Bulgari Hotel: Financial and HR Management - Business Toolkit

This report provides an analysis of the hospitality business toolkit, focusing on financial and human resource management within Bulgari Hotel and Residency. It investigates principles of managing and monitoring financial performance, including double-entry bookkeeping, trial balance production, cost analysis, and the importance of accurate transaction recording. The report evaluates the role of financial management in achieving long-term objectives. Furthermore, it reviews the different stages of the HR life cycle, addressing issues in talent acquisition and retention within the food and beverage sector, and proposes a performance management plan with recommendations for improvement. The report also touches upon the relevant legislation impacting the hospitality industry.

The Hospitality
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
Investigate principles of managing and monitoring financial performance...........................1
Explain the principles of double entry bookkeeping system..................................................2
Produce a basic trial balance..................................................................................................9
Analyse types of cost and how they could be managed.........................................................9
Importance of accurate recording of transactions................................................................10
Evaluation of role of financial management........................................................................10
A review of the different stages of the HR life cycle as applied to issues in talent acquisition
and retention within the food and beverage sector...............................................................10
Evaluate each stage of the HR life cycle..............................................................................11
Performance management plan............................................................................................12
Recommendations................................................................................................................12
REFERENCES..............................................................................................................................20

INTRODUCTION
Business Toolkit is defined as a collection of different aspects of companies that are very
essential for managers to understand in order to operate firm smoothly. In hospitality sector there
are different departments within a hotel which are interlinked with each other that includes
finance departments, Human resource division and various others (Daniela, 2019). There are
several legislation and laws which are very essential to follow in hotels so that effective services
could be provided to guests along with maintaining safe working environment for employees.
For the purpose of this report Bulgari Hotel and Residency has been taken which is located in
Knightsbridge, London. This hotel was established in the year 2012 and was built by Sir Robert
McAlpine. The report analysed managing finance and recording of transactions in order to
reduce cost. How managers could manage Human Resource life cycle along with impact of
ethical and legal components on hotel has also been discussed. Furthermore, importance of
coordination and integration of various function within different departments has been
mentioned.
MAIN BODY
TASK 1
There are several financials within an agreement that is happened between buyers and sellers in
exchange of assets for payment. Financial transactions are maintained inform of income
statements, cash flow, equity of shareholders or balance sheet. There are several documents
which are utilised by Bulgari residency and hotels in order to maintain proper budget for the
business. Funds of the company is managed by dedicated employees who worked in finance
team. They implement all the principles and ethics associated with finances in their job role.
Investigate principles of managing and monitoring financial performance
There are specific principles that the respective hotel utilises while supervising and organising
finances of organization that are defined below
Proper allotment of budget
By conducting proper research of the previous documents and evaluating future expectations, the
finance team of the respective hotel assigned budgets to various department within organization
(Victorovna and Ivanovich, 2019).
Proper documentation
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A book or proper record of finances must be maintained by the financial department of an
organization. Finance team of the respective hotel prepare proper documents and accounts in
order to support expenses as well as income that occurred during the financial year. The finance
division of the hotel prepare all essential accounts that are needed to analyse profitability of the
hotel.
Ignoring unfair practices
Window dressing is defined as tactic of falsely representing financials of a company so that
personal gain could be make. It is the responsibility of senior authorities within an organization
to monitor and supervise activities of financing team so that they could not conduct any illegal or
ethical actions (Minor and Heyes, 2022). In case of the selected hotel, it implements right
approach and maintain trustable relationship with investors of the organization.
Explain the principles of double entry bookkeeping system
Double entry bookkeeping system is described as the procedure by which companies translocate
are maintained in double column like credit and debit. It is very important that balance sheet of
credit and debit should be equal.
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Ledger accounts
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5

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Produce a basic trial balance
Trial balance is described as bookkeeping Worksheet where balance of overall Registers is put
together into credit and debit account column that should be equal. The main aim of making a
trial balance is to make sure all the entries of companies in a bookkeeping worksheet are correct
mathematically.
Analyse types of cost and how they could be managed
There are several kinds of cost which are utilised by companies that includes variable cost and
fixed cost. Fixed cost is defined as Cost which could not change with enhancement or reduction
in the amount of manufacturing. On the other hand, variable cost is defined as because those
changes according to quantity of products or services. Both is cost could directly impact the
financial performance of an organization.
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Importance of accurate recording of transactions
It is very important for companies to maintain records of daily transaction related to business in
order to operate functions efficiently. It also assists companies to make informative, effective
and precise decisions. In case of the selected hotel maintaining and recording financial records
help it in determining market position that helps it in taking better decision in future.
Evaluation of role of financial management
Financial management is important in an organization in order to maintain financial performance
and producing reports that could help it in achieving long term financial objectives more
effectively. Financial management also helps companies to supervising income and expenses of
business activities that could also assist them in taking potential decisions.
A review of the different stages of the HR life cycle as applied to issues in talent acquisition and
retention within the food and beverage sector
Human Resource life cycle is defined as journey of employees within an organisation and it
starts from the moment they start interacting with firms and continues until the day they leave. In
case of Bulgari Hotel and Residency, the HR life cycle has been explained below:
Attraction, Recruitment and Selection
Journey of employees starts with when they interact with organisation for the first time
through advertisements. In case of the selected hotel, it is unable effectively use social media
platforms to attract large base of candidates which enhance issues for the firm to recruit right
candidates for the job role (Mphahlele, 2019). The HR department of the respective organisation
is overworked and understaffed which further creates issues for the firm to select talented
individuals.
On-boarding, Orientation and Induction
During this stage employers try to make new employees feel valued by interacting with
them and encourage them to participate more in activities as well as work in teams. In terms of
respective hotel, it is struggling to experiment with various methods of engagement and because
of understaffed issues it is unable to invest more time as well as efforts to organise proper
orientation for employees.
Career Development and Planning
At this stage employers try to provide more opportunities for their employees by
providing them rewards according to how they are performing in the organisation. In terms of the
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selected organisation, it is facing absence of right incentives and other monetary benefits for
employees which enhance issue related to engagement of workers. It also minimizes possibilities
for employees to grow within organisation.
Retention
This phase of employee’s journey is defined as the procedure of minimizing possibilities
of workers turnover by making them feel valued. In terms of selected hotel, it is unable to
prevent employee’s turnover because they could better market opportunities and due to lack of
talented individuals the firm hires wrong candidates which further enhance chances of workers
leaving the firm.
Separation and Termination
This is the last stage of the HR life cycle which explains the procedure of employees
leaving the company which ends their journey with particular firm (Gaol, Abdillah and Matsuo,
2021). In case of respective hotel, employees are leaving it because they are not provided with
more career opportunities as well as no appreciation is given to them from managers.
Evaluate each stage of the HR life cycle
Attraction, Recruitment and Selection: It has been observed that Bulgari hotel and residency is
unable to attract new talent in today’s time of digital world. Due to inefficiency of talented staff
within organization It also create issues regarding recruitment in selection of skilful workforce.
On-boarding, Orientation and Induction: It has been evaluated that the respective hotel is a
struggling to enhance engagement of employees because of inability of managers to organise
more team making activities.
Career Development and Planning: Managers of the respective hotels are unable to provide
monetary benefits and rewards to employees which further increase employee’s turnover (Dolan,
2021).
Retention: Employees of the organization are getting more better opportunities in the market
which reflects inefficiency of the respective hotel to retain its employees and maintaining their
trust.
Separation and Termination: Employee’s turnover in the respective hotel is increasing because
they are finding more attractive job profiles in other organisations. the respective hotel is also not
taking any actions are making efforts to reduce employee turnover.
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