Assessing Financial Performance and HR Life Cycle in Hospitality Org

This report provides a comprehensive analysis of a hospitality organization, London House Hotels, focusing on financial performance management, the HR life cycle, legal compliance, and internal communication. It examines the principles of handling financial performance, including consistency, timeliness, justification, documentation, and certification. The report details the double-entry bookkeeping system, trial balance creation, and the importance of accurate transaction recording. Furthermore, it assesses the different stages of the HR life cycle, emphasizing their role in talent retention and development, and proposes a performance management plan to address negative behaviors. The report also identifies key legislations impacting the hotel and explores the influence of company, employment, and contract law on business operations. Finally, it investigates the interrelation between different functions within the hospitality sector and evaluates various communication methods used within the organization.

Hospitality Organisation

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. The principle of handling and managing the financial performance.....................................1
P2. The double entry book keeping system of debits and credits to record sales and purchases
transactions in general ledger.......................................................................................................2
P3. A basic trial balance with the use of the balance off rule to complete the ledger.................7
M1. Analyse the sales and purchase transaction to compile a trial balance using double entry
book keeping effectively .............................................................................................................8
D1. Record correctly transactions and produce an accurate trial balance by completing the
balance off ledger accounts and checking that each transaction is recorded with accepted
accounting principles...................................................................................................................9
TASK 2............................................................................................................................................9
P4. The different stages of HR life cycle to specific hospitality job and their importance for
retaining and developing talent....................................................................................................9
P5. A performance management plan for hospitality job role with techniques to resolve
negative behaviour as well as issues of staff. ...........................................................................10
M2. Evaluating the importance of HR life cycle to retain strategic talent management and
overcoming staff retention issues. .............................................................................................11
D2. Making recommendations and judgements on the ways HR processes and documents can
be improved for effective talent planning throughout the HR life cycle...................................12
P6 Identify specific legislations that London Hotel has to comply and adhere to ....................12
P7 Examples related with how company, employment and contract law has potential impact
on business.................................................................................................................................13
M3 Potential impact of regulation, legislation and ethical principle on an organization..........14
D3Critically reflect the potential impact of regulation, legislation and ethical principle of
London House Hotel decision -making. ...................................................................................14
TASK 4 .........................................................................................................................................15
P8 Interrelation between different functions and roles within hospitality sector......................15
P9 Different communication method, coordination and monitoring in the department............18
M4 Evaluate communication and its various methods in relation to London House Hotel.....19

D4 Evaluate communication and its various methods in relation to London House Hotel ...20
CONCLUSION .............................................................................................................................20
REFERENCES..............................................................................................................................21

INTRODUCTION
Hospitality is a service industry which covers wide categories of activities such as
accommodation, food & beverages, travel, parks, etc. The industry consists of hotels, restaurants,
agencies for tourism. Management of hospitality organisation is the framework of handling the
various parts that create hospitality industry. It focuses on developing structure of hotels and
their brands to conduct business efficiently. Effective hospitality organisation can be achieved by
providing diverse culture and excellent guest experience. For this report the chosen organisation
is London House Hotels which renders services of rooms to guests in a vintage property.
This report studies the principles of monitoring financial performance of an organisation
and assess the various stages of human resources life cycle. The important of HR in searching
and retaining talent in hospitality is also assess. The report evaluates several legislations
hospitality entity abide by and the impact of contract laws on the industry.
TASK 1
P1. The principle of handling and managing the financial performance
The essential business task owners undertakes is monitoring company's finance
performance to understand firm's position financially. Managers enjoys a big advantage when
they know the current standpoint of company as they can plan their future strategies on that
basis(Chapman, 2011). London House Hotels managers understand the importance of managing
the financial performance of business. The principles used by London House Hotels to monitor
performance financially are explained below:
Consistency: Principle of consistency highlights that all the transactions of company
should be handled in a rational manner. London House Hotels made policies and plan of actions
to address same kind of transactions that take place frequently.
Timeliness- The timeliness principle states that the transactions in a company should be
managed within a specified period of time. London House Hotels accountants settles all their
transactions in time to avoid any delays which can lead to affect firm finances.
Justification- This principle states the finances that supports company's goals and
provides information about whether finances are being used effectively as well as right places.
London House Hotels managers keep all the information of the firm's fields which needs
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financial assistance. Then, the strategists decides where the finances will be allotted and in what
amount.
Documentation- The principle of documentation highlights that a necessary
documentation about all the transactions that took place in a company must be done(Doniņa,
2015). The accountants at London House Hotels maintain, organize and retain complete data
about all the activities of the firm so that it can help in case of audit.
Certification- This principle emphasis on approval of all transactions of company that
should also carry right signatures of authorizers. London House Hotels managers always keeps
their accounts updated with proper certifications to avoid any discrepancies in firm.
P2. The double entry book keeping system of debits and credits to record sales and purchases
transactions in general ledger.
Double entry book keeping is a system of storing transactions of business where every
transaction is recorded as an individual entry under debit or credit particulars. The amount of
debits recorded should be equal to the amounts of credits. It helps in minimising errors in
company's books of accounting and balance the income with the expenditures. The sales and
purchases of London House Hotels are maintained in double entry book keeping system in
general ledger to know the profits of the company in exchange of the expenses it occurred.
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P3. A basic trial balance with the use of the balance off rule to complete the ledger
A book keeping record where all the balances of ledgers are collected into debit and
credit account and the total of the two is equal is refer as trial balance(Foster, McCabe and
Dewhurst, 2010). The trial balance of London House Hotels is maintained by recording all the
ledger accounts balance in the form of debit and credit of a specific span of time consists of sum
of assets, revenues, expenses and liabilities account.
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M1. Analyse the sales and purchase transaction to compile a trial balance using double entry
book keeping effectively
Sales of a company are form of revenues for a company so its amount goes in the credit
side of trial balance. The sales of London House Hotels consist of the accommodation and food
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services it provides to the guests. Likewise, the purchase are the expenses which are written on
the debit side which includes the expenses used for the smooth operations of the hotel.
D1. Record correctly transactions and produce an accurate trial balance by completing the
balance off ledger accounts and checking that each transaction is recorded with accepted
accounting principles
By recording transactions in trial balance it is analysed that the debit and credit balance
for the company is £205500. The aim of creating trial balance is to assure that the entries in the
book keeping system are accurate.
TASK 2
P4. The different stages of HR life cycle to specific hospitality job and their importance for
retaining and developing talent
The HR life cycle is the journey of employees of an organisation they are working in. It
starts with the moment they enter in firm and continues till the moment they leave. There are
various important stages of HR life cycle that ensures that the right selection of candidates at
right role. The HR life cycle stages in context to London House Hotels are as discussed below:
Recruitment- The first step in HR cycle is to attract people for the company that fits a
certain role perfectly(Hassanien, and et. al., 2010). It involves selecting and recruiting people on
the basis of their skills, talents and experience. For recruiting an Assistant Business Development
Manager, at this stage the HR of London House Hotels looks out for people with leadership
qualities and creative approach who can influence other staff of firm to do better in order to
develop business.
Induction- In this step, the HR provides information about the company's expectations
from employees. To ensure successful business operation, every employee should know their job
role and their responsibilities towards organisation. At this stage, the HR of London House
Hotels welcomes the Assistant Business Development Manager and provides the orientation of
hotel. The HR makes sure that the employees feels valued and motivated to do their job.
Development- The employees are already established at this stage so the HR's
responsibility is to provide them opportunities to grow. HR role here is to reward employees
properly for efforts and to further boost their productivity and enhance their talents. At this stage,
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