Director of Finance

Job Description

We invite you to join the world of luxury hospitality at Raffles The Palm as our new Director of Finance. Reporting directly to the Regional Vice President & Managing Director, you will lead the hotel’s Finance function, ensuring sound financial management and operational efficiency while supporting a culture of service excellence. By planning, organizing, directing, and controlling all Accounting & Finance policies and procedures, you will ensure alignment with Accor and Raffles standards and contribute to an exceptional guest experience.

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

Employee Benefits:  

Join our team and enjoy a range of exclusive colleague perks, including complimentary upgrades, extended stays, discounted stays across Fairmont & Raffles properties, special dining and wellness discounts, and added luxuries to enhance your experience. We believe in taking care of our team, ensuring that your hard work is rewarded with exceptional benefits.

Our Values

Respect:
We value the needs, ideas and individuality of others. We treat everyone with fairness and dignity. 

Excellence:
We make genuine connections, and we cherish every opportunity to make the people around us feel special.​

Belonging:
We celebrate our differences. We support each other and we always stand together.​

Empowerment:
We have authority to take initiative and anticipate moments that create unforgettable experiences. ​

Integrity:
We build trust through mutual respect and being authentic.​

Diversity & Inclusion

Raffles is committed to creating an inclusive environment where diverse talent thrives. We welcome candidates from all backgrounds to join our team.

About the Application Process:

At Raffles, we want to bring out your highest potential. Shortly after applying, you will receive an email from our partner AssessFirst prompting you to create a profile and complete a questionnaire. This is a mandatory step for your candidacy to be considered as it enables us to explore your compatibility with this role and our culture of luxury excellence.