finance department pre opening checklist

document.xls

Finance

Critical PathAugust September October November December

Items Description Month Completed Comment Time Time Frame Time Frame Time Frame Time Frame4 Wk 1 Wk. 2 Wk. 3 Wk. 4 Wk 1 Wk. 2 Wk. 3 Wk. 4 Wk 1 Wk. 2 Wk. 3 Wk. 4 Wk 1 Wk. 2 Wk. 3 Wk. 4 Wk

Organization and Recruitment - Agree F&A dept manpower guide, budget and recruitment date September x x - Agree recruitment plan September x - Mass Recruitment September x - Establish job descriptions and policy September x

Training -Agree training requirement for other depts September x -Prepare training for mass training September x -Mass training starts October x '-Accounting Systems Test and Staff Training

Accounts Documentation - Purchase Requisition September x - Purchase Order September x - Stock card September x - Folio Invoice September x - Receipt September x - Captain Order September x - Telephone Bill September x - Receiving September x - Petty Cash September x - Laundry Bill September x - Mini Bar Bill September x - Long Bill (F/B Outlet) September x - Miscellaneous September x - Inter Transfer Form September x - Other September x

Computer Systems -Decide computer systems for all depts September x -Reference check Carmen system x

HOES and Purchasing - Review HOES budget allocation September x - Prepare delivery schedule September x - Agree HOES long lead items September x -Negotiate final tenders for long lead items September x - Set up control procedures for HOES purchasing September x -Monitior HOES and PO Expenses Ongoing x x x x x x x x x x x x x x x x

- Negotiate final tenders for all HOES purchases September x

Store and Inventory Control - Establish inventory control system - Set up inventory/asset register for mock up room items September x - Set up asset register and coding of assets procedure September x - Set up temporary store in 29/91 and procedure September x - Set up store in Khao Lak and procedure September x

Standard Operating Policies and Procedures - Establish F&A SOP Manual November x - Establish payroll policy and control September x x x x - Establish banks accounts for staff in Phuket August completed - Establish banks accounts for staff in Khao Lak November x x x x - Credit card and bookings policy [Website launch 15.9] September x - Approve cancellation policy proposed by S&M [website launch 15.9] September x - Establish travel agents commission policy - Establish foreign currency exchnage rate policy - Establish rebate policy and procedures - Establish accounting and credit policies/ ageing analysis - Establish income audit procedures - Establish cheque signing procedures - Establish procedures for CAPEX expense - Establish accounting and credit policies/ terms of credit - Payroll Systems September x - Purchasing /Receiving System Control September x -Storage - Petty Cash System Control September x - Account Payable System Control September x - Cashiering and Point of Sale Systems September x - Establish Chart Of Account (Account Code) September x x - Designing Financial Report and Procedures/ Timelines September x x Balance Sheet September Profit & Loss [by 5th of each month] September Manager's/ Owners Report [Daily & Monthly] September

September x xOutsourcing, Franchising, Leasing -Review and agree plan for outsourcing/ franchising -Negotiate lease for shop rental and commission -Negotiate outsourcing for laundry

document.xls

Items Description Month Completed Comment Time Time Frame Time Frame Time Frame Time Frame4 Wk 1 Wk. 2 Wk. 3 Wk. 4 Wk 1 Wk. 2 Wk. 3 Wk. 4 Wk 1 Wk. 2 Wk. 3 Wk. 4 Wk 1 Wk. 2 Wk. 3 Wk. 4 Wk

-Negotiate outsourcing for SCUBA -Negotiate outsourcing for transporation/ airport transfer -Negotiate outsourcing for Pest control -Feasibility leasing Photocopier -Check need for outsourcing for Cleaning/ Stewarding

Utilities Contracts -Electricity -Water [trucks] -Telephone

Insurance -Propose insurances required -Property all risk -Third party liability [guest]

Licences and Permits -Determine and apply for necessary licences and permits -Hotel operating licence December x

Cash Flow Forecast - Monthly - determine forecasting lead indicators

Revise Taxation System October x - VAT - hotel tax Khaolak - spa tax - review benefits to move WRCL HO to Khao Lak - plan for corporate income tax efficiency

Budget Plan For Dec 2004 and 2005 October -Review and list questions August x -Agree manning guide power and budget per dept September x -Agree Staff Benefits & Other Related Payroll Expenses September x -Agree room rates and pricing September x -F&B revenue September x - Draft P/L by Dept -F&B September x -Rooms [incl. complimentary] September x -Spa September x -Sports and recreation September x -Engineering September x -S&M September x -Finance September x -Admin September x -HR September x -Training September x -Laundry September x -Telephone September x -Business Dept September x -Shop September x -Rental and Other Income September x -Working Capital Requirements October x -FFE Reserve October x -Depreciation and Amortization October x -Draft Budget Completed for first review by WRCL October x -Final budget for approval by WRCL November xPre-opening Expense Plan September x -Manning guide budget September x -HR and training budget September x -Office expenses September x -S&M expenses September x

Asset Register List November x x x - Set up asset register and coding of assets procedure - Calculate depreciation post opening

Risk Management Planing x-Contingency Plan e.g. SARS, terrorist action Post Opening