Report: Premier Inn's Hospitality Business Toolkit and Performance

This report offers a comprehensive analysis of the Premier Inn hospitality business, examining key aspects such as finance, human resources, and legal compliance. It begins by exploring financial principles, including managing and monitoring performance, maintaining accurate financial records, and utilizing double-entry bookkeeping to record transactions. The report then delves into the HR lifecycle within the hospitality industry, detailing recruitment, onboarding, career development, retention, and offboarding processes. A performance management strategy is also designed, addressing techniques to improve staff performance. Furthermore, the report investigates relevant legislation, including company, employment, and contract law, and their impact on business decision-making. It concludes by examining interrelated business functions, emphasizing communication, coordination, and monitoring within the value chain. The report uses Premier Inn as a case study, offering insights into its operational strategies and overall business performance.

HOSPITALITY
BUSINESS
TOOLKIT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Principles of managing and monitoring performances which is based on finance................3
Double entry bookkeeping system of debits and credits to record gross sales and acquire
written account in a general ledger.........................................................................................4
Produce a basic trial balance by using balance off rule to complete the ledger.....................8
TASK 2............................................................................................................................................9
Describing different stages of HR life cycle applied to a specific hospitality job role and their
significance for retaining and developing talent....................................................................9
Design a performance management strategy for a specific hospitality job role applying
techniques to resolve both negative attributes and overcome problems of staff .................10
TASK 3..........................................................................................................................................12
Investigate specific legislation that a hospitality organisation has to follow and adhere to.12
Illustrating how company, employment and contract law has a potential outcome upon
business decision making in the hospitality industry by using specific instances...............12
TASK 4..........................................................................................................................................13
Interrelated business functions in the organisation..............................................................13
Communication, Coordination and monitoring importance in strengthening value chain. .13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
This report revolves around the hospitality industry and help in understanding the
services of the industry which help in satisfying their consumers. Hospitality industry mission
and vision is to satisfy their consumers by providing quality services which help in boosting the
revenues of the industry. This report covers information about the importance of finance in the
hospitality industry and how HR department help in attracting and retaining the skilled
employees and this report help in understanding different legislation to which hospitality
industry adhere. This report is based on the organisation Premier Inn which is a hotel chain based
in the UK environment and it provides luxurious accommodation services to its consumers. This
report help in understanding the factors such as HR, finance, legal rules and regulation and how
these factors affect the productivity and profitability of the hospitality organisation (Anser and et.
al., 2020).
TASK 1
Principles of managing and monitoring performances which is based on finance
Performance based on finance plays crucial role in every organisation functioning as
without financial resources there is no future of an organisation and effective and efficient
utilisation of financial resources is crucial for every organisation. Effective monitoring of
financial performance help in implementing the changes in the organisation and help in
maximizing the productivity of the organisation. Premier Inn focuses on maintaining the record
of the financial resources which are utilised which help manager of Premier Inn to analyse the
performance organisation and help in planning the resources of the organisation for developing
effective plan and strategies for organisation. There are different principles which is used by
Premier Inn managers in order to manage and monitor the financial performance of organisation:
Maintain proper record of stock
This principle help in maintaining the record of stock which is utilised by the organisation and
the stock which is stored in the inventory by the organisation. Finance manager of Premier Inn
make sure that there should be proper record of stock in the organisation as it help in analysing
the cost of the resources and help in effective utilisation of resources. This principles help in
analysing the fluctuation in the budget of the organisation and help in determining the
performance of financial resources in organisation (Bharwani, Mathews and Ghura, 2019).

Developing financial report
This principle help in preparing the report of transaction in the organisation and help in analysing
the performance of organisation. Premier Inn manager uses this principle to analyse the profits of
the organisation and help in developing the plan for the effective utilisation of organisation
resources.
Evaluation of cost
This principle help Premier Inn to analyse the cost of operations in the organisation and this
principle help in reducing the cost of operations and help in monitoring the cost which is
affecting the operations cost of the organisation (Demir, Díez-Esteban and García-Gómez, 2019).
Double entry bookkeeping system of debits and credits to record gross sales and acquire written
account in a general ledger
General ledger help organisation in monitoring its business performance and help in
analysing the cost incurred in maximizing productivity of organisation. General ledger help
Premier Inn managers in analysing the information related with credit and debit of organisation.
S.No. Date Particulars L.F. Debit(in GBP) Credit(in GBP)
1 01/06/20 Bank A/c 65000
To Capital A/c 65000
2 02/06/20 Purchases A/c 8000
To Creditor A/c 8000
3 07/06/20 Cash A/c 4000
To Sales A/c 4000
4 08/06/20 Creditor A/c 4000
To Bank A/c 4000
5 14/06/20 Insurance A/c 75
To Bank A/c 75

6 15/06/20 Debtor A/c 12000
To Sales A/c 12000
7 20/06/20 Purchases A/c 10000
To Creditor A/c 10000
8 18/06/20 Computer A/c 3000
To Cash A/c 3000
9 20/06/20 Rent A/c 150
To Bank A/c 150
10 21/06/20 Cash A/c 10000
To Sales A/c 10000
11 25/06/20 Cash A/c 100
To Bank A/c 100
12 30/06/20 Stationary A/c 30
To Cash A/c 30
Total 120355 120355
Ledger Accounts
(Amounts in Pounds)
Capital Account
Date Particulars Amount Date Particulars Amount
01/06/2 By Bank A/c ….... 65000

