The Hospitality Business Toolkit

Introduction

Hospitality sector refers to a service sector which focuses on providing services related to lodging, accommodation, cruise line, travelling, transportation, food and many more. Marriott International Hotel is an American multinational diversified hospitality company which manages a range of its hotel throughout the world. This report elaborates about the ways to manage financial performance and recording transactions to minimise the cost within hospitality industry. Further it explains about HR life-cycle and performance management plan along with techniques to improve employees retention (Bowie and et. al., 2016). It also describes about various laws that must be followed by hospitality industry and impact of company, contract and employment law over it. At-last it explains the importance of coordination and integration among various functional department.

P1. Principles of monitoring and managing financial performance

It refers to the level of performance a business have over a specific period of time in term of either loss or profit. Being an account assistant it is very essential to evaluate the financial performance which will allow Marriott international to judge the result of its business strategies and activities result in monetary term. Following are the major principles that support in managing and monitoring the financial performance of Marriott hotel:

Preparation of key financial statement:-The basic report that Marriott hotel must maintain are balance sheet and PL account because they give overview of financial position throughout the year (Foster and Carver, 2018). This help in determining the area where the cost of business can be minimized by removing the extra expenses.
Preparation of inventory record:-This principle will support Marriott International to keeping record related to the inventory and other stuff that are purchase by them. This help in determining the total wastage that incurred during this transaction so that in future wastage can be monitor and minimized.
Analysis of overhead:-There are certain extra expenses which are not related to operations performed by Marriott hotel but are required to pay. By maintaining record of this Marriott hotel will be able to manage the fund so that more expenses will not incurred as it may affect the profitability of business.

P2. Apply double entry bookkeeping system of debit and credit record sale and purchase transactions in general ledger

Double entry book keeping refers to the system of accounting which allows businesses transaction to involve two accounts for balancing the accounting equations (Fyfe, Seaman and Bent, 2018). For example: the double entry book-keeping system of debits or credits for recording purchase and sales transactions in general ledger as given as under:

Sales account

Particulars	Amount	Particulars	Amount
To balance b/d	7500	By bank account	5000
		By Mr. Joey account	2500
Total	7500	Total	7500

Purchases account

Particulars	Amount	Particulars	Amount
To bank account	6000	By balance b/d	6500
To Ms. Rachel account	500

Mr. Joey account

Particulars	Amount	Particulars	Amount
To bank account	6000	By balance b/d	6500
To Ms. Rachel account	500

Ms. Rachel account

Particulars	Amount	Particulars	Amount
To balance b/d	500	By bank account	500
Total	500	Total	500

Bank account

Particulars	Amount	Particulars	Amount
To Sales account	7500	By Purchases account	6500
		By balance b/d	1000
Total	7500	Total	7500

P3. Prepare trial balance

Trial balance account refers to the book keeping report system which enlist the balances of each general ledger account of organisation where debit balance is written over debit coloum and credit balance is written over credit column and the total of two column must be identical. Following trial balance represent the balances of above given ledger accounts:

Particulars	Amount	Particulars	Amount
Bank Account	1000	sales account	7500
Purchases Account	6500
Total	7500	Total	7500

P4. Review the stages of HR life cycle

Human resource management refers to the formal structure of an organisation which is responsible for managing, developing and recruiting the employees working within the company. HR activities are generally undergoes through various phases that support a company in retaining and development of employees working with an organisation (Jauhari, 2014). Currently there is a vacancy for an accountant in Marriott hotel so in order to select a highly skilled and talent candidate it must follow the HR life-cycle effectively.

