an error checking step in the
accounting cycle (Kasim et al., 2018). The terms have the same meaning majorly in double
entry accounting system, below diagram will help you to know more.

P4(LO2) Review the different stages of the HR life cycle applied to a specific hospitality
job role and their importance for retaining and developing talent
Basically, there are five stages of the HR life cycle which are applied to a specific hospitality
job role which is as follows:
1. Recruitment
2. Motivation
3. Education
4. Celebration
5. Evaluation
With the help of all the stages, a good nourishing candidate gets evolved. This stage play an
important role in an organization.

P5 (LO2) Develop a performance management plan for a specific hospitality job role
applying techniques to resolve both negative behaviour and overcome issues of staff
retention
The performance management process in an organization that is in a hospitality job
following plans are needed to be there by which all problems faced should be resolved which
are :
1. Strategic planning
2. Total compensation
3. Individual and team development
4. Succession planning
5. HR technology systems
There should be proper performance management for resolving all the issues in an
organization. The elements for making the performance proper are:
 Proper goal setting that is you should have some goals which are:
1. Job description goals
2. Project goals
3. Behavioural goals
4. Stretch goals
 Performance review
 Performance improvement plans
P6 (LO3) Identify specific legislation that a hospitality organisation has to comply and
adhere to
A working knowledge that governs the hospitality industry is a good part of knowledge
(Buhalis and Leung, 2018). All the workers that are employees, the manager need to know

about all the hospitality laws or innkeeper laws as the time it is seen that many are breaking
them and which are not to be broken.
P7 (LO3) Using specific examples illustrate how the company, employment and contract
law has a potential impact on business decision making in the hospitality industry
For different approaches, the management used by different organizations are as follows:
1. Legislation
2. Regulations
3. Standards
These are the key to management in an organization. Also, there should an employment law
present in the organization (Martinez-Martinez et al., 2018). By this law, a good impact falls
on the business. In addition, company law should also be introduced which is very important
for a business organization.
Management of talent is not so simple as a human resource. Talent management plays a vital
role that is it is committed to manage, hire, develop, retain the most efficient and talented
employees (Mariani et al., 2018). It plays an important role in business strategy. Below given
dig show is how talent is important in an organization.

Government regulations affect the services that are the financial services of the industry in
many ways (Harrington et al., 2018). However, the impact depends on the nature of
regulation. Some other types of regulation that affect financial services are the following:
1. The securities and exchange commission
2. Environmental protection agency
3. The government as a moderator
There some best ways for improvement in effective talent planning through an HR life cycle
which are as follows:
1. By setting clear expectations and align organizational goals
2. Go beyond regular performance appraisals
3. Provide professional development opportunities
4. Measure and improve talent management with analytics
There are many ethical issues, which a manager can face in future when it comes to
delivering compassionateness and responsible care of the customer and those are:
1. Confidentiality of customer.

2. Relationships with customers.
3. Negligence and Malpractice.
4. Informed consent
P8 (LO4) Explore how different functional roles within the hospitality sector interrelate
The hospitality sector interrelates with each other and they contain the following sectors,
which are:
1. Accommodation of lodging
2. Beverage and food.
3. Tourism and travel.
4. Sharing of time.
5. Entertainment industry
P9 (LO4) Explain the different methods of communication, coordination and
monitoring applied within a specific department of a hospitality organisation to
strengthen the value chain
The different methods of communication, coordination and monitoring are as follows:
1. Need to send weekly correspondence to the entire employees of the organisation.
2. Needs to create a better atmosphere where people can talk with each other
comfortably.
3. Need to hold the meeting of the town hall.
4. Need to put a leadership conference with the top leaders of the organisation.
5. Need to answer all quires of employees.
There are mainly five types of methods for communication, which relates to coordination and
monitoring of department are as follows:
Verbal communication

Visual communication
Written communication
Non- verbal communication
Formal and informal communication
There are especially four modes of communication, which are related to the coordination and
monitoring of works in hospitality organization which are:
1. Verbal communication- in these communication all the works are done verbally
2. Non-verbal communication- in these all the works are in a non-verbal way
3. Formal and informal communication- informal communication is done in a formal
way (Starks and Carroll, 2018). Whereas, in informal communication, the
communication is done in an informal way
4. Visual communication- communication is visually
5. Written communication- communication is done in a written way that is by writing a
manuscript
6. Oral communication- communication is done orally
Conclusion:
People need to understand the hospitality business and they should provide more care in this
sector. With the help of technology, many sectors are improving themselves and create there
expected field more competitive than before. Therefore, all the managers of this type of
organisation need to follow the better strategy and apply new innovative ideas to improve the
performance of the respected organisation.

Reference:
Altin, M., Koseoglu, M.A., Yu, X. and Riasi, A., 2018. Performance measurement and
management research in the hospitality and tourism industry. International Journal of
Contemporary Hospitality Management, 30(2), pp.1172-1189.
Buhalis, D. and Leung, R., 2018. Smart hospitality—Interconnectivity and interoperability
towards an ecosystem. International Journal of Hospitality Management, 71, pp.41-50.
Filimonau, V. and Brown, L., 2018. ‘Last hospitality’as an overlooked dimension in
contemporary hospitality theory and practice. International Journal of Hospitality
Management, 74, pp.67-74.
Gursoy, D., 2018. Future of hospitality marketing and management research. Tourism
management perspectives, 25, pp.185-188.
Harrington, R.J., Hammond, R.K., Ottenbacher, M.C., Chathoth, P.K. and Marlowe, B.,
2019. From goods-service logic to a memory-dominant logic: Business logic evolution and
application in hospitality. International Journal of Hospitality Management, 76, pp.252-260.
Kasim, A., Ekinci, Y., Altinay, L. and Hussain, K., 2018. Impact of market orientation,
organizational learning and market conditions on small and medium-sized hospitality
enterprises. Journal of Hospitality Marketing & Management, 27(7), pp.855-875.
Mariani, M., Baggio, R., Fuchs, M. and Höepken, W., 2018. Business intelligence and big
data in hospitality and tourism: a systematic literature review. International Journal of
Contemporary Hospitality Management, 30(12), pp.3514-3554.
Martinez-Martinez, A., Cegarra-Navarro, J.G., Garcia-Perez, A. and Wensley, A., 2019.
Knowledge agents as drivers of environmental sustainability and business performance in the
hospitality sector. Tourism Management, 70, pp.381-389.
Peters, M. and Kallmuenzer, A., 2018. Entrepreneurial orientation in family firms: The case
of the hospitality industry. Current Issues in Tourism, 21(1), pp.21-40.