The Hospitality Business Toolkit: Financials, HR, and Legislation

This report provides a detailed overview of the hospitality business toolkit, focusing on Intercontinental Hotel Group. It investigates the principles of managing and monitoring financial performance, applying double-entry bookkeeping, and producing a trial balance. The report also reviews the HR life cycle stages, develops a performance management plan for a specific hospitality job role, and identifies relevant legislation. Furthermore, it examines the interrelation between functional roles and suggests approaches to coordination, communication, and monitoring to strengthen the value chain within a hospitality enterprise. Desklib offers a platform where students can access this and many other solved assignments.

The Hospitality
Business Toolkit

Table of Contents
INTRODUCTION .....................................................................................................................3
MAIN BODY ............................................................................................................................3
TASK 1......................................................................................................................................3
P1 Investigate the principles of managing and monitoring financial performance ..............3
P2 Apply the double entry bookkeeping system of debits and credits to record sales and
purchases transactions in a general ledger ............................................................................4
P3 Produce a basic trial balance applying the use of the balance off rule to complete the
ledger...................................................................................................................................10
TASK2 ....................................................................................................................................11
P4 Review the different stages of the HR life cycle applied to a specific hospitality job
role and their importance for retaining and developing talent.............................................11
P5 Develop a performance management plan for a specific hospitality job role applying
techniques to resolve both negative behaviour and overcome issues of staff retention......12
TASK3 ....................................................................................................................................13
P6 Identify specific legislation that a hospitality organisation has to comply and adhere to
.............................................................................................................................................13
P7 Company Employment and contract law has a potential impact upon business decision
making in the hospitality industry.......................................................................................14
TASK 4....................................................................................................................................15
P8 Interrelation between various functional roles in the hospitality sector ........................15
P9 Provide various approaches to coordination, communication and monitoring for
particular division in hospitality enterprise to strengthen value chain................................16
CONCLUSION........................................................................................................................17

INTRODUCTION
In present time, hospitality sector is performer its function in effective way and helps
business in meeting performance standards . This can be seen in current time that business of
these firms are increasing due to different factors such as improvement in transport,
globalization and many other (Agomoh, Eze and Nwokoro, 2019). In relation to the current
report it is based on study of intercontinental hotel. It is British multinational hotel chain
which is operating at global level. Firms is operating at different location world wide. This
helps in meeting needs and performing task in effective way. In context of current report, it
include discussion about finance performance of business. This also include discussion about
HR life cycle and different other function order to meet needs. performance management plan
for a specific hospitality job role applying techniques to resolve both negative behaviour and
overcome issues of staff retention.
MAIN BODY
TASK 1
P1 Investigate the principles of managing and monitoring financial performance
Financial performance of the company helps in generating the cash and the revenue of
the organisation in the proper manner and helps in building the good reputation by which the
individuals get attracted. There are various principals which are to be followed in proper
recording of transaction and should be observed in a proper manner. It helps in increasing the
benefits of the organisation and minimize the cost of the organisation so the decisions are to
be taken in proper manner (An and Quail, 2018). Dorchester company records the transaction
on the daily basis like the receipts, vouchers and the raw materials used by the company are
to be recorded on the daily basis so that the decision is to be taken in the manner. Every
organisation should control the cost and the finance and the cash-flows are to be monitored
on the regular basis so that the decisions are to be taken by watching the different statements
in the proper manner (Boumans and Trilling, 2016). Below are the various principals of the
financial management described:
Making financial statement reports- It helps in viewing the financial performance
of the company so that the decision is to be taken care in the proper manner and will not

affect the business. The company should observe the balance sheet and the trial balance on
the regular basis. Dorchester company should prepare these reports on the regular basis so
that the customers get attracted easily and reports are to be prepared by which output will also
increase in the future.
Evaluating overhead cost- It helps in gaining the entity in an organisation and
observe the organisational expenditure by which the decisions are to be taken care in the
proper manner and will affect the organisation and can control the cost easily. Dorchester
company calculate the overall cost and the expenses by which the operating cost is reduced
and helps in calculating the records of the additional expenses in the organisation so that it
will not affect in the future and decision is to be taken care in the proper manner (Deszca,
Ingols and Cawsey, 2019).
Maintain the records of stock- The records are to be maintained in an proper manner
so the decisions are to be taken properly. It helps in recording the transaction and the
purchase made by the organisation is to be recorded properly. Dorchester company should
record the transactions properly in an organisation.
P2 Apply the double entry bookkeeping system of debits and credits to record sales and
purchases transactions in a general ledger

P3 Produce a basic trial balance applying the use of the balance off rule to complete the
ledger
Trial balance for intercontinental hotel group
Trial Balance DR CR
BANK fund 540,400
BOOKINGS income 470,400
Salary payment 260,000
Rental expenses 200,000
Food & Beverage revenue 150,000
Expenses of bills 25,000
Food & Beverages expenses 55,000
Sanitary facilities 35,000
Advertising expenses 15,000
Möbel & fitting devices 110,000
Insurance Policy 70,000
Sage Tech 10,000
Capital 700,000
Total 1,320,400 1,320,400
Return on investment = 1,320,400-700,000 *100%=620,400 *100% = 0.88628571 *100%
= 8.62%
ROI 700,000 700,000