Role Overview:
TheDirector of Finance is an integral member of the hotel’s leadership team including General Manager, Director of Operations, CommercialDirector, and Director of Human Resources. The role is responsible for all accounting andfinancial requirements for the Hotel in an environment of tight control.Providing financial support, advice and expertise to the General Manager andHotel Team, with the aim of maximizing value. To develop the quality of thefinance function within the Hotel.
Key Responsibilities:
Financial Accounting & Control：
Best practice financial accounting processes in arobust control environment
ü Overall management of theaccounting records and financial reports of the hotel ensuring compliance withcompany, owner, statutory and fiscal requirements and timetables.
ü Where applicable the above mustinclude the accounts for Hilton’s branch or subsidiary.
ü Ensure that the balance sheet is afair reflection of the assets and liabilities of the hotel. The balance sheetmust be regularly reviewed and reconciliations performed of all accounts.
ü Ensure compliance with themanagement agreement with Hilton, and any Owner / Lease agreement.
ü Maintain a focused system ofinternal controls, which will provide effective and efficient control over thehotel assets, liabilities, revenue and costs. Ensure compliance with companypolicy.
ü Maintain control over the Hotel’sassets, liabilities, income and expenditure on behalf of both the Operator andOwner and provide management, leadership and accountability for the financialperformance of the hotel.
ü Ensure legal and tax complianceand that adequate insurance cover is maintained. Manage the pension scheme,where applicable, ensuring that adequate accounting, actuarial and legalcontrols are in place.
ü Ensure valid permits and licenseshave been obtained for such matters as importation, currency transfers andhotel operations (bars, clubs, casinos etc.). Take responsibility for thesafekeeping and updating of all leases and contracts, which may affect thefinancial status of the hotel.
ü Liaise and co-operate with bothInternal and External Audit. Ensure that an effective programmed of in-hotelaudit is in place and that corrective action is promptly taken where required.Give particular emphasis to ensuring that all revenue is captured. Make use ofa monthly control checklist. Conductsinterim self-audits as required.
ü Develop best practice financialaccounting and control procedures. Financial reporting and control to be areasof continuous review and development with the aim of maximizing both impact andefficiency.
ManagementReporting：
Focused, innovative and balanced reporting thatstimulates management action
ü Develop high quality managementinformation and performance measurement that is timely, accurate. Reportingshould be thought provoking and action oriented.
ü Implement reporting thatincorporates benchmarking, identification and measurement of key performanceindicators, and use of the balanced scorecard. Reporting should not only lookto historical performance within the hotel, but also outwards and forwards.
ü Ensures corporate reporting istimely and accurate. Ensures that allcorporate reporting is internally consistent and that, inter alia, Datalinkreport, Pro-plan system, management reports, trends of operation reports,incremental conversion reports, profit and loss statements, balance sheets andcash flow reports reconcile to the trial balance. Maintains proof of such reconciliations whichare conducted each month.
BusinessSupport：
Provision of the highest standards of financial andcommercial support to the Business
ü Support and advice on financialmatters to the General Manager and to the hotel team, including theinterpretation of financial data.
ü Review management information forthe hotel and make proposals for the General Manager for value addedinitiatives. Where appropriate, play the “Devil’s Advocate” to challengepractices and proposals.
ü Provide financial skills tosupport business development initiatives
Information Technology & Systems：
Optimize the use of I.T. within the financedepartment to improve efficiency and information
ü With Project Managers, support theimplementation of financial and related systems in the hotel.
ü With the ISM ensure proper use andmaintenance of financial systems, including adequate security and back-upprocedures.
ü Acts as the guardian of theintegrity of data flowing into the accounting system. Ensures that control process is sound insystems that interface directly or indirectly with the accounting system. Works with colleagues to ensure that errorsare corrected at source and processes amended as required to eliminate ratherthan correct errors.
ü Continually develops the usage offinancial systems to ensure the highest levels of management reporting,processing and staffing efficiency and thereby return on investment.
Investment Optimizing returns on capital investment
ü Utilize project evaluationtechniques to assist in directing investment to those projects which optimizereturns for the projects.
ü Prepare the annual capital planand direct implementation of this plan, ensuring funding and necessary buying(eg. Owners) are in place so that the note can be kept at the highest possiblestandard.
ü Prepare and review the AFE,ensuring financial accuracy and sound commercial and business judgment isapplied to the process, and that authorization is obtained prior to commitmentof the hotel to expenditure.
