Page 23 - Cyprus Breastfeeding Association 2019

REPORTING
We have implemented a software solution that enables us to extract information from our accounting system quickly and in a way that can be easily formatted. We deliver high-quality reports in terms of content, format and timeliness. The level of information provided to a hotel owner is subject to agreement at the outset of the management contract. listed below are the core reports we typically produce.
• Monthly profit and loss report: this summarises the month past and the cumulative year-to-date position with a mix of financial data and key performance statistics. We achieve a nine-day close in line with industry best practice, and this report is available on the tenth working day after period end.
• Rolling forecast: at the start of each month, a three-month rolling forecast is prepared showing expected performance versus budget and prior year.
• Cash flow: in the week following month-end, a cash flow report is prepared detailing the actual cash flows of each hotel group, together with the forecast cash flows for the next three months.
• Daily / Weekly revenue reports: showing revenue performance for the week past, the cumulative month-to-date position and the revised expectation for the month as a whole.
• Benchmark reports: these are essential in the successful operation of a group of hotels,
so we benchmark the performance of all the hotels we manage.
For each performance driver, whether it is food margin, average spend on dinner or old debt, we strive to understand the variances from hotel to hotel. We maximise performance by pushing ourselves and our hotels to deliver at the level of their highest-performing peers.
Our reporting software enables us to extract data quickly from our accounting system to create ad hoc reports. This is particularly important when analysing trends. Analysing data such as this is essential in maximising the value
from opportunities and reacting to threats.