Above given image depict about various stages that are involve in human resource life-cycle which help in retaining and developing the talent among employees. These stages are explained below:

Attraction:-For becoming successful and maintaining its position in marketplace it is very essential for Marriott international to attract right talent that support them in achieving their targets as well as quality of work (Jayawardena and et. al., 2013). So in order to attract highly skilled candidates it is very important for Marriott hotel to offer attractive compensation along with other workplace benefit.
Recruitment:-This is one of the most crucial stage for Marriott as being an operator of global business it is very essential for them to place right person at the job of accountant. Under this stage HR department must select a applicant having knowledge as well as experience in this field so that selected candidate will be able to manage the accounts and financial transactions effectively (Six Stages to Success with the Employee Lifecycle, 2018).
On-boarding:- This stage includes the process of developing knowledge, skills, behaviour and attitude among employees as per their designation for ensuring smooth running of operations (Jumah and Sulo, 2014). After selecting an candidate, Marriott hotel must organise proper training development programme for them in order to develop an understanding related to ways in which functions are performed.
Development:- For maintaining the quality of work and performance of its employees, Marriott hotel must focuses on encouraging professional development by organising learning programs on regular bases in order to update the skills or knowledge of employees (Kasemsap, 2017). This help newly appointed accountant to learn about new methods of doing their work which support them in performing their task more effectively.
Retention:-Under this step Marriott hotel must try to keep its top performers happy and satisfied with their job by providing them a positive company culture. The cost of replacing employees is very high as it not only affect the performance of the company but also disturb the work of other departments. Because accounts department is consider as the heart of company through which all the fund flow and recorder
Separation:-This is the final stage of HR life-cycle where employees has come to a point where they have performed all their duties and now ready for retire. Under this stage Marriott International hotel that employees must leave or get retire from their job without disrupting the functioning of others.

P5. Develop a Performance management plan and apply techniques to resolve negative behaviour

Performance management refers to an ongoing process that involve continuous interaction between superior and subordinates with an aim to align the performance of employees as per the decided criteria (Legrand, Chen,and Sloan, 2013). This include regular supervision and guidance to workers in order improve their current performance to achieve future objectives. Marriott international must work toward regularly managing its employees in order to eliminate negative behaviour which in turn will result in maximum employee retention. Following steps of performance management plan will support Marriott hotel to achieve this:

Set performance objectives:-Under this step the HR department of Marriott hotel must try to examine the work performed of newly appointed accountant in order to determine the area of improvement. After identifying performance they must set SMART performance objectives in order to set up targets related to performance required at this job role.
Provide training:-After determining the weaker area it is essential for HR department to organise training and other learning program that help newly appointed accountant to sharp up their skills as required for their job role (Messner, 2015). This help them in performing operations in an most efficient and effective manner.
Evaluate the performance:-After providing training, next step to be perform by HR department of Marriott international is to evaluate the performance of accountant after going through learning programme.
Compare actual performance with benchmark:-After examining and evaluating the current performance of newly appointed accountant, next step is to compare it with performance objective that are set by HR department. This help in determining the gap between the actual and planned performance which further support in taking up appropriate action for removing those gaps.
Monitor control:-After determining the gaps between the actual and planned performance next step is to develop an improvement plan for removing those gap. By implementing this improvement plan, superiors must constantly monitor the action performed by accountant in order to guide them over their mistake so that it will not repeat in future.

Techniques to resolve negative behaviour and staff turnover

It is very essential for Marriott International hotels to remove the negative behaviour of worker as it is the main cause behind increasing employees turnover (Nickson, 2013). This help in retaining employees for longer duration as turnover or switching employees increase the cost of company and also affects its performance. Following are the techniques of resolving these issues:

Create the right culture:-It must be the top priority of Marriott International to create a positive culture where employees' issues are heard and their views are also consider while taking any decision. These practices will support in keeping employees happy, satisfied and dedicated for their work. It help in getting rid of employee turnover issues so the workers can be retain for longer period of time.
Offer training:-Sometimes the reason behind turnover and negative behaviour of employees is they are not able to work or understand their job properly. So in order to retain its employees, Marriott International must conduct training on regular bases for its employees that help keeping them satisfied with their working environment and job.

