Page 24 - Cyprus Breastfeeding Association 2019
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The ultimate
M editerranean r etr eats
ACCOUNTING
Thanos hosts centrally a back-office package. All the hotels we manage have access to the ledgers. This enables us to manage revenues, costs and cash efficiently and effectively, both centrally and locally.
We undertake the following activities on behalf of hotel owners as standard: general ledger management and control, VAT compliance, consolidation, liaison with accountants and auditors in the preparation of accounts, accounts payable and receivable and payment processing. At the request of owners we can also assist with statutory accounts preparation in International Accounting Standards (IAS) format, corporation tax compliance and fixed asset accounting.
WORkING CAPITAl
As well as the management of our hotel owners’ bottom line, we focus heavily on the management of their cash. We monitor debt ageing on an ongoing basis, preparing benchmark reports and addressing issues as they arise. We also monitor creditor days. We track ownership cash flows on a daily basis and maintain three-month rolling cash flow forecasts that enable cash peaks and troughs to be effectively managed. This is essential in ensuring that surplus funds are appropriately invested and that cash injections, which may be required to fund extensive capital refurbishments, are made only as and when required.
bUSINESS dEvElOPMENT
Based on our decision to expand, the company has created a structure to allow it to operate additional hotels. Having been in the hospitality industry for more than 35 years, Thanos Hotels has learned to be flexible and adjust the company’s structure according to the needs of the
market. The company has formulated a clear structure that distinguishes the individual hotel operations from the corporate administration.
The individual hotels concentrate on the daily operation and running of the property. The main priority of each hotel is to ensure that their clients have an unforgettable holiday experience.
Thanos Hotels has cleared the hotel opera- tions from any form of administration in order to ensure the hotel’s above objective. By creating a strong corporate team the company has managed to build on economies of scale and create an effective and efficient corporate administration for its operations.
The corporate team’s main objective is to ensure that the hotels are promoted efficiently and that all hotel operations needs are met in order for the hotels to deliver the quality and guest experience. recruiting needs and product needs are done by the corporate administration.
Yearly budgets are set by the Finance department and are mutually agreed within the corporate team and the Hotel Manager.
Hotel revenue performance is evaluated on a daily basis by the Business development Manager and revenue meetings are performed on a monthly basis. At the end of each month the corporate team meets with the Hotel Manager and the heads of department at each hotel to evaluate the hotel’s performance according to the budget and the previous year.
Forecasting tools have been developed to give accurate estimates of the future and help the hotel operations plan well ahead. The forecasting tools also measure the expected performance
of all our segments and formulate strong tools
to push sales if a segment is underperforming.


































































































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