Financial Controller

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As a Financial Controller , you will assist in preparing, in conjunction with the Managing Director and other department heads, the annual budget, capital budgets and the rolling forecast. The  Financial Controller will establish the annual budget preparation procedures and guidelines.

Here are some of the responsibilities that await you;

Planning & Organizing

• To provide accurate and complete financial and management reports on a timely and accurate basis to hotel management, corporate office and owners in accordance with the company and ownership reporting requirements and policy. In addition, the Financial Controller is responsible for reporting accurately and timely, the actual results as compared to budget/forecast results. He/she is to maintain adequate records to reflect the comparison of the actual expenditures for furniture, equipment and operating equipment to the budgeted amounts.
• Responsible for the analysis and interpretation of the financial data and communicating this in a comprehensible form, of meaningful variations in the operations.
• To assist other department heads in the development and implementation of “corrective action plans” on internal and or external audit and operational reports.
• To assist in the development and implementation of bench-marking techniques that will enable the hotel to enhance revenues while improving productivity and cost efficiencies. To seek, identify and implement throughout the hotel best practices that will serve to enhance revenues, guest service and improve cost and productivity efficiencies.
• Ensure cash flow is adequate to meet the needs of the operation. Approve all cash disbursements and ensure that all disbursements are properly documented and executed. Approve all rebates, adjustments and allowances in accordance with company policy.
• The position is directly accountable to manage the hotel accounting department, information and internal control systems and hotel finances in accordance with all policy and procedures. This position is accountable for the development, documentation, and support of Financial Polices and Operational Procedures to include performance monitoring as it relates to the hotels.
• To participate in the development, maintenance and adherence to a single chart of accounts, payroll and expense dictionary, and the function of accounts in order that the hotels financial and statistical data is accurately and consistently recorded and reported.
• Has a fiduciary responsibility to the Company for ensuring the hotels are reporting in compliance with the policies, the Uniform Chart of Accounts and hotel management or other contractual arrangements with respect to accounting matters.
• The analysis of the balance sheet accounts, on a selected basis and the preparation of the monthly internal bench-marking and operational performance analysis reports.
• Accountable for the development, documentation and maintenance, within hotels, to ensure compliance with the requirements of internal/standard controls.
• Manage all facets of the capital process. Ensure all hotels establish and maintain the tracking of fixed assets sub-ledgers and depreciation.
• All laws and fiscal regulations of the area location, which effect financial matters of the hotel, will be complied with. This includes seeing that proper permits and licenses are obtained for such things as liquor licenses, sellers permit, business licenses, etc.
• The safe keeping of all lease and contracts and any other legal records and documents, which may affect the financial status of the hotel. Such documents are to be listed and keep current on the Critical Date List.
• To ensure that hotel accounting department is operating efficiently and at an optimum staffing levels, so that there are succession plans in place for the top three positions.
• To recommend and assist in the design, implementation, and use of methods and procedures that improve the accuracy of working schedules, labor standards, forecast, plans to assist operational staff. Monitor on an ongoing basis the accuracy and recommend correct measurements as necessary.
• Developing, implementing and monitoring credit and collection procedures and guidelines pursuant to “adopted” corporate credit policies.
• The Director of Finance will be a highly motivated team player with strong accounting, communication, and analytical skills. Strong systems background needed.
• Performs other similar or related duties as necessary.
• The corporate Executive Director, Operations Accounting, along with the hotel’s General Manager, control the selection, appointment, termination, promotion or transfer, as well as the remuneration of the Financial Controller in each hotel.

PERFORMANCE MEASUREMENT TOOLS

P&L Accuracy / Timelines

• Costs are properly matched to revenues and recorded in the proper accounts.
• Month-end information is transmitted to Corporate and Regional offices in a timely and accurate basis. Based on the detailed instructions sent out on verification of totals from the Financials System and the Reporting System.
• Preliminary statements are delivered to Executive Committee and Department heads within 2 business days of month-end, and final statements within 3 business days.
• Monthly commentary of results is clear and concise with major issues identified.
• Commentaries are submitted timely with action plans to address deficiencies and a look towards the future.
   

