Director of Finance

Job Description

Key Responsibilities

• Develop and implement the hotel's financial planning and budgeting process, in alignment with the hotel's strategic goals and objectives.
• Monitor and review budget performance regularly, identifying areas for improvement and cost-saving opportunities.
• Prepare and present accurate and timely financial reports, including income statements, balance sheets, cash flow statements, and other financial metrics to the hotel's management and ownership.
• Analyse financial data to provide insights into the hotel's performance and make strategic recommendations for improvement. 
• Work closely with the revenue management team to set room rates and optimize revenue through effective pricing strategies.
• Monitor and analyse revenue streams from various hotel operations, such as room revenue, food and beverage, and other ancillary services.
• Implement cost control measures to manage expenses efficiently without compromising on service quality and guest satisfaction.
• Review and approve expenditures, ensuring compliance with budgetary guidelines and procurement procedures.
• Oversee the financial operation of the hotel.
• Co-ordinate an effective and efficient Payroll Management/Resource allocation through establishing a flexible work force throughout the Division, based on the principles of multi-skilling and multi-tasking.
• Ensure compliance with all relevant financial regulations, accounting standards, and local tax laws.
• Coordinate and liaise with external auditors during the hotel's annual audit process.
• Oversee cash flow management and maintain adequate cash reserves to meet operational needs.
• Implement and monitor cash handling procedures to minimize risks of fraud or theft.

• Collaborate with the hotel's executive team to develop financial strategies that support overall business objectives.

• Conduct financial analysis to assess investment opportunities, cost-effectiveness on various initiatives.
• Provide tools for future planning and control.
• Ensure that invoices and petty cash are paid and recorded correctly.
• Ensure that remittances are received and recorded correctly
• Support the preparation and processing of journals for all transactions at month-end ensure these are correctly recorded in the general ledger and prepare financial statements accordingly.
• Lead and supervise the finance team, including accountants and financial analysts, providing guidance and support in their roles.
• Facilitate training and development opportunities to enhance the team's financial acumen.
• Ensure that all financial reports are submitted accurately and on time.
• Ensure smooth management of the accounting department and refer those matters that are relevant to the Financial Controller.
• Oversee the implementation and monitoring of internal controls to safeguard assets, mitigate financial risks, and detect any potential discrepancies or fraudulent activities.
• Ensure all historical information is filed in a way that provides easy access, including microfilming or other storage where necessary.
• Organize vacation planning for the Finance and Accounts Department.
• Protect the owners and the management company’s interest in the hotel assets and operations.
• Participates in, and contributes to all material property decisions, providing financial leadership.
• Consults with, and supports activities of RVP & Managing Director and members of Executive Committee.
• Understand and manage the Management Agreement terms, priorities, performance tests and incentive fees distribution requirements
• Manage and control the Owner’s monthly reporting package as per Hotel Management Agreement (HMA).
• Maintain confidentiality of proprietary information at all time
• Liaise with Owners and Accor Regional Office in a courteous and professional way, respond with complete and accurate information
• Maintain transparent communication with Owners, providing regular, detailed financial reports to ensure they are informed of the hotel's performance, profitability, and investment opportunities.
• Provide financial insights and strategic recommendations to the hotel management and ownership to guide decision-making, ensuring sustainable growth and profitability.

Qualifications

EXPERIENCE & QUALIFICATIONS

• Degree in Finance, Accounting or a related field & professional accounting qualification
• Minimum 5 years’ experience in a hotel in an Executive role
• Excellent leadership skills with the ability to manage and motivate finance teams.
• Strong verbal and written communication skills to effectively interact with owners, senior management, and other departments.
• Strong analytical skills with a keen eye for detail and a proactive approach to solving financial issues.
• Ability to assess financial risks and implement strategies to mitigate them.

AND ABOVE ALL

• Embrace the Raffles brand promise and luxury in your role and in all your interactions.
• Foster an inclusive environment where every individual feels valued and respected
• Create an environment where colleagues are empowered, supported and recognized
• Drive top performance to achieve exceptional results

Additional Information