Nelson College London: Hospitality Business Toolkit Report Analysis

This report provides a comprehensive analysis of the hospitality business toolkit, focusing on key areas such as financial performance, human resource management, and legal compliance within the hospitality industry. The report begins with an introduction to the hospitality sector, followed by an in-depth exploration of financial management principles, including double-entry bookkeeping and the preparation of financial statements, using Greene King as a case study. The report then delves into the HR lifecycle, outlining its stages and importance for talent retention and development, again using Greene King as an example. Furthermore, the report examines performance management plans, addressing techniques to resolve negative behaviors and improve staff retention. The report also covers relevant legislation, communication methods, and the interrelation between different functional roles within a hospitality organization. The conclusion summarizes the key findings and provides recommendations for enhancing overall business performance. The report uses real-world examples and case studies to illustrate the concepts discussed.

Hospitality
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
Principles of managing and monitoring financial performance.............................................3
Double Entry book keeping system of debits and credits to record sales and purchases
transactions in a general ledger..............................................................................................4
Trial Balance applying the use of the balance off rule to complete the ledger......................8
LO 2.................................................................................................................................................9
Different stages of HR life cycle applied to a specific hospitality job role and their importance
for retaining and developing talent.........................................................................................9
Performance management plan and job role applying techniques to resolve both negative
behaviours and overcome issues of staff retention...............................................................10
LO3................................................................................................................................................11
Specific legislation that a hospitality organisation has to comply and adhere.....................11
Company Employment and contract law has a potential impact upon business decision
making in the hospitality industry........................................................................................12
LO4:...............................................................................................................................................13
Evaluation of interrelation among different functional roles in the hospitality sector.........13
Different communication methods and levels used in an organization................................13
effectiveness of different communication methods..............................................................13
integration and monitoring within a specific department can help achieve overall
organizational objectives and strengthen the value chain. ..................................................13
valid judgements and recommendations on how coordination and integration enhance overall
business performance...........................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Hospitality industry consist of different departments that includes services related to
accommodation, entertainment, event planning, lodging, food & beverages. By making a detailed
evaluation of the present marketing trends there is need to ensure higher customer satisfaction.
Present report is based on analysing hospitality marketing trends of a brand. For this there is
selection of Greene king is UK's one of the largest brewer and retailer, this brand is owning
restaurants, pubs and hotels. It was listed on stock exchange till it was acquired by London stock
exchange (Morandini and et. Al 2020). The present report is based on covering of the
transactions, financial management transactions. The main focus of report is to analyse the future
business opportunities by covering of the safety precautions that is part of food & beverage
industry.
LO1
Principles of managing and monitoring financial performance
Financial performance of a organisation is assisting in generation of revenue for a
business organisation for the purpose of managing their overall revenue. There are different
types of principles that are to be followed whole recoding of particular transactions and the
required amount of observations. It assist business in maximization of benefits and minimizing
the overall cost so that timely decision can be taken (Citra, Purwanto and Soenoko, , 2020). In
Greene king there is daily recording of all the transactions in form of vouchers, receipts & raw
materials so that decision can be taken according to that scenario. Each organisation has a focus
on managing their cost in such a way that there can be maximisation of benefits from it so that
cash flow can be regular monitored by keeping a cheek on the overall financial statements.
Below discussed are some of the principals related to financial management as mentioned below:
Preparation of financial statements: It is a function that is based on analysing the present
financial performance of a organisation so that decisions can be taken timely. Organisation have
to observe the trial balance and balance sheet to predict future financial requirements. In Greene
king there is a quarterly review of such financial reports on regular basis so that there can be
timely preparation of reports (Noori, 2018).
Evaluation of overhead cost: In this aspects there is evaluation of overhead cost where expenses
is not directly related to production. For allocation of overhead cost overhead rate has to be

applied to direct cost tied to the production cost. In Greene king there is calculation of overall
expenses and cost that may lead to reduction in operating cost but it helps in recording of
additional expenses.
Maintaining of stock records: Records have to be maintained in such a manner so that decision
can be taken according to provided time frame. In Greene king there is need to record such
transactions so that there is no situations of stock out.
Double Entry book keeping system of debits and credits to record sales and purchases
transactions in a general ledger
It is regarded as a system where the entries have to be reordered and there is need to
record it in required and pre determined format (Shumeyko, Sagamonova and Sagamonova,
2018). There is tow equal & corresponding sides that is regarded as debit & credit sides. The
asset account is regarded as expense account is normally debited and debit leads to increasing of
financial value or the money quantity. Where as credit decrease the value or amount. Liability or
revenue account is normally credited. There is setting up of some principles in Greene king that
is determined by the legal entity and the finance department of this organisation. Another set of
principal is based on accounting equations that is Assets-Liabilities. And the third rule is that the
transactions posses a dual impact on financial documents.

