Director of Finance

Salary Details

Salary Description: Competetive Salary Offered

Job Description For Director of Finance

RAFFLES

Company Description

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Raffles the Palm Dubai is on the western crescent of Palm Jumeirah, the world's largest manmade island and archipelago. This luxurious five-star hotel with 381 spacious rooms, suites and villas is embellished with hand-crafted Italian touches and offset by carefully selected amenities to complete the atmosphere of elegance. Guests can enjoy panoramic views, a private beach, state of the art entertainment and recreational facilities, including specialist boutiques, a VIP movie theatre, signature and private restaurants complemented by exquisite banqueting and conference spaces.

When visiting Raffles, guests will discover the individual personality and story offered by the hotel. At the essence of every Raffles is the delivery of thoughtful, personal and discreet service to well-travelled guests. Raffles Hotels & Resorts is an award-winning, luxury international hotel company with a history dating back to 1887 with the opening of Raffles Hotel, Singapore. The portfolio currently comprises eleven luxurious properties, from secluded resorts to city hotels in key locations around the world.

Job Description

• 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.
• Analyze 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 analyze 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 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.

• Degree in Finance, Accounting or a related field & professional accounting qualification
• 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.

• Minimum 5 years' experience in a hotel in an Executive role