Forecasting

• Accuracy is a high priority for all managers, and they are held accountable. The range is not more than a 3-5% change from the last forecast.
• Meetings are held monthly to critique past forecast accuracy and prepare current forecast.
• Forecast is reviews with management monthly and provided to corporate recipients on a timely basis
   

Executive Committee Preparation

• Participates in, and contributes to all material property decisions, providing financial leadership.
• Consults with, and supports activities of Managing Director and members of Executive Committee.
• The financial policy and perspective is shared and understood by employees as noted in all training materials
   

Owner Relations

• Management Agreement terms, priorities, performance tests and incentive fees distribution requirements are completely understood and managed.
• Owner’s monthly reporting package is sent by terms outlined in the Hotel Management Agreement.
• Responses meet agreed-on deadlines.
• Confidentiality of proprietary information is maintained.
• Responses are complete and accurate.
• Responses are professional in format, content and presentation
   

Hotel Management Agreement Charges and/or Fees

• All Company related recoveries are accurately calculated and booked in accordance with the Chart of Accounts.
• Payment is made to the Company within the contract terms, 30 days
   

Balance Sheet Reconciliation

Accounts are properly recorded in the chart of accounts and reviewed for material changes quarterly on the commentary report.
 

• Accounts are reconciled by the 20th day of the next month following the close of month-end.
• Account balances are documented by physical counts, invoice, backup and signed contracts.
• Reconciling items are immediately investigated and properly cleared in the following month.
• On a semi-annual basis, formal reconciliation’s are reviewed with the Regional Finance Team and no material observations are surfaced
   

Conserve Cash

• Working capital is managed, needs are minimized and standards are met.
• Specifically this is to be accomplished by the monthly cash flow report and the accuracy of forecasting the balance sheet in detail.
• Segregation of duties is maintained for non-compatible cash handling functions.
• Produce and track debt test calculations and Mortgage requirements
   

System of Internal Control

• Sound cash, disbursement and payroll controls are in place.
• Control systems are monitored and audited on a regular basis, as documented by Audit Services, to measure compliance with internal controls.
• Workflow schedules are reviewed and updated quarterly.
• Audit exceptions are documented and corrective action taken within 30 days.
• Controls are explained and understood by all employees, as part of their job description that the employee has signed off on.
• Property managers take ownership of the control system within their departments, as documented by the audit services team.
• Segregation of duties for non-compatible functions is enforced.
   

Capital Expenditures

• Policy on Capital is understood and followed.
• Capital needs (current or future) are anticipated and properly planned and completed.
• AFE’s are prepared and approvals obtained before any capital funds are committed or spent.
• Capital expenditures are properly accounted and reporting system is up-to-date, with the cash flow projection and used as a management tool.
   

Analysis
Operating results are critiques each month on a timely basis, with follow up actions to major issues identified, by the 10th business day.

• ROI capital projects are analysed prior to committing funds
   

Tax/Legal/Insurance Compliance

• Tax rates used are current and accurate.
• Proper amounts are collected/accrued by the 20th.
• Taxes are paid on a timely basis.
• Ensuring that all applicable permit and licenses are in place.
• Maintain Hotel Insurance requirements.
• Require that one person on the accounting staff takes a tax refresher course yearly to ensure that all tax requirements are fulfilled.
   

Policy Administration

• A thorough knowledge of understanding and proper application of policies and procedures.
• A high level of integrity (Personnel, Control, Accounting and Policy) is maintained.
• Operating /business issues are reviewed and resolved with Managing Director.
• Issues surrounding Accounting, Policy or Controls are reviewed with Managing Director and Regional Finance.
• Open lines of communication exist and are used by Financial Controller & Accounting on questionable issues with Area Director, Operations Accounting and Corporate Accounting office.

• You are a strategic thinker with proven experience in financial management
• Strong knowledge of relevant legislation for payroll, tax, superannuation and compliance
• Proficiency with all Microsoft programs, SUN system and Opera
• A leadership style that is authentic and engaging
• Excellent analytical and problem-solving skills