Ledgers:
Cash a/c
DR CR
Date Particulars . J
F
Amount Date Particulars J
F
Amount
04/03/
20
To capital a/c 30000 05/03/2
0
By rent a/c 1000
18/03/
20
To sales a/c 20000 06/3/20 By purchase a/c 10000
20/03/
20
To sales a/c 13000 07/03/2
0
By Prepaid
insurance policy a/c
1200
11/03/2
0
By Laundry fees a/c 200
15/03/2
0
By Telephone and
internet expense a/c
2220
15/03/2
0
By Water charges
a/c
950
16/03/2
0
By Wages and
salary a/c

31/03/2
0
By balance c/d 47430
63000 63000
Capital a/c
DR CR
Date Particulars J
F
Amount Date Particulars J
F
Amoun
t
31/03/2
0
To balance c/d 30000 04/03/2
0
By cash a/c 30000
30000 30000
Rent a/c
DR CR
Date Particulars J
F
Amount Date Particulars J
F
Amoun
t
05/03/2
0
To cash a/c 1000 31/03/2
0
By balance c/d 1000
1000 1000
Purchase/c
DR CR
Date Particulars J
F
Amount Date Particulars J
F
Amoun
t
06/03/
20
To cash a/c 10000 31/03/2
0
By balance c/d 40000
06/03/
20
To vendor a/c 15000
09/03/
20
To WH Adams Ltd
a/c
15000
40000 40000
Prepaid insurance policy a/c
DR CR
Date Particulars J
F
Amount Date Particulars J
F
Amoun
t
07/03/
20
To cash 1200 31/03/2
0
By balance c/d 1200
1200 1200

WH Adams Ltd a/c
DR CR
Date Particulars J
F
Amount Date Particulars J
F
Amoun
t
31/03/
20
To balance c/d 15000 09/03/2
0
By purchase a/c 15000
15000 15000
Laundry fees a/c
DR CR
Date Particulars J
F
Amount Date Particulars J
F
Amoun
t
11/03/2
0
To cash a/c 200 31/03/2
0
By balance c/d 200
200 200
Telephone and internet expense a/c
DR CR
Date Particulars J
F
Amount Date Particulars J
F
Amoun
t
15/03/2
0
To cash a/c 2220 31/03/2
0
By balance c/d 2220
2220 2220
Water charges a/c
DR CR
Date Particulars J
F
Amount Date Particulars J
F
Amoun
t
15/03/
20
To cash a/c 950 31/03/2
0
By balance c/d 950
950 950
Wages and salary a/c
DR CR
Date Particulars J
F
Amount Date Particulars J
F
Amount

16/03/2
0
To cash a/c 1740 31/03/2
0
By balance c/d 1740
1740 1740
Sales a/c
DR CR
Date Particulars J
F
Amount Date Particulars J
F
Amoun
t
31/03/2
0
To balance c/d 33000 18/3/2
0
By cash a/c 20000
20/3/2
0
By cash a/c 13000
33000 33000
Trial Balance applying the use of the balance off rule to complete the ledger
All the different business accounts are to be listed in trail balance and have to be record
in a more appropriate manner. Different names that are part of ledger account have to be record
timely. Debit and credit balance is part of nominal account. Debit and credit balance are part of
nominal account where trail balance has to be prepared according to the actual financial position
of the business. Further overall position of the company can be evaluated properly.

LO 2
Different stages of HR life cycle applied to a specific hospitality job role and their importance
for retaining and developing talent
HR life cycle is regarded as the continuous process of HR activities of a respective
business organisation. The transformation process includes the operational activities that are part
of overall HR strategy of business. The cycle is journey of the way a particular individual is
hired in a organisation and till the time they are leaving the organisation. Different associated
functions includes the recruitment, training of employees, further assigning them all the roles and
responsibilities and it ends with the way finally when employee is leaving the organisation. In
Greene king also this process is started with a vacant position in the organisation so that key
stages of HR life cycle can be assessed as mentioned below:
Attracting of employees: It is the first step in which skilled individuals are attracted at a
workplace. The Greene king mission, present employees, culture of the organisation,
organisation growth opportunities are some aspects that are leading to attracting of competent
individuals.
Recruitment and Selection:
In this step there is consideration of hiring of right individuals who play a viral role in
enhancing the productivity and overall growth of the organisation. For achievement of higher
success there is need to focus on this recruitment phase of HR life cycle, in Hyatt hotel there is

