All hotels need a person to behave as the financial manager in the hotel, there can be quite a danger plus a liability if your General Manager needs to be the one that handles all facets in the operation.

Controllers are usually the one accountable for short and long term planning, and also daily operations of the accounting department. In larger organizations, s/he interacts with a few regularity while using brand or management company Vice President(s) and Corporate Controller. They may take care of accounting transactions or control practices not specifically addressed inside acceptable company accounting policies and procedures manual or which requires interpretation.

In smaller hotels, the role of Hotel Controller could be handled by a alternative party who could be on the physical building each day. Many ownership groups use a cluster approach about this function, and still have only simple financial activities on the hotel level with all of reconciliations and filings produced by the owner's office or perhaps an accountant. Management companies often successfully use this approach.

With that as an introduction, the following 'Bakers Dozen' of Strategies for Hotel Controllers can be viewed either in approach.

1. Take the lead on establishing and administering all establishments and internal controls. This includes an approved and finished plan for overall financial checks and balances for control over operations. In the case of high volume food and beverage, gaming, retail and other revenue centers, this is critical to cashflow management. Most hotels use approved industry standard accounting systems and formats.

2. Create the guidelines and expectations for the preparation and updates of operational budgets, forecasts, operating results, fiscal reports. While the controller ought not physically prepare all documents, s/he should provide guidance, forms and overall direction. This includes profit projections and planning, sales forecasts, expense budgets, capital requirement/needs, cost standards along with the required approvals for making use of the decided upon plans.

3. Identify the annual hotel's capital plan and establish time lines and protocols for implementation. Capital needs are identified through many sources, including planned renovations, alterations in competition, market variables, brand requirements, legal obligations and ownership preferences. It is the ultimate responsibility of the hotel controller to estimate results also to offer recommendations to ownership and senior management.

4. Implement firm procedures for that preparation of operational statements returns in compliance with government regulations, company, franchise and ownership requirements. There are many entities requiring detailed and consistent reporting.

5. Set up and administer all government reporting and tax filing activities to ensure accurate, timely info is provided in compliance with regulations. This includes local, state/provincial and federal agencies.

6. Formulate and manage local accounting policies that coordinate with ownership's or brand systems and procedures. We all know that data and reports can be stated in creative ways and it falls for the controller to help keep comparisons of performance to budgets, forecasts and updates accurate and consistent. Clear and concise recaps with the financial reports that interpret operational connection between operations to all or any numbers of management and ownership (where applicable) are essential

7. Operate just like you were a monetary consultant on your hotel(s). Consultants find out to ensure that time sensitive reports and knowledge are provided to increase revenues and profits. Done in a proactive and ongoing way, this could greatly assist operations.

8. Monitor compliance with hotel and accounting policies and procedures, legal requirements and contractual obligations . These could include obligations within a management agreement or brand contracts. A system of internal controls, auditing and security procedures needs to be in place to make certain disparities or variations are brought for the attention of the General Manager and/or appropriate ownership or management representative to defend the hotel's assets.

9. Manage the accounting department and also other areas as appropriate. Some hotel controllers oversee Security/Safety staffs although some are in charge of Human Resources. This is a local decision however the goal is to maximize resources and/or effectiveness, not to save a few dollars by reducing a management position.

10. Supervise the installation and upkeep of accounting personal computers and equipment to secure optimum performance. The Controller should also be the main one to typically approve all contracts, using the co-authorization of another senior manager.

11. Maintain a fiduciary accountability to the company and management. Many large organizations have Controllers reporting to the hotel general manager, though a dotted line to some corporate officer or other responsible person. This is a system of constraints.

12. As a member of the hotel executive team, share the professional expectations provided to from ownership and/or management clearly wonderful members of the staff. Newcomers towards the industry sometimes imagine huge profits after they compare their hourly wage with the rooms' rates paid by guests. Those of us who are in the industry for more than just a few years know that profits and losses go in cycles, understanding that it is very important share the realities of the tariff of conducting business in any way levels. All staff should view the total costs of ownership, including support staff such as security, engineering and purchasers, franchise or royalty fees, management company fees, the concepts of debt service plus more. Make those expectations understood, explain the value and rationale to all or any staff and be certain these expectations may be measured fairly.

13. Increase the dedication to training whenever and whenever you can throughout your accommodation. Many controllers in the past functioned independent of the operating staff. The successful controller from the future will hold a required equilibrium while using departments they may be monitoring, nonetheless they will also discover how to:

? More regularly interact using the sales and front office management to obtain accurate forecast of short and long term trends

? Better anticipate capital needs along with the ROI had to justify them

? Assist the total team by better communication with ownership, management, brand offices and government departments as appropriate