The Hotel Requirement

The Hotel Back of House departments of Accounting and Human Resources require:

 

‒Robust systems and processes

 

‒Management oversight to ensure:

 

  • Accounting information is accurate and timely and can be used to provide a management information system to support the decision making of operations.
  • Complies with the legal requirements
    ‒ Corporate
‒ Taxation
  • Payroll is accurately processed
  • Staff information is complete and accurate to ensure that all staff matters can be properly managed

The Hotel Dilemma

• Small hotels cannot afford the positions of:
‒Financial Controller
‒Human Resources Manager
• These positions are expensive as they require sufficient expertise which are necessary to:
‒Prepare accurate and timely monthly accounts
‒Prepare informative financial analysis of the hotel’s financial performance and provides recommendations for:
  • Revenue improvements
  • Cost reduction initiatives
‒Ensure the accurate processing of payroll
‒To manage staff and shift requirements to match the variable levels of business
‒Recruit the right staff
‒Implement training programs to improve the skills of the staff

Consequences

• Small hotels cannot afford the positions of:
‒Financial Controller
‒Human Resources Manager
• These positions are expensive as they require sufficient expertise which are necessary to:
‒Prepare accurate and timely monthly accounts
‒Prepare informative financial analysis of the hotel’s financial performance and provides recommendations for:
  • Revenue improvements
  • Cost reduction initiatives
‒Ensure the accurate processing of payroll
‒To manage staff and shift requirements to match the variable levels of business
‒Recruit the right staff
‒Implement training programs to improve the skills of the staff

Preparation

All hotels have significantly reduced their headcount to survive during the COVID pandemic.
‒This has included the Accounting and HR departments which have been traditionally overstaffed
• Long serving staff have built up significant contingent liabilities that need to be paid on making them redundant, much of which has been realized on reducing staff numbers.
• As hotels re-open and recover from the crisis, small hotels (in particular) have the opportunity to restructure their back of house functions of accounting and HR which can be facilitated by subcontracting these functions to specialist organisations such as PKF NuoBello to:
‒ Improve the cost effectiveness of these functions
‒ Improve the quality of these functions to provide the management team with the service and the information that it requires to properly manage the hotel

The Opportunity

All hotels have significantly reduced their headcount to survive during the COVID pandemic.
‒This has included the Accounting and HR departments which have been traditionally overstaffed
• Long serving staff have built up significant contingent liabilities that need to be paid on making them redundant, much of which has been realized on reducing staff numbers.
• As hotels re-open and recover from the crisis, small hotels (in particular) have the opportunity to restructure their back of house functions of accounting and HR which can be facilitated by subcontracting these functions to specialist organisations such as PKF NuoBello to:
‒ Improve the cost effectiveness of these functions
‒ Improve the quality of these functions to provide the management team with the service and the information that it requires to properly manage the hotel

The PKF Nuobello Solution

PKF-Nuobello is a collaboration between PKF Thailand and Nuobello which has developed a suite of products for the hospitality industry.
We have a model and a team to enable hotels to outsource the financial management to provide a level of service not normally possible for a smaller hotel or hotel group.
- We will ensure onsite staffing levels are minimized by training and cross-skilling staff.
- Oversee onsite staff
- Set up management information systems to provide accurate and timely monthly financial statements and informative financial analysis with recommendations for revenue improvements and cost reduction initiatives.
Not every hotel’s requirements are going to be the same. Some may want to outsource all of their accounting and HR, others may be happy with their HR department and just want to outsource the accounting. We are flexible in our offering and can tailor a solution to meet the hotel’s requirements.
Structure
We have hired an experienced hotel Financial Controller who heads up the Hotel Accounting Outsourcing division of PKF Nuobello.
We have Cluster Financial Controllers (CFC) who will manage a group of 4-5 hotels The CFC is responsible for
Ensuring controls are in place at each hotel, management accounts are provided on timely basis
  • Setting annual budget with the management team and reporting against this.
  • Coordinating year end financial auditors and ensuring all tax requirements are complied with
  • Providing monthly management report analysing performance of each hotel and discussing with hotel management regarding revenue opportunities and costs saving
    initiatives.

Establishment Fee

TBA
  • We will examine your current systems to ascertain the extend to which you need our service.

Small Hotel

฿100,000 per month
  • Requiring 2 onsite staff
  • Assumes participation of property staff

Medium Hotel

฿120,000 per month
  • Requiring 3 onsite staff
  • Assumes participation of propery staff

Larger Hotel

฿140,000 per month
  • Requiring 4 onsite staff
  • Assumes participation of property staff

PKF People

PKF Nuobello has also implemented an
outstanding new Payroll/HR software, called
PKF People, in its own business as well as the
hotel it manages.

Benchmarking

We have developed comprehensive
benchmarking analysis and reporting that can be used for hotel clients if required.

PKF International

Access to PKF Global resources, including PKF Hotelexperts, an international hotel and
hospitality consulting firm.

Advantages

Process and Personnel Expertise

Outsourcing provides opportunity to have a highly-qualified team who can serve the hotel in a fresh, uninhibited and very effective manner.

  • Most small to medium sized hotels cannot afford quality financial staff. PKF-Nuobello are able
    to provide fully qualified senior Financial Controllers to oversee your hotel’s back office
    operations.
  • Cloud based financial and other systems makes it easy to process, send and store date securely
    in the cloud. No longer does your team need to be on-site working on a server based system.
No Distraction for Employees

By outsourcing, you have a more focused team of accountants who can perform their tasks well without day-to -day distractions that occur with an in-house team.

  • Focus generally leads to efficiency and reduced errors
Access to High-Tech Tools

Outsourcing provides access to high tech accounting tools and hotel accounting experts able to provide detailed analysis of your financial data which should lead to cost savings and revenue improvements.

  • Fully reconciled financials are provided on a timely basis, in a best practice format providing ability for management to make timely, informed decisions about the business.
Cost Savings and Flexibility

There is no need to hire an internal back office team. No need to hire new staff and retrain them. Outsourcing removes these headaches and provides continuity of accounting service.

  • Outsourcing provides flexibility to the hotel whether you are looking at upscaling or even
    downscaling. The hotel is not left with recruitment problems or dealing with unwanted staff
    following a downsizing/restructuring.