Copthorne Hotel †Department Analysis Essay -- Business and Management

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 annual report - Obtaining capital and resources for bulk purchases for all of the hotels regionally - Identifying start up costs - Identifying running costs - Preparing business plans if hotels need to borrow money - Paying salaries of the management team The finance department within the hotel carries out the simple jobs like paying invoices, preparing guest accounts and paying wages for staff (casual staff etc). Here are a few more jobs that the finance department within the hotel has to handle: - Purchasing orders - Monitoring expenditure (gas, electricity etc) to make sure the hotel stays within its budget Each finance department (centrally and locally) has 5 main jobs. They are as follows: Finance Manager, Cost Controller, Accounts Clerk, Salaries Clerk and several Accounts staff who monitor all of the other departments to make sure they do not go over their budget. The finance department would not be able to operate properly without the required staff and each person is equally important. How Finance helps the Copthorne to meet it’s aims and objectives The finance department is one of the most important departments in the hotel. The finance department manages all of the money that comes in and goes out of the hotel, so without the money that the finance department gives them, many departments would not be able to operate properly. At the beginning of the business year, the finance department set a budget for each department in the hotel. For example, the Human Resources department would be given a  £2,000 budget for all of the business year. The Human Resources ac... ...k together efficiently then Aims & Objectives will be met: - Finance & Administration – All of the other departments know notices and information about budgets, ASAP. - Finance & Marketing – All of the other departments know when their budgets will be received as Marketing may print notices or posters. The finance department will also know how much custom is being made from the advertising posters etc. - Finance & Sales – The finance department will know what is being spent, hat money is being brought in from sales of merchandise etc. - Marketing & Administration – If the Administration team work hard and keep the staff happy, the marketing department wont have to sell hotel as much. Changes I think could be made - The first thing I would add is a multi-department meeting at the end of every week. This would allow the departments to analyse the week’s performance to see if they could improve anything within the hotel. ÃÅ"-I would try and allocate certain days/weeks for certain people. For Example: a week special for families. This would bring in extra money, or a week for couples. This would make a boost to profits as it would be a ‘one off’ special.