P6. Legislations that a hospitality organisation must comply and adhere to

For effective management of its operations it is very essential for Marriott Internationals to consider all the laws and regulations regarding the functions performed by them as it help in keeping the organisation free from legal compliances (Pirani and Arafat, 2016). Following are certain laws that Marriott International must adhere to:

Alcohol Licensing Act, 2003:-This law provide guidelines to hospitality sector related to the sale and supply of alcohol for the provision of late night refreshment and entertainment. According to this Law Marriott International must ensure that alcohol should served as per the guidelines provided by government of UK. As breaching of these guidelines may lead organisation to suffer from legal compliances that may affect their goodwill.
Management of Health and safety at Work Regulation, 1999:-According to this law Marriott International must ensure the safety of its employees while working and must adhere to guidelines that are provided this law. For instance, Marriott hotel must check all the instruments or assets that are used for performing operation must not be harmful and if it is dangerous to use that either it must be avoided or training should be provided to use it effectively. Breaching of this law may create legal and other employment issues such as staff turnover, circulation of negative image outside the organisation etc.

P7. Potential impact of company, employment and contract law over business decision making in hospitality sector

The law and regulations that a particular region follows left an huge impact over the decision taken by a company related to its operations (Schwager, Decker and Kaltenegger,2016). Business decisions are largely affected by the company, employment and contract law as on the bases of these employment as well as business practices are decided and performed. Following points describe about the impact of these laws over decision making of Marriott International Hotel:

Company Law:-This legislation describe about the standards and code of conduct that a company must follow in order to perform its operations in an ethical manner. The decision making process of Marriott International highly influence by Company Law, as they have to consider the guidelines provided by government under this Act (Silverstein, Samuel and DeCarlo, 2013). This help them in deciding what activities can be performed in particular area and in which manner without getting involve in legal issues. For instance, before formulating policies related to performance of its operation Marriott International have to consider the standards or guidelines that are given under Company Law.
Employment Law:-This legislation regulates the relation between employer and employees by governing the terms and conditions related to recruitment, holidays, working environment and many more activities that are related with the operations performed by employees. The Marriott international have to consider all the guidelines before making any policies and workforce plan. Therefore employment law affects the decision making process of Marriott International for instance, organisation must consider the employment law guidelines before formulating selection strategies related to recruitment.
Contract Law:-This law aims toward providing an effective legal framework for the parties involve in agreement to resolve their disputes and regulate their obligations related to contract. This law affect the decision making process of Marriott International as it have to consider all the obligations while taking decisions or making changes to any policies. For instance, if Marriott hotel want to change working policies and procedures followed by it employees then they have to consider all the obligations to perform which is written under employment contract.

P8. Interrelation between different functional role within hospitality sector

Hospitality sector work toward providing better services in order to achieve better customer satisfaction but this can't be possible to achieve solely . Therefore in order to provide effective and satisfactory services to its customer Marriott international hotels must ensure proper interaction and inter relationship between its functional department. Because it is operating accommodation along with catering services. Following points describe about the interrelations between various functional department and their role:

Financial and Marketing department:-Both the functional unit of Down-town hotel are inter connected as before performing any action the manager of marketing department have to consult with finance department. Because this department work toward the management of all the finance related transactions performed within the organisation. So by maintaining proper interaction with finance department, marketing unit will be able to get fund easily for executing its operation in an efficient and timely manner (Weinstein and Morritt, 2012).
Front office and housekeeping department:-Marriott International hotel must ensure proper interaction between both the units as improper coordination may affect the quality of services. By maintaining proper cooperation Marriott International hotel will be able to provide a better service experience to its customers. For instance, front office may provide regular information related to housekeeping department related to check in of customers. This help them in managing the room and other stuff ready for servicing customer which support them in providing better services.
Human resource and Food beverages department:- HR unit is responsible for the management of people working within an organisation as well as ensuring proper execution of operations. Therefore it is very essential for the manager of Food Beverages department of Marriott International hotel to proper coordinate with HR department related to its requirement of employees. For instance, Food beverage department may communicate with HR manager related to the vacancy or number of employees required to perform operations effectively. This will help them in recruiting the skilled and competent staff that are required to manage the operations effectively.

