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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

P

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