0
30/06/20 To Balance
c/f.....
65000
Total 65000 Total 65000
Bank Account
Date Particulars Amount Date Particulars Amount
08/06/2
0
By Creditor A/c 4000 01/06/20 To Capital A/c 65000
14/06/2
0
By Insurance A/c 75
20/06/2
0
By Rent A/c 150
25/06/2
0
By Cash A/c 100
30/06/2
0
By Balance c/f 60675
Total 65000 Total 65000
Purchases Account
Date Particulars Amount Date Particulars Amount
02/06/20 To Creditor
A/c
8000
20/06/20 To Creditor
A/c
10000

30/06/2
0
By Balance c/f 18000
Total 18000 Total 18000
Creditor Account
Date Particulars Amount Date Particulars Amount
02/06/2
0
By Purchases A/c 8000 08/20/20 To Bank A/c 4000
20/06/2
0
By Purchases A/c 10000
30/06/20 To Balance c/f 14000
Total 18000 Total 18000
Cash Account
Date Particulars Amount Date Particulars Amount
30/06/2
0
By Stationery A/c 30 07/06/20 To sales A/c 4000
18/06/2
0
By Computer A/c 3000 21/06/20 To sales A/c 10000
25/06/20 To Bank A/c 100
30/06/2
0
By Balance c/f 11070
Total 14100 Total 14100
Sales Account
Date Particulars Amount Date Particulars Amount

07/06/2
0
By Cash A/c 4000
15/06/2
0
By Debtor A/c 12000
21/06/2
0
By Cash A/c 10000
30/06/20 To Balance c/f 26000
Total 16000 Total 26000
Insurance Account
Date Particulars Amount Date Particulars Amount
14/06/20 To Bank A/c 75
30/06/2
0
By Balance c/f 75
Total 75 Total 75
Debtor Account
Date Particulars Amount Date Particulars Amount
15/06/20 To sales A/c 12000
30/06/2
0
By Balance c/f 12000
Total 12000 Total 12000
Computer Account
Date Particulars Amount Date Particulars Amount

18/06/20 To Cash A/c 3000
30/06/2
0
By Balance c/f 3000
Total 3000 Total 3000
Rent Account
Date Particulars Amount Date Particulars Amount
20/06/20 To Bank A/c 150
30/06/2
0
By Balance c/f 150
Total 150 Total 150
Stationary Account
Date Particulars Amount Date Particulars Amount
30/06/20 To Cash A/c 30
30/06/2
0
By Balance c/f 30
Total 30 Total 30

Make a basic trial balance by using balance off rule to complete the ledger
Trial balance help in studying accuracy of double entry in ledger accounts. It help
Premier Inn manager in understanding the arithmetical accuracy of double entry. Trial balance
consists of two sides which is credit side and debit side.
Trial Balance
(at the month ending 30/06/2020)
(Amounts in GBP)
Particulars Debit Credit
Capital 65000
Bank 60675
Cash 11070
Purchases and sales 18000 26000
Debtors and Creditors 12000 14000
Insurance 75
Computer 3000
Rent 150
Stationery 30
Total 105000 105000
TASK 2
Describing different stages of HR life cycle applied to a specific hospitality job role and their
significance for retaining and developing talent
HR life cycle is defined as the stages in employees time with the organisation and what
are the responsibilities of human resource department at every stage of life cycle. Human
resource department help every organisation in attracting skilled employees and help in retaining
skilful employees of organisation. Premier Inn HR department focuses on employees which can
help organisation in achieving its goals and objectives. HR life cycle consists of five different
stages which are mentioned below:

Recruitment
Recruitmet is explained as the process of finding and hiring new employee for the organisation.
In this stage role of human resource department is to assist in hiring which includes posting the
job on different job portals, newspapers etc. and after that screening the candidates which are
best fit for organisation. Premier Inn focuses on attracting candidates by using different talent
acquisition softwares and through effective screening of candidates. This process includes hiring
the best candidate for the position by conducting interviews (Dias and Afonso, 2020).
Onboarding
Onboarding is explained as the process of new candidates joining the organisation and
understanding the vision and mission of the organisation while working. Human resource
department focuses on providing the orientation programmes for the new employee to
understand norms and values within the organisation. Premier Inn human resource department
focuses on providing effective orientation programmes to their new employees which help them
in understanding their roles and responsibilities and help in fitting into the organisation.
Orientation programme help in developing relationship with other employees, managers etc.
Career development
This stage is explained as boosting the career of employee by providing appropriate training to
the employee. Organisation focuses on planning effective training for their employees which
help in developing their skill and knowledge. Development of employees help organisation in
achieving its goal and objectives effectively and efficiently. Premier Inn human resource
department focuses on developing training and development programme for their overall
development which help in organisation overall growth (Dzwigol-Barosz and et. al., 2019).
Career development help organisation in retaining employees with organisation. Career
development includes professional and personal growth of employee.
Retention
This stage focuses on retention of skilled employees for the organisation development as
retention help in growth of organisation. Organisation retain their best employees by providing
them rewards and incentives. Retention of employee help in development of the organisation and
help in maximizing the productivity and profitability of the organisation (Golubovskaya,
Robinson and Solnet, 2017).
Offboarding