OUTLAND EXPERIENCES:

FINANCIAL DIRECTOR                                                               | MEMORIES | SOFIA |

SOFIA PRINCESS HOTEL- 4 Star 603 Room

PRINCESS INTERNATIONAL (26.07.2004 - 25.03.2005)

Re-organized and re-establish the accounting and finance system with removing the whole disabilities and supplied Auto controll of the system of Sofia Princess Hotel which is the biggest in Bulgaria and Balkans, belongs to Princess International Group, with suitable Bulgarian accounting lows and International Accounting Standards; Between 28 July and 31 December inspected current Accounting System and determined the whole disabilities. For removing disabilities organized educational meeting with managers, chiefs and personnel. For establishing the new system checked and tested all computer programs working logics which will help personnel and organized the meeting with managers of computer firm ClockBs and supplied to change the software of the computer programs. And At the date of first January 2005 started the new accounting and finance system and tested all 3 months. The new Acc. Finance system is examined and inspected by Prof.Dr.Sc.Mihail Dinev,C.P.A. who is president of Institute of Certified Public Accountants in Bulgaria according to Bulgarian Accounting and fiscal laws and accounting techniques and by Lawyer Evgeny Popov who is registered the Bar of Sofia according to rights and by Dr Alex Oreshkov who is General Manager of Sofia Princess Hotel according to business administration. And they have given their comments about the new "Sofia Princess Hotel Accounting and Finance Standards and Procedures" In this way; Main cash procedure is changed, and firstly Blv3.000.- arranged as a daily balance than it is decreased Blv1.000.- . A money-box has two key (One in Front Office and the other one in the Accounting department) put on the wall and followed 24 hour with security camera. Before to open the Front-Money-box personnel call the security depth. and explain the opening every morning between the time 09:00 - 10:30.For count 2 persons from F/O and 2 persons from Acc. Dept. totally 4 person count the money and sign the result. Started to transfer the money from main cash to Bank everyday before closing the main cash and start to count the main cash between the time 16:00 - 17:00 and to sign the results. Credit Cards procedures and accounting methods is changed. Front cash accounts is added in the accounts plan. Started to account Front cash procedures and proceedings. All Purchasing methods is changed. Software of Front office computer programs of ClockBs firms is changed and coordinated with accounting dept. and the other dept. and program started to work healthy and be able to auditing. Front Office front account procedures is changed. Accounting department Organization chart is changed. New job description is made. A Night Auditor is employed and night auditing procedure is made. Started to proceeding and accounting of daily revenues. Put in practice "Front office control account" and "Paid room account" New income statement accounts chart is made. Document flow, accounting methods and file system is changed (From cash basis to Accrual basis). Behind the Front office dept. re-establish a new Accounting office for General and cost accounting and Finance units. Consigned materials selling in the Fitness Center Dept added to stock. Started with controllers at sales points for sales, Costs and revenue. Separated the branches as a General Accounting, Cost Accounting and Finance. Establish an IT management under Financial Controller. Stock and Sales coding system is changed. Accounting of stocks, transfers and costs procedures is changed. Constitute a Standard Monthly Managing Report . Started to prepare monthly income statements of the units that sells A la carte and to analyze Break Even Point as sales/Costs/Profits and Number of guests. Started to turnover analysis Accounts Payables and Accounts Receivables. Also Started to count Inventory turnover and inventory on hand analyze.  Started to pay with bank for all acc. receivables. Started to purchase with card. Started to pay Personnel advances and salary balances with bank. Put in practice 2 bank machine in the hotel one near personnel door and the other near casino main door. Also Credit card bank machine put at the sales points. forming the ingredients is changed. And finally prepared and wrote “Sofia Princess Hotel Procedures and Standards ” file.