•Develop the Finance Department’s strategic objectives & KPIs as per the directions of the Top Management and in line with the Company’s overall approved strategy to achieve primary goals, in addition to setting individual objectives where applicable.
•Aim at achieving the operating results of the Finance Department and ensure that appropriate measures are in place to achieve targeted objectives, reduce risk and make accurate decisions.
•Develop the Finance Department’s annual budget and ensure all employees within the Department are working within the assigned budget by setting the required targets and responsibilities.
•Monitor and control the Department's expenditures against the approved budget and reconcile budget variances to ensure on-target performance against budgets.
•Develop the Finance Department's Policies & Processes in line with