P9. Different methods of communication, coordination and monitoring within hospitality organisation

There are three major factors such as communication, coordination and monitoring that must be managed effectively in order to achieve desired performance standard from the operations performed by employees (Yusupova, and Pozdeeva, 2018. Following are the methods that can be used by Marriott International hotels in order to improve the performance of marketing department which strengthen its value chain:

Communication:- It refers to the process of exchanging information through writing, speaking or by using some other medium. Communication plays an essential role with in organisation as it help in keeping employees aware about the operations performed by them. Following are the methods that can be adopted by Marriott International hotel in communication:

Email:-It is a type of written communication where the marketing manager of Marriott International hotel can communicate with other departments and collect information regarding the services that help them in formulating an effective promotional plan.
Meetings:-By using this communicational medium, marketing department can communicate about its promotional plan and other market activities in order to get feedback from other departments so that a positive image of Marriott International hotel can be present among target market.

Coordination:- It refers to the process of synchronizing and integration of activities in order to achieve positive result. For achieving success in marketplace Marriott International hotel must ensure proper coordination among the operations performed by employees. Following methods can be used for achieving coordination:

Sound planning:-By formulating proper planning, marketing department of Marriott International hotel will be able to align the performance of its employees with set targets. This help marketing department to bring coordination by teaming up people for achieving the targets which further support in improving the value chain.
Effective communication:-Another major factor that help marketing department to bring coordination among its employees is effective communication as it help in influencing and keeping employees motivated toward working as a team (Silverstein, Samuel and DeCarlo, 2013).

Monitoring:-It refers to the process of observing and checking the performance of employees over a specific period of time. Following are the methods that can be used by marketing department of Marriott International hotel:

Performance appraisal:-Under this method marketing department of Marriott International hotel evaluate the performance of employees and compare it with planned criteria in order to determine the gap and reason behind that in order guide employees for avoiding such mistakes in future. This
Formal survey:- This approach focuses on collecting information from existing employees for determining the actual condition and factors behind performance gap. By determining this information marketing department will be able to determine the area that require monitoring for performance enhancement which further improve value chain.

Conclusion

From the above given report it has been concluded that functions department of hospitality industry are interlinked with one other as it aim toward combining the effort of employees toward providing the better service experience to its customer. In order to achieve this hospitality industry follows various methods of communication, coordination and monitoring for aligning the performance of employees with overall objective. But in order to perform its operations effectively it is very essential for hospitality organisation to adhere to all the laws and regulations that are related to this sector which provides the guidelines for performing operations in an ethical manner.

References

Bowie, D. and et. al., 2016. Hospitality marketing. Routledge.
Foster, M. and Carver, M., 2018. Explicit and implicit internationalisation: Exploring perspectives on internationalisation in a business school with a revised internationalisation of the curriculum toolkit. The International Journal of Management Education. 16(2). pp.143-153.
Fyfe, J., Seaman, C. and Bent, R., 2018. Business Internet Use in Small, Family Owned and Managed Hotels in Scotland. International Journal of Business and Globalisation.
Jauhari, V. ed., 2014. Managing sustainability in the Hospitality and Tourism Industry: Paradigms and Directions for the Future. CRC Press.
Jayawardena, C. and et. al., 2013. Trends and sustainability in the Canadian tourism and hospitality industry. Worldwide Hospitality and Tourism Themes. 5(2). pp.132-150.
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Kasemsap, K., 2017. Mastering social media in the modern business world. In Social media listening and monitoring for business applications (pp. 18-44). IGI Global.
Legrand, W., Chen, J. S. and Sloan, P., 2013. Sustainability in the Hospitality Industry 2nd Ed: Principles of Sustainable Operations. Routledge.