How Virtual Financial controllers and virtual CFO can help you in 2021

How professional financial controllers help

Smaller and medium hotels run on a very tight budget due to limited revenue, making it difficult to hire a professional financial controller/manager. Professional financial controllers help hotels with

• Provides data for decision-making and planning for the future.
• Higher visibility for cost-saving and revenue-generating opportunities.
• Advice on revenue optimization practices.
• Ensure Financial practices are aligned with overall hotel objectives.
• Professional support and advice to GMs in managing the property in an efficient and optimal manner.
• Provides focus on long-term strategies and asset-efficient utilisations.

However, with today's technology advancements, it is possible to get the services of the professional financial controller for a fraction of the cost.

Below are some areas and Scope of Work, Virtual financial controllers can help with.

1. Setup USALI systems of accounting.
2. Establish MIS, financial reporting to help management get the data relevant for making decisions.
3. Setup Internal Control systems - Income Audit/cost control to ensure accuracy and controls
4. Evaluate and assist in preparing.
   1. annual business plans,
   2. Capex,
   3. Zero base budget for manning and operations
5. Monthly Profit & Loss reviews and recommendations
6. Supervise key procurements and tendering for hotels.
7. Outsourced accounting and reporting functions excluding cashier and procurements
   1. Revenue Accounting
   2. Expenses accounting
   3. Payroll Calculations/checking
   4. P&L preparation
   5. Balance Sheet Preparation
   6. Tax Compliances
8. Long-term Strategy Development for the hotel.
9. Asset Management practices to enhance return on investment into the hotel.

Why you can trust, eHotel Management School for virtual financial services.

Gain from the experience of seasoned financial controller /Chief Financial officer having over 10 years of experience in hospitality. The team is experienced with managed properties (Shangri-la Hotels) and also independent brands (Htoo Group, Myanmar's largest hotel owners and operators). We have successfully achieved projects in

• ERP implementation
• Setup of hotel accounts in compliance with USALI
• Overseeing Renovations.
• Annual budget preparations.
• Strategy development for payroll cost reduction and improving productivity
• Quality Assurance
• Process Re-structuring

We offer following plans for our services as virtual financial controller / virtual CFOs

Advisor

One-time setup cost – USD 700 (INR 50,000). Waived for a contract over 6 months

Monthly USD 300 (INR 25000)

One time Services

1. Setup USALI systems of accounting.
2. Establish MIS, financial reporting to help management get the data relevant for making decisions.
3. Setup Internal Control systems - Income Audit / cost control to ensure accuracy and controls

Monthly Service

1. Evaluate and assist in preparing.
   1. annual business plans,
   2. Capex,
   3. Zero base budget for manning and operations
2. Monthly Profit & Loss reviews and recommendations
3. Supervise key procurements and tendering for hotels.

Financial Process Partner

One time setup cost – USD 1000 (INR 75000). Waived for contract over 6 months

Monthly USD 500 (INR 40,000)

Services - Everything in Advisor plus

1. Outsourced accounting and reporting functions excluding cashier and procurements
   1. Revenue Accounting
   2. Expenses accounting
   3. Payroll Calculations/checking
   4. P&L preparation
   5. Balance Sheet Preparation
   6. Tax Compliances
2. Long-term Strategy Development for the hotel.
3. Asset Management practices to enhance return on investment into the hotel.