Financial Controller in London - K.B.C. Associates Ltd

Financial Controller

POSITION TITLE:

Financial Controller

REPORTS TO:

Hotel General Manager and Group Financial Controller - Europe

DUTIES AND RESPONSIBILITIES:

General Accounting and Financial Controls

Ensure the accounting records of the entities are maintained

Ensure accurate booking in accordance with Local GAAP and accurate reporting in accordance with established guidelines

Oversee the daily operations of the finance department

Design, establish and maintain an organisational structure and staffing to effectively accomplish the department’s goals and objectives

Make sure the hotel is sticking to the business plan and to the budget approved by the Corporate Office

Ensure that procedures as set forth are duly implemented in the hotel

Monitor all revenues, payroll, costs and expenses through the joint signature of all commitments of the hotel with the General Manager

Direct proper authorisation and processing of all purchase orders, contracts and other commitments of the company in accordance with the procedures set out by the Corporate Office

Set out the proper administration of credit vetting procedures

Supervise and provide the needed support for accurate & timely billing of all recharges (Intercompany, Affiliates, Managed & Franchised)

Ensure timely receipt of Intercompany confirmations and investigate any discrepancy

Spot check the daily credit card reconciliation and ensure all refunds are properly authorized

Approve the creation of new AP, AR & GL accounts

Monthly Accounting Controls

Ensure a system is in place to either approve electronically via Sage all entries from the accounting employees or ensure a manual process is in place in case the electronic way is not available with our version of Sage

Approve / Post the daily the bank journal (Financial Ledger) and validate against the bank statement

Validate receipt of the daily cash in the bank

Approve / Post for approval the petty cash voucher

Approve / Post for approval the daily or monthly Income Journal / Grand Livre

Approve / Post for approval the month-end entries

Approve / Post the monthly payroll and ensure the payroll process is completed on time

Review accuracy of the P&L (i.e., costs are properly matched to revenue, costs are recorded in the proper accounts, …)

Review the final P&L and B/S with General Manager

Supervise and provide the needed support to the accounting for the monthly reconciliation of all balance sheet accounts

Review and approve the monthly reconciliation of all balance sheet accounts

Support the Chief Accountant to ensure that all open items in the balance sheet are resolved timely

Review the Employee Master Change Report

Review the Supplier Master Change Report

Perform monthly the Opera to Bank reconciliation for all cash related transactions

Perform monthly P&L reconciliations for all Payroll Related accounts

Monthly extract and save on the server the journal by cashier and transaction code report from Opera for all accounting employees and ensure that no transaction is listed on the report for the General Accountant and that the transactions listed for the Management Accountant are documented and approved by the Financial Controller

Budget and Reporting

Prepare all records and financial statements on a timely basis in accordance with instructions to report the actual & forecasted results as compared with the budget, last year and previous forecast

Manage / Validate the preparation of financials outlooks

Provide effective interpretation of these reports, highlighting meaningful variations in performance and drawing any relevant conclusion or inference to guide management to optimise the financial results of the hotel, and offer practical improvements methodologies to management

Recommend benchmarks for measuring the financial and operating performance of divisions and departments

Prepare the official annual reports of the company

Co-ordinate the preparation of / and edit the annual budget of the hotel according to the timetable given by the Corporate Office

Prepare / Distribute the reports set in the Recap Financial Reporting calendar

Cash Management

Manage the cash flow of the company in conjunction with the Corporate Office

Sign, jointly with the General Manager all payments from all of the hotel’s bank accounts

Issue cash flow statements and cash flow forecast as per reporting procedures

Review the floats counted on a quarterly basis and discuss variances with the HODs

Review the monthly overage & shortage report and discuss variances with the HODs

Support if needed with the collection of unpaid City Ledger, Other Receivables & Intercompany balance

Ensure a credit meeting is held on a monthly basis (A/R aging and PMs)

Assets and Stock Management

Ensure the proper keeping of the Assets register of the company, together with itemized depreciation charts at authorized depreciation rates

Ensure compliance with the policy and procedure in relation to capex submission, authorisation, expenditure and capitalisation as well as to disposal of assets

Monitor the capital planning process by assisting management with the calculation of return on capital improvements, gathering support and monitoring the bid process, and ensuring proper upkeep of the property by evaluating scope of work and specifications

Produce / Issue capex and renovation progress reports as per reporting procedures

Ensure that the regular physical count and valuation of all food, beverage, operating supplies and equipment inventories are done as per the procedures

Audit

Direct financial audits and provide recommendations for procedural improvements

Coordinate the annual independent audit, and the related reporting to the Corporate Office

Oversee internal, external and regulatory audit processes

Review internal, external and regulatory audit issues and makes corrections as necessary

Edit the quarterly checklist as per reporting procedures and manage the discrepancies if any