ü Perform post investment audit onmajor capital investments. Communicatesresults of post investment reviews within the management team and ensuresactions are taken to learn from such results and maximize returns.
ü Ensure compliance with HI capitalpolicy. Maintain proper control and recording of project spending.
Looking Ahead：
Operating against meaningful strategic plans andbudgets with accurate forecasting
ü Take a support role to the GeneralManager in hotel strategic planning. Emphasis on Master-Planning and “thinkingoutside the box” to identify value opportunities.
ü Manage the formulation, review andapproval process for budgeting within the hotel.
ü Ensure a regular cycle offorecasting takes place within the hotel with content and detail appropriate tothe needs of the operation.
ü Provides alerts to seniormanagement and to Area/Regional office via regular forecasts, outlook reportsor via ad hoc reporting concerning positive or negative trends in thebusiness. Works with colleagues and theGeneral Manager to ensure consistency and accuracy of communication regardingfuture trends in the business. AVOIDSSURPRISES.
Investment in People：
Ensuringthe best person in each job, in an environment of continuous development
ü Recruit and retain the best peoplefor the job. Make good use of successionplanning to develop and replace individuals effectively. Establish and maintaingood employee relations within the Finance Department.
ü Aim to maximize efficiency in theaccounting department. We should aim for optimum staffing levels by joining andleveraging Nanjing FSSC. Recognize that a highly organized Accounts Office isoften a sign of effective management.
ü Develop the effectiveness of thehotel finance function through the ongoing training and development of theteam. Lead and motivate the team to high levels of performance.
ü Ensure you manage specificmeasurable objectives. Give regular feedback including appraisals.
ü Both the Director of Finance andAssistant Financial Controller should have a personal development plan.
ü Provide training to enhance thefinancial skills of the Management Team as a whole. Utilize tools such as Hilton University &Hilton LEXUE.
Cash& Working Capital：
Optimizecash position in an environment of tight control
ü Minimize the level of workingcapital, with particular emphasis on the management of debtors, and receivables.
ü Maintain accurate cash flowforecasts for at least one year ahead, and ensure adequate notice is given toHilton, and to Owners, of any future cash requirements.
ü Ensure full reconciliation of allbank accounts on a weekly basis. The highest standards of control must be alwaysmaintained over all cash and bank balances.
ü The role of the Director ofFinance is to establish robust credit control and credit management policieswith the General Manager and the Commercial Director within the guidelines setout by Group policy and following best practice principles – once establishedthe Commercial Director applies such policies and controls.
ü It is the responsibility of theDirector of Finance to ensure that controls over accounts receivable are beingapplied correctly and to take action to rectify any problems identified if theyare not.
ü The Director of Finance mustreview all accounts receivable with the Commercial Director monthly and ensurethat there are no recoverability issues.
ü It is the responsibility of theDirector of Finance to maintain an appropriate reserve for bad or doubtfuldebts.
Cost Management：
Support the operation to optimize efficiency of thecost base
ü Understand and measure the cost ofdrivers for the hotel. Utilize innovative analysis to stimulate thought andmanagement action.
ü Ensure that adequate purchasingprocedures are in operation so that purchases of goods and services are made inthe most cost-effective manner.
ü Benchmark costs against othercomparable hotels. Identify cost reduction opportunities. Manage financialrisks of the business.
ü Set an example for the hotel byoperating an efficient and cost-effective finance department.
Additional Notes：
ü The Director of Finance has directresponsibility to the General Manager of the hotel combined with responsibilityto the Regional Finance Director for the maintenance of professional standards.In the rare event that this dual responsibility gives rise to a conflict, thematter must be referred to the Regional Ops VP and the VP Finance for guidance.
ü The appointment dismissal andtransfer of the Director of Finance is made by the Regional FinanceDirector/Area VP Finance in consultation with the hotel General Manager. Nochanges to the remuneration package of any Director of Finance (or AssistantController) may be made without the written approval of the Regional FinanceDirector/Area VP Finance.
ü The Director of Finance hasunlimited rights of access to all financial figures and facts regarding theoperation. The Director of Finance exercising reasonable tact may visit anydepartment to ask questions and make any study in fulfilment of his/her duties.
ü The General Manager must consultthe Regional Finance Director/Area VP Finance over the completion of anyappraisal or Personal Development Review for the Director of Finance. Any bonusscheme for the Director of Finance must be agreed with the Regional FinanceDirector/ Area VP Finance in advance.
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