Page 22 - Cyprus Breastfeeding Association 2019

The ultimate
M editerranean r etr eats
f3inance
POlICIES ANd PROCEdURES
Thanos Hotels has formulated a set of policies and procedures which serve as a guidepost for the operation of each hotel’s finance department. Compliance is ensured through a rigorous monitoring and audit programme. We pride ourselves on delivering above average profitability. In our view, management of a hotel requires, first and foremost, a focus on the delivery
of room revenue.
bUSINESS PlANNING ANd bUdGETING
A comprehensive annual budgeting programme is established to assist owners and managers with operational and financial target-setting and business strategies formulation. Thanos Hotels provides specific principles for the establishment of key financial and statistical indicators – key performance indicators (KpIs), by which the hotel’s performance can be measured and analysed.
bUdGETING ANd FORECASTING
The annual budgeting process is critical to any hotel operation. It provides our owners with
an idea of what they can expect in terms of profitability and cash surplus/deficit, as well as giving Thanos and the hotel management teams their goals and objectives for the year ahead.
The full range of Thanos’ skills and experience is used during the budgeting process to ensure that each hotel maximises its potential in all areas of
its operations.
From revenue management to Food and
Beverage operations, we know what works and what needs to be done to deliver profit and increased value.
On an annual basis, we study statistical analysis of business trends for the year ahead, in terms of profitability, cash flow and capital requirements. We explain the projections in detail and ensure that performance is aligned with expectation.
On a quarterly basis, we prepare a forecast through to the end of the financial year, which is presented and discussed to ensure that performance and expectation is aligned. The first month of the quarter under review is also forecast on a daily basis so that the opportunity to adjust room rates in the face of low or high demand is managed.
FINANCIAl REPORTING
Operational and financial performance is monitored regularly through predefined management and financial reports. A financial reporting package outlining detailed reporting requirements is maintained within each hotel. As a monitoring tool, the reports are designed to guide hotel owners and managers in reviewing, evaluating and interpreting key performance indicators
for effective decision making.