Copthorne Hotel – Department Analysis Essay

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Copthorne Hotel – Department Analysis

Finance

The finance department at the Copthorne Hotel is extremely important to the running of the hotel. Some of the finance operations are carried out within the hotel and some are centrally carried out. For example: Overall accounts, balance sheets for the whole company,
Annual reports and break even analysis area all carried out centrally.
These are all done centrally to reduce the amount of pressure on the individual hotels and to make sure that they have al the information sorted instead of waiting or the individual hotels to send all of the information to the central office. Here are a few more jobs that are carried out centrally.

- Compilation of the Financial section of the
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The finance department would need to work out a break-even analysis to make sure they are charging the right amount of money for a room. They would need to do this so they do not lose money.

A way of doing this is to complete a survey of all the other hotels in the country. They could see how much money the other hotels are charging for a room and if they are making enough profit. This way they could work out the right price for their rooms.

The finance department would also have to work out a way to make some money to pay back some interest on their borrowed money. They would have to create a Business Plan outlining how the borrowed money will make a profit for the hotel.

They would also have to work out a fail-safe way to pay the employee’s wages. If their wages are paid on time then the employees will hopefully stay happy and make sure they keep the up the good customer service. Also, if the finance department pay all of the invoices on time, it will keep the suppliers happy which in turn will help the departments receive their resources. This will then allow the staff to maintain the high service expected.

Links with other departments

Finance – Human Resources

-I f the finance department pay the wages on time with the correct deductions into the staff’s bank accounts it will leave them happy and motivated. - If the HR accountant discusses the HR manager about training to see if it can be done cost

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