Hotel Cost Controller at Lorache Consulting Limited

Summary

• A Cost Controller in hotel is responsible for closely monitoring and managing all operational expenses across different departments, including food & beverage, rooms, and administrative costs, by analyzing financial data, identifying areas for cost reduction, and implementing strategies to ensure the hotel operates within budget while maintaining quality standards; their key tasks include inventory control, purchase order verification, cost reporting, and collaborating with department heads to optimize spending and maximize profitability.

Key Responsibilities

• Financial Monitoring: Regularly review and analyze departmental cost reports, comparing actual expenses against budgeted amounts to identify variances and potential cost overruns, Track inventory levels across all departments, including food, beverage, supplies, and linen, to minimize waste and loss, Conduct periodic physical inventory counts to verify stock accuracy, Monitor and control purchasing activities by reviewing purchase orders and invoices for accuracy and compliance with established guidelines.
• Cost Control Strategies: Implement cost-saving initiatives based on analysis, such as negotiating better supplier prices, optimizing food portion sizes, and reducing energy consumption, Develop and maintain standard operating procedures (SOPs) for all departments to ensure efficient operations and cost control measures, Analyze food and beverage cost percentages to identify areas for improvement and implement recipe standardization.
• Reporting and Analysis: Prepare detailed cost reports for management, highlighting key performance indicators (KPIs) like cost of goods sold (COGS), labor costs, and overall profitability, Analyze trends and identify areas of concern, providing actionable insights to department heads to address potential cost issues, Forecast future costs based on historical data and current market trends.
• Collaboration and Training: Work closely with department heads to educate them on cost control practices and set departmental budgets, conduct regular training sessions for staff on proper inventory management, cost-conscious purchasing, and waste reduction, Liaise with the hotel's accounting department to ensure accurate financial reporting.

Qualifications

• A Bachelor’s Degree in Accounting, Finance, or Economic, often accompanied by professional certifications like the Institute of chartered Accountants of Nigeria (ICAN) OF Association of Chartered Certified Accountants (ACCA)
• Experience: 10 + years experience in similar roles in related industries (Cost Control & Hospitality)
• Business and Industry Knowledge.

Required Skills:

• Strong analytical and problem-solving skills to identify cost-saving opportunities
• Excellent financial acumen and understanding of accounting principles
• Proficient in Microsoft Office applications, especially Excel, for data analysis and reporting
• Attention to detail and ability to maintain accurate records
• Excellent communication skills to effectively collaborate with different departments.