Cost Controller

Roles and responsibilities

We are currently seeking a Cost Controller to join our dynamic team. This role is key to maintaining financial efficiency, controlling costs, and optimizing resources to deliver an extraordinary experience for our guests while ensuring the profitability of the hotel.

Responsibilities:

Monitor and manage daily, weekly, and monthly cost control for all departments, including Food & Beverage, Rooms, and other hotel operations.
Analyze inventory levels, ordering patterns, and waste to minimize costs and optimize profitability.
Prepare and present monthly cost reports and variance analysis to senior management.
Collaborate with the Finance Department to prepare and manage the hotel’s budget.
Conduct regular stock audits to ensure proper inventory management and prevent loss or discrepancies.
Implement effective cost control measures to ensure the hotel remains within budget.
Assist in pricing strategies for food and beverage menus, as well as other hotel services.
Liaise with department heads to ensure cost-effective purchasing, staffing, and resource allocation.
Review and approve purchase requisitions and supplier invoices in accordance with hotel policies.
Conduct regular cost-saving initiatives without compromising quality or guest experience.
Provide training and support to department heads on cost control processes and procedures.
1. Monitoring and Controlling Costs
Cost Tracking: Regularly monitor and track all costs related to the business, including food, beverages, labor, and operating supplies. Ensure that expenses are within the allocated budget.
Variance Analysis: Perform variance analysis to compare actual costs against budgeted costs and identify discrepancies. Investigate the reasons for cost variances and recommend corrective actions.
Cost Reduction: Identify areas where costs can be reduced without compromising quality. Recommend cost-saving initiatives and efficiency improvements in the business.
2. Budgeting and Forecasting
Budget Preparation: Assist in preparing and reviewing budgets for different departments or units. Ensure that all expenses are accurately forecasted and accounted for.
Forecasting Financial Needs: Provide accurate forecasts on expected costs, considering factors like seasonal trends, promotional events, and upcoming projects.
Updating Budgets: Regularly update budget forecasts and provide insights on any financial changes, including any discrepancies between actual and forecasted costs.

Desired candidate profile

Bachelor's degree in Finance, Accounting, Hospitality Management, or a related field.
Proven experience as a Cost Controller or similar role, preferably in a hotel or hospitality environment.
Strong knowledge of cost accounting, inventory control, and budgeting processes.
Experience with hotel management software and proficiency in Microsoft Excel.
Excellent analytical and problem-solving skills with attention to detail.
Strong communication and interpersonal skills, with the ability to work across departments.
Ability to work under pressure and handle multiple tasks simultaneously.
Knowledge of hospitality industry standards and best practices.

Financial Acumen: Strong understanding of financial principles, including budgeting, forecasting, and cost control.
Analytical Skills: Excellent ability to analyze financial data and identify trends, discrepancies, and areas for improvement.
Attention to Detail: High attention to detail when reviewing financial documents, inventory, and cost reports.
Communication Skills: Strong verbal and written communication skills to prepare reports, present findings, and collaborate with other departments.
Problem-Solving Abilities: Ability to quickly identify problems and offer practical, cost-effective solutions.
Knowledge of Accounting Software: Familiarity with accounting software or enterprise resource planning (ERP) systems to track and manage costs.
Organizational Skills: Strong organizational skills to manage multiple cost control tasks and responsibilities simultaneously.
Negotiation Skills: Ability to negotiate favorable terms with suppliers and vendors to ensure the best prices for the business.