Hospitality Business Toolkit Report: Nelson College London, 2019-2020

This report analyzes the key aspects of the Hospitality Business Toolkit, focusing on financial transactions, principles of bookkeeping, cost analysis, and the significance of accurate financial recording. It explores the HR life cycle, including attraction, recruitment, and onboarding, and its impact on business growth. The report also examines legal and ethical considerations, functional roles within the hospitality sector, communication techniques, and the importance of coordination and integration. Furthermore, it addresses the effectiveness of various communication methods and how these elements enhance overall business performance. The report concludes with a case study of a hypothetical business 'Health Freakness', providing insights into the practical application of the discussed concepts.

THE HOSPITALITY BUSINESS
TOOLKIT

Introduce financial transaction and identifying
types of sourcing documents
 Financial restrictions termed out as agreement that carried out among sellers and
customers with terms to exchange commodities for payment.
 This is process that covers change in status of the finances of two or more enterprises
or individuals. In addition to it, there are mainly four types of financial transaction
occur in business and these as are- Sales, Purchase, payments and receipts etc.

Principles of managing and monitoring financial
performance.
 Follow appropriate legislation and regulations- In this, all expenditure and activities
conducted by particular juice centres must be based on proper rules and regulations.
 Evaluate and analysis financial consequences- They must take steps towards to
evaluate and analysis consequences relates with financial before adopting any new
project and activities that aids to allocate resources in effective manner.

Principles of double entry book keeping system of debits
and credit
 Double entry book keeping system can be termed out as one of crucial concept that
each accounting transacting has two aspects within new business finance. Additionally,
general ledger mainly records two sides of each transaction.
 In this, one side reflect debit and other one shows credit. Debit side shows balance that
takes out from business for some object of making purchase and investment in “Health
Freakness”. Credit sides shows that money comes in after selling of commodities

Basic trail balance

Description on type of cost
 The cost in the accounting are outlined as-:
 fixed cost- This is defined as the cost of fixed inputs within productions.
 Semi variables- It is cost that termed out as partly fixed and partly variables.
 Variable cost- This is defined as cost of variables inputs that used in the production.

Significance of accurate recording of transaction
in line with accounting principles
 This is very crucial to undertake accurate recording and accounting of financial
transactions of business. It is one of the effective way to analyse the financial
performance of business.
 In addition to this, it aids to find out that how much entity as “Health Freakness” is
making profitability by offering the commodities of needs and wants of customers.
Hence, transactions must be recorded in aspect of equipment’s, rent etc.
 Thus, all transaction must be managed properly and this financial techniques aids to
manage this properly.

Review of different stage of HR life cycle.
 Attraction- It is step that is inclusive of talented employees in team and talented
employees within “Health Freakness” business mainly attracts with paying good
salaries.
 Recruitment- HR management of entities must hire employees who have effective and
good experience in the field. If employee have the good experience then they can boost
the growth of enterprise.
 On-boarding- It is defined as introduction of business to new candidates. After done
with process of hiring, they must offer training. It can help to understand the task
within workplace.

Stage of HR life cycle and significance on
HR plays in growing,
 Stage 1- “Health Freakness” must look towards to skilled and talented waiter to be
hired in business who renders quality services to customers.
 Stage 2- There is need to recruit the employees according to experience. Also, they
must provide good experience of waiters job role.
 Stage 3- After, the process of recruitment of appointing talented waiter they need to
introduce them with firm process, culture and duty.

performance management plan to support specific
job role
Develop
ment
Objective
s
Priorit
y
Activities
that must be
taken
Resources Target
Start
Date
Target
End
Date
Criteria for
Success
In order
to
enhance
the
performa
nce of the
Waiter
High To conduct
Training and
development
programs,
practical
sessions and
seminars.
Managers of
“Health
Freakness” will
offer training to
the waiter and
by organizing
the seminars
they can
professionally
enhance the
skills of waiters.
15/02/2
0
15/03/2
0
By help of
conducting
the regular
Regular
training the
waters can
perform
their role
effectively
and
efficiently.

Legislation that hospitality enterprise has to
comply
 In each country, the legal authorities takes the initiatives with help of making the
specific laws for each industry. “Health Freakness” needs to follow the business
transaction law that framed out by legal authorities.
 As per this law, the legal entities must show their transaction because government
charge some tax on them. In addition to thus, the legal authorities needs to send some
accounts to business owners to whom they must show the all transaction.

/how company employment and contract
law impact on decision making
 Employee laws mainly outlines unemployment insurance, severance pay and other job
separation concern. It affect each aspect of workplace. This helps to determines the
rights in terms to hiring, termination, discrimination, wage and benefits and more.