Hospitality Business Toolkit

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Sample Report on Hospitality Business Toolkit

Introduction

Hospitality industry refers to a broad field that provide services to customers as per their needs and wants. Mainly, it focus on the customers satisfaction by providing them positive experiences. In hospitality sector business organization are developing as well as implementing new strategies with the purpose of attaining success at market place. In this management of these type of business is to manage their financials activities which help them in attaining competitive advantage from its rivals (Jayawardena and et.al., 2013). Present report is based on Nutritious diet, which operate their business in Londonand also offer salads, healthy juice and smoothies to customers as per their requirements. This report discussed about principle for managing financials and also include the double entry bookkeeping system in a ledger. Along with this, various legislations are also discussed here which implement by the hospitality organizations. At last interrelation of different function in hospitality organisation along with various method for coordination, communication and monitoring is also mentioned in this project.

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TASK 1

Investigate the different principles of managing and monitoring financial performance

Managing as well as monitoring financial performance is important for every business organization to improve their overall performance level. For this, there are different principles which followed by Nutritious diet to manage their financial performance. All these can be understood by following points: Organize your Finances: It is one of the important step of managing financial performance of business organization. In this, it is necessary for company to track as well as manage all the credit cards, bank accounts, personal loans brokerage accounts, mortgages, car loan and many more (Bowie and et.al., 2016). With the assistance of this, manager can easily track accounts, and payments which improve the overall performance of the company. Pay attention to taxes: It is also important for manager to consider the tax within their financial activities. For this manager of Nutritious diet use the financial planning software which support in managing all the information related to tax. (a) Recording all expenditure and income with the help of table:
Incomings Outgoings
Wages Weekly food shopping
Gifts Clothes
Benefits Gifts
Allowances Household utility bills
drinks
Lunch purchases
(b) Explain following terms as pertain in hospitality industry: In this, there are various terms which can be understood by following points:
  • Sales: This term refers to the exchange of good, services and total amount of capital that organization receive from the selling of the products. In context of Nutritious diet, manager sale quality services to its customers for attaining higher profitability level.
  • Purchase: It is one of the important term which used by the business organization with the aim of acquiring quality products and services to attain set target. In this context, there are different hospitality industry which includes effective purchasing procedures to gain desired goals and objectives (Kysilka and Csaba, 2013). In this Nutritious diet use this type of system to maintain as well as manage purchasing process in order to improve the performance level.
  • Types of cost: There are various type of cost which implement at the time of running business activities. Mainly, it is a combination of all kind of expenses that faced by company while delivering services to its customers. In context of this, Nutritious diet includes different costs such as fixed cost, variable cost, semi variable cost.
(c) Double entry bookkeeping system of debits and credits to recording: Double entry book keeping system: It is one of the important system in which all the business transaction is recorded in twice time in the books. Mainly, it is ensure about the amount that added in debit side is matching on credit side (Legrand, Chen and Sloan, 2013). Nutritious diet use this kind of system which help them in evaluating the profitability with all the expenses within the organization.
Particulars Debit Credit
Cash in hand (Overdraft) 10700
Petty cash expenses 750
Cash sales 3350
Credit card sales 14795
Free issues 575
New kitchen equipments 6540
Food purchase 7900
Beverage purchases 12970
Purchase return 200
Discount received 2300
Credit notes 190
Rent 2850
Utilities 475
Functions and events (Income) 5967
Wages 4590
Debtors 700
Till shortage 152
37502 37502
Balance off rule: This is also an important entry which is related with the end of accounting year in this all the business activities are closed and their balance are carried to the next year (Singh2015). Mainly, it is process which is known by balancing off. It help in analysing information which is entered in the journals and ledgers to ensure whether it is correct or not. In context of Nutritious diet, it is important for them to balance off all the accounts at the end of financial year so that entire performance of the company can be analysed appropriately.
Particulars Debit Credit
Bank loan 12000
Cash in hand 11700
Capital 13000
Rates 1880
Trade creditors 11200
Purchases 12400
Sales 14600
Sundry creditors 1620
Debtors 12000
bank loan interest 1400
Other expenses 11020
Vehicles 2020
52420 52420
Particulars Debit Credit Transaction amount
Wages 16489 16489
Gifts 24000 24000
Benefits 25000 25000
Allowances 15900 15900
Weekly food shopping 26415 26415
Clothes 17809 17809
Gifts 15000 15000
Household utility bills 3678 3678
Drinks 10032 10032
Lunch purchases 8455 8455
81389 81389 162778

TASK 2

Different stages of HR cycle applied to specific hospitality job role and their importance for retaining and developing talent

Nutritious diet manager conduct evaluation for hiring appropriate and effective candidates for vacant position of receptionist, that is mentioned below:-

Box 1: For vacant position respective company conduct advertisement on print and social media and job portals.

Box 2: For deciding effective participant Nutritious diet manger scan resumes and do face to face interaction.

Box 3: Interview Questions

  • Do you confident enough to handle phones call effectively?
  • Are you familiar with current software which is use by receptionist or at reception areas?
  • Do you think you can handle every situation in effective manner?
  • Do you have any experience or certificate of speed typing?

Box 4: For effective induction and on boarding programme manger of Nutritious diet conduct or organise welcome at which they inform about company and its rules. Along with this company also design training sessions.

Box 5: For reviewing employees performance in appropriate and effective manner Nutritious diet conduct comparison and analysis of staff performance.

Box 6: For enhancing learning and development session Nutritious diet conduct training and development sessions. In this they provide training related to new software and software they are using, how to attain calls in effective manner and many more.

Box 7: Promotion related to activities by which employees of a company get increment according to there performance and work. So manager of Nutritious diet evaluate and analysis performance of employees on regular basis and promote or appraise them accordingly. By this employees feel motivated and connected.

Box 8: It is a situation when employees feel demotivated and didn’t want to work more in same company, basically they feel disconnected with organisation. For this manger of Nutritious diet develop strategies to promote employees and retain them for long time. For this conduct promotional activities, organise parties and many more.

Box 9: Exit interview questions

  • Why are you living your position?
  • Do you have any advice or suggestion for company?
  • What is your likes and dislikes related to job and company?