HNC Hospitality Business Toolkit Report: Finance, HR, and Law

This report examines the Hospitality Business Toolkit, using Carnival UK as a case study. It investigates financial management principles, including budgeting and bookkeeping using the double-entry system. The report explores the HR lifecycle, focusing on recruitment, education, evaluation, motivation, and celebration to enhance staff retention and development. It also outlines key legislation relevant to the hospitality industry, including contract and employment law. The report further analyzes functional roles within hospitality, monitoring, coordination, and communication methods to improve organizational efficiency. The analysis covers the core principles of finance, HR, and legal aspects within the hospitality business, offering insights into best practices and strategies for effective management within the sector. The report concludes with a comprehensive overview of the key findings and their implications for the hospitality industry.

The Hospitality
Business Toolkit

INTRODUCTION...........................................................................................................................................3
TASK 1..........................................................................................................................................................4
P1. Investigation of the principles in order to manage and monitor financial performances.................4
P2. Book keeping system of debits and credits as to make record of transactions of purchase and sales
in general ledger......................................................................................................................................5
P3. Balance off rule in order to complete the ledger.............................................................................10
TASK 2........................................................................................................................................................11
P4. Review the several stages of HR life cycle in order to apply in a particular hospitality job role and
their significance for retaining and developing talent...........................................................................11
P5. Develop the management plan for a particular hospitality job role applying techniques to resolve
negative behaviours and reduce the issues of staff retention...............................................................13
TASK 3........................................................................................................................................................14
P6. Formative legislation which is required to adhere in hospitality industry organisations.................14
P7. Contract law along with employment impact on the decision making process of hospitality
industry.................................................................................................................................................15
TASK 4........................................................................................................................................................16
P8. Several functional roles with in the hospitality sectors...................................................................16
P9. Numerous mode of monitoring, coordination and communication in hospitality organisation
department...........................................................................................................................................20
An evaluation of numerous monitoring, communication and coordination methods in the segment of
organisation within hospitality industry................................................................................................21
CONCLUSION.............................................................................................................................................22
REFERENCES..............................................................................................................................................23

INTRODUCTION
Hospitality is one of the fastest and leading sector within which different types of
organizations perform their functions and offers wide range of services as to satisfy customer
needs. In context with the hospitality business toolkit there are different types of organizational
practices which are mainly based upon practical and inclusive approach. With the help of these
approaches organization can effectively able to manage their process, action plans and self-
declaration activities (Alfes, 2013). This report is based on Carnival UK which is a British
American Cruise operator and it claims to offer world largest leisure travel services.
Organizations currently have 100 ships that engage in the offering of Hotel style events,
accommodations, entertainment shows, food, cross travel and tourism services to their
customers. In this report formative discussions has been made on HR life cycle with the help of
which organization can actually able to manage their performance as per going to job role. In
addition, with this report covers different types of laws and legislations in context with
hospitality sector required to be undertaken.
TASK 1
P1. Investigation of the principles in order to manage and monitor financial performances
Finance acts as an organisation lifeblood with the help of which smooth functioning of
companies are conducted as to effectively accomplish goals and objectives. Finance is always
concern towards investing in Assets and liabilities while undertaking risk in order to increase
financial efficiency of organisation. With the help of suitable and continuous financial flow
business organisations can actually able to operate their functions. Thus, with the help of proper
monitoring and managing of financial performances carnival UK can effectively able to conduct
their operation even in difficult situation mention below there are some principles:

Budget must be properly form: major focus of an organisation is to effectively manage
their resources as to fulfil business objectives in well define manner. In context with carnival UK
organisations are required to evaluate each and every aspect of the financial performance on
continuous basis in order to frame budget in appropriate manner.
Budget must be depending on efficient evaluation: managers of Carnival UK required
to effectively concern financial budget as to perform their daily basis organisational activities as
per according to company pre determined values this will help entity as to fulfil organisational
objectives and goals in well defined manner. As to accomplish organisation objective carnival
UK can undertake concept of financial techniques as to further enhance their future benefits.
Realistic financial results should be maintained with daily basis budget activity This
factor effectively aid organisation to perform their predetermined objectives by reducing the
possibilities of errors. For this financial aspects are required to evaluate effectively by business
organisation to compare their Financial Service on daily basis budget activities. This helps them
to analyse the gap with the help of which entity can take preventive measures to fill those gaps as
to avoid unnecessary expenses.
Determination of situation when financial research out formed the pre-determined
budget it is important for UK control manager to effectively identify actual reason behind
variances in financial results if it exceeds to the planned fund. This will effectively aid manager
to take advantage of strategies and take preventive measures as to overcome main reason behind
financial exceeding.
Thus, it has been recommended to carnival UK manager to take advantage of effective
financial statements in order to manage their financial performance. In order to accomplish this
managers are required to evaluate and frame working capital, trial balance, financial ratio and
inventory records in well effective manner as to manage the organisational functions. With the
help of this manager can effectively able to evaluate actual estimated cash flow with the help of
which entity can gain various advancements in financial terms.

P2. Book keeping system of debits and credits as to make record of transactions of purchase and
sales in general ledger
Double entry book keeping system effectively aid organisation to maintain formative
record of financial transactions. This form of book keeping system hold equal corresponding that
is mainly in debit and credit form. In context with, Carnival UK there is a requirement of
effectively ensure that different types of accounting equations such as sum liabilities, assets are
managed in well defined manner. In order to elaborate area table is mentioned below:
Journal Entries
Date Particulars Debit Credit
Feb, 1 Purchase account 5001
To Kate's kitchen
account 5001
Feb, 1 Purchase account 29552
To Harry's account 29552
Feb, 3 Beverage account 11203
To Sales account 11203
Feb, 3 Food account 1824
To Sales account 1824
Feb, 1 Kate's kitchen account 5001
To Bank account 5001
Feb, 10 Beverage account 8966
To Sales account 8966
Feb, 10 Food account 1687

To Sales account 1687
Feb, 14 Bank account 2008
To Megaane account 2008
Feb, 17 Beverage account 11710
To Sales account 11710
Feb, 17 Food account 1611
To Sales account 1611
Feb, 22 Harry account 29552
To bank account 29552
Feb, 22 Food account 7013
To Kate account 7013
Feb, 24 Beverage account 10614
To Sales account 10614
Feb, 24 Food account 1715
To Sales account 1715
Ledger: It is mainly a collection of financial accounts. Leader is a principle book within
which recording of financial transactions are done. In this debit and credit transactions are
recorded in separate columns along with opening of monitory balance and end of monitory
balance.

Ledger Accounts

P3. Balance off rule in order to complete the ledger.
Balancing off rule effectively states that in different types of situations in which account
include both debit and credit entries then with the help of this concept balance off rule can be
effectively consider. Thus,
Trial Balance: It is consider as an accounting statement which include debit and credit
within double entry account book.

TASK 2
P4. Review the several stages of HR life cycle in order to apply in a particular hospitality job
role and their significance for retaining and developing talent.
In context with present scenario, HR department of UK carnival acts as key essential
element and play responsibilities to effectively maintain, retain and offer different from of
developmental programmes to their workforce. Within restaurant business HR manager, hold
different types of responsibility within which there are five stages which are required to be
effectively considered as to maintain workforce efficiency in well effective manner. These stages
are covered in the aspects of recruitment, education celebration, evaluation and motivation which
are further discussed below:
Recruitment:
This is considered as a initial stage in HR lifecycle in which HR manager of an
organisation are authorised to formulate decision making in best effective manner as to hire
potentially skilled and right candidate for organisation job role. In addition with this in this stage
HR manager are also responsible to prepare strategic recruitment process as to fulfil organisation
goals in well effective manner. This approach benefits HR manager to recruit experienced Chef
for restaurants. With the help of benefits and compensation tools HR manager can effectively
attract talented candidates towards organisation.
Education:
This is one of the most prominent stage within HR lifecycle, in this HR manager holds
one of the great responsibility which is tend towards providing education to employees in terms
of actual Vision and Mission company goals along with their job roles. This will help candidates
to facilitate their job performance. By knowing Rules and responsibilities employees can
effectively perform their job role without wasting time. In context with carnival UK, HR
manager is required to communicate organisation main role, responsibility, mission, vision and
objectives. With the help of this building of positive and good environment within organisation
can be made.

Evaluation:
This stage of HR life cycle is concern towards taking supervisory measures in order to
evaluate overall performance of workforce within organisation as to effectively increase their
working efficiency. In context with UK Carnival, major responsibility that has been hold by HR
manager is to provide formative support and monitor employee performance on daily basis and
help them to provide training in developmental measures as to fill any skill deficiency within
employees. It will help in increasing and performance level of organisation and employees
simultaneous manner.
Motivation:
In order to increase employee job performance on daily basis motivation acts as a one of
the great efficient tool (Storey, 2014). HR manager of UK carnival is required to effectively
motivate their employees on continuous manner with the help of different motivation techniques
in order to increase overall efficiency of organisation.
Celebration:
This is last stage in HR lifecycle, in which it is essential to offer rewards and benefits to
work force as to increase their working capabilities. By doing this, Carnival HR manager can
effectively able to increase loyalty in their employees that further initiate them to work with
more hard working nature as to increase organisation profitability.
Importance for retaining and developing talent:
Importance for retaining and developing talents holds great importance in an organisation.
Thus, in order to create best effective workforce organisation is required to effectively
understand overall concept of HR life cycle. With help of this Carnival UK, HR manager can
effectively able to increase their performance efficiency in context with talent management and
retention. With the help of different Tools and techniques HR manager can effectively able to
retain their employees for long time. In addition with this with the help of different types of
motivation techniques performance of workers can be effectively encouraged towards more
growth prospectus.