Cost Controller

Roles and responsibilities

The Cost Controller is responsible for monitoring and controlling the expenses to ensure cost efficiency and profitability. This role involves tracking inventory, analyzing financial data, preparing cost reports, and implementing cost-saving measures while maintaining quality standards. The Cost Controller works closely with the purchasing, F&B, and operations departments to ensure budget compliance and effective cost management.

• Monitor and control all costs related to operations, including F&B, housekeeping, maintenance, and general expenses.
• Conduct cost variance analysis and identify areas for cost reduction.
• Establish cost-cutting initiatives without compromising service quality.
• Supervise inventory procedures for F&B, general supplies, and operational equipment.
• Ensure proper stock rotation and prevent wastage or overstocking.
• Implement systems for tracking, measuring, and reducing waste.
• Work closely with the purchasing department to negotiate favorable supplier terms.
• Review purchase requests and verify price quotations to ensure cost efficiency.
• Ensure that all goods and services procured meet the quality and budgetary standards.
• Prepare monthly cost control reports, including food cost analysis, beverage cost reports, and variance reports.
• Assist in preparing and monitoring department budgets.
• Recommend financial strategies to optimizeprofitability.
• Ensure adherence to policies and cost control procedures.
• Conduct periodic audits to check for discrepancies and compliance with financial standards.
• Maintain accurate documentation and records for all cost-related transactions.
• Work closely with department heads to understand their financial needs and constraints.
• Provide training and guidance to staff on cost control measures.
• Collaborate with chefs and F&B managers to optimize menu costing and pricing strategies.

Desired candidate profile

Bachelor's degree in Accounting, Finance, Business Administration, or related field.
Minimum 3 years in cost control, in similar role, preferably in the hospitality industry.
Strong analytical and problem-solving skills.
Proficiency in financial software (e.g., Opera, Micros, Sun Systems, SAP, or similar).
Knowledge of hospitality inventory management systems.
Excellent attention to detail and organizational skills.
Strong communication and negotiation abilities.
Ability to work independently and collaboratively.
Budgeting and Financial Planning
Developing Budgets: Assist in the preparation and review of annual or project-specific budgets. Ensure that all departments or units are adhering to their allocated budget limits.
Forecasting: Provide accurate forecasts for future costs, taking into account trends, business objectives, and market conditions.
Cost Allocation: Allocate costs to the appropriate departments or projects based on their consumption and needs. Ensure costs are correctly recorded and assigned.
Cost Monitoring and Control
Tracking Expenditures: Continuously monitor and track company expenditures to ensure that spending aligns with the budget. Identify any discrepancies or potential cost overruns.
Variance Analysis: Conduct regular variance analysis, comparing actual costs to budgeted or forecasted costs. Investigate any variances and recommend corrective actions.
Cost Optimization: Identify areas where the company can reduce waste or improve efficiency, and propose cost-saving measures without compromising on quality or productivity.
Supplier and Vendor Management: Evaluate and monitor supplier contracts to ensure costs are competitive. Negotiate with vendors to secure the best prices and deals.