creation of a strategic staffing plan by creation of benefits and compensation packages that are
competitive enough to attract the talented individuals (Makarova, Shubenkova, and Pashkevich,
2018).
On-boarding: It is a process in which new employees are to be introduced to the organisation.
Through this process in Hyatt employees are becoming familiar to the overall learning of new
job roles, duties establishment of relationship with co workers, supervisors and focussing on
development of niche.
Entablement: At this stage of HR life cycle there is orientation of new hiring. The HR
department of Hyatt at this stage is introduction the company mission, bison, values, guiding
new employees. Introduction of new hiring pans and answering to their doubts,
Development: In this stage of HR lifestyle HR departmental and employees are working together
for achievement of their long term goals of career. In Greene king, career development
opportunities are very important to ensure that employees are engaged with the organisation.
Retention: At this stage HR managers are providing the opportunity to are energize the Staff. In
Hyatt HR department is showing the required appreciation to their staff members by offering
them with unique benefits such as flexible working schedules, extra time off, gift cards
(Kavanaghand Johnson, 2020).
Separation: In the cycles are coming to a end it may be ending with recruitment, termination. In
Greene king at this stage the human resource managers ensure that all procedures and policies
are properly followed, there has to be carrying of a exit interview, removal of employee from the
system must be a smooth process.
Importance of HR life cycle for retaining and developing talent in an organisation
Above mentioned all the stages of Human resource lifestyle leads to having right
individual at right place. If there is a well executed life cycle then it leads to retaining of skilled
employees. Further it also helps the Greene king in managing overall associated cost of the
organisation as overall employee morale is boosted which enables business organisation to carry
on their functions with application of innovate approaches.
Performance management plan and job role applying techniques to resolve both negative
behaviours and overcome issues of staff retention
Performance management plan is term that is associated with establishment of
coordination between various activities such as managing, alignment and building up of

coordination among employees. It can assist organisations on attainment of their laid vision and
mission statements. performance management plan has to be developed by focusing on
effectiveness of operations. Some of the steps of this process are mentioned below:
Plan: It is the first step of performance management plan. In this stage in Hyatt hotel employees
and managers are working towards accomplished of the laid goals. There can be negotiation of
the competencies that is important for accomplishment of the required performance level. So
there is defining and development of employee needs by elimination of the gaps in their present
and the maximum level of competence.
Monitoring: The progress and performance of employee has to be continuously monitored. In
this stage at Greene king the manager and employees are tracking the performance &
development of employees. So that employee performance plan is made according to the
changing circumstances (Beams, Anthony, Bettinghaus and Smith, 2016).
Reviewing: It is the third stage where the employees standards and accomplished have to be
achieved by managers and employees by making a timely analysis. In Greene king managers are
evaluating the employee performance is that further decision related to employee's employment,
rewards and compensation can be taken (Greenman, 2017).
Improving: It is the next step of performance management where there is understanding of the
reasons if a particular employee is not performing according to the set optimum standards of
performance.
Measurement: It is the last stage where the performance has to be measured where the process
of collecting data is very crucial. In Greene king there is analysing of performance measurement
by matching of the performance measures by aligning it with the overall company's strategy,
culture and business strategy.
LO3
Specific legislation that a hospitality organisation has to comply and adhere
Different activities of a business organisation have to be processed in such a manner by
effectively complying with laws and regulation. The management of Greene king have to follow
all such laws that are enforced by the government, all such regulations assist in conducting the
business activities that leads towards building up of a positive brand image. Some of such legal
laws are mentioned below:

 Food standards act 1999: The subjective of food standards act 1999 is to establish a
food standard agency. The main objective was to protect the public health with relation to
food. In Greene king the major focus according to this act is to not include nay ingredient
that can damage the health of people, in case there is any type of packed food then it is
properly prestressed, advertised and labelled.
 Alcohol licensing: This is related to providing information about the types of alcohol and
providing their licenses with proper guidance and the way for which it has to be applied.
In Hyatt this act requires the supervisors to take the overall responsibility of supply and
sale of alcohol as it has a impact on the wider community, disorder, crime and any type
of antisocial behaviour (Heard, 2016).
 Health and safety act 1974: It outlines the legal duties that employers have to protect
the safety, health and welfare of their employees. In Hyatt hotel this also extend to all the
different category of employees such as people visiting workplace premises lie casual
workers, temporary workers, client, general public.
Company Employment and contract law has a potential impact upon business decision making in
the hospitality industry
For the purpose of achievement of smooth operations of business there is need to focus
on the compliance of different types of laws that are impose mainly by government. The
management of Greene king is focusing use of appropriate structures of planning in collaboration
with the government to ensure that the decision making is taking place according to the
requirement. Some of such laws are stated below:
Contract law: In UK English contract law is a body regulating in England & Wales, there
is preparation of contract formed between one person making offer and another individual
accepting of the offer by communication of their assent of performing the offer terms. In Hyatt
hotel, such type of contract is developed between all the employees and employer when they are
willing to enter in such contract (Barker, Penman, and Teixeira, 2020). All such laws leads to
enhancing the transparency at workplace and there is proper functioning taking place according
to such laid legislations and laws.
Employment law: This law is focussing on making a proper differentiation between
workers, employees and self employed people, employees must posses extensive rights while