Need it reviewing and help with:
Personal methods of compensation
• How you will maintain accounting records and procedures
• Daily management
• Hiring and personnel policies
• Insurance coverage and leasing agreements
• Delivery of products and services
Personal Methods of Compensation
The reward is an important factor to motivate employees to give their best in allocating work or responsibility. For this purpose, an employee compensation plan will be developed to provide financial benefits to employees in exchange for their work. Under this plan, following methods will be used for employees' compensation:
Salary: As per the labor laws, a good salary will be paid to each employee according to their job in the restaurant bar.
Incentive and Bonus: A positive incentive or bonus will be paid to staff of each section of the restaurant whenever monthly sales of the restaurant across a particular level. These benefits will be separated from the salary (Pride and Ferrell, 2016).
Additional Leaves: Extra leaves other than annual paid leaves will be offered to top performers. This is a non-monetary compensation, but still it has greater significance and potential to motivate employees (Napolitano, 2007).
Along with these, group health benefits and festival gift vouchers will also be used as the methods of reward for the staff of the restaurant.
Maintenance of Accounting Records and Procedures
Following actions will be taken to maintain accounting records and procedures:
A cash register will be developed and its total will be closing out on a daily basis to figure out daily sales.
A payroll system will also be developed to record labor expenses related to wages, salary, overtime and other for accounting purpose (Guilding, 2014).
Apart from this, journal ledger, trial balance, and profit & loss account will be used to maintain accounting records and procedures related to this proposed restaurant bar.
To manage daily operations of the pub, a proven system will be established before the actual start of bar operations. ...
This response provide guidelines for completing the given business plan of 'the hungry lion' focusing on the accounting records and procedures, and Operations like Daily management, Hiring and personnel policies, Insurance coverage, leasing agreements and Delivery of products and services.