Goals and Objectives
The goal of Infinity’s financial management procedures are to implement systems that will allow management the opportunity to maintain financial stability during those times of declining revenues and to maximize profits in the months of increasing revenues. By accurately tracking daily sales and accounting for monthly dues as it relates to an annual budget, and by properly recording all expenses as they occur, Managers are better able to make sound financial decisions regarding purchases or any other controllable expenditures.
The success of the financial management procedures will allow management, the Owner to monitor the operations on a daily basis and alleviate any unsuspected losses at month end. The systems that support these procedures include daily profit and loss, daily labor reporting, invoice log procedures, weekly flash reports, and bi-monthly inventories for all cost of goods. Infinity is flexible in the accounting procedures and reports allowing for the owner to implement their accounting and reporting requirements. Infinity will investigate, and if cost effective, implement at the Property an accounting and reporting information system allowing for the Owner to receive consolidated accounting information at any time.
s Preparation of Annual Budgets
Perhaps the most important item for which you need an operator’s expertise. With the proper development of the annual budgets, financials can be controlled. On an annual basis, Infinity works with the on-site staff to review and make recommendations on the budget and business plan of each property.
s Weekly Revenue and Expense Tracking
On a weekly basis, the General Manager will track all revenues and expenses for better financial controls.
s Ensure Daily Labor Reporting at all Department Levels
Each department head is responsible for controlling daily labor, using labor control sheets and learning how financially important it is to keep employees from hanging around on the clock or clocking in early or scheduling too many or too few employees.
s Submit Weekly Club Report
General Managers are required to report weekly to the Infinity office the previous week’s performance, including sales, expenses and operational issues.
s Maintain Monthly Inventories
Food and beverage inventories and merchandise inventories will be done a minimum once per month, usually on the last day of the month, shelf to sheet, only after the last customer has been served, and before the following work day. It is important to keep inventories at a manageable level.
s Purchase Order
The Infinity purchase order procedure requires the General Manager to approve all purchases prior to order and track the invoice in an invoice log with budget allocations.
s Monthly Manager’s Report
Monthly Manager’s Reports will be required to be completed by the on-site Manager and turned in by the 10th of each month for the previous month to Infinity’s President of Operations, and the Owner. These reports give an overview of the month, outlining special events and their outcomes, current projects and their status, a membership update and a complete financial report, thoroughly explaining any fluctuations from the budget.