Hospitality Business Toolkit
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.
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:
|Wages||Weekly food shopping|
|Allowances||Household utility bills|
(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.
|Cash in hand (Overdraft)||10700|
|Petty cash expenses||750|
|Credit card sales||14795|
|New kitchen equipments||6540|
|Functions and events (Income)||5967|
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.
|Cash in hand||11700|
|bank loan interest||1400|
|Weekly food shopping||26415||26415|
|Household utility bills||3678||3678|
Different stages of HR cycle applied to specific hospitality job role and their importance for retaining and developing talentNutritious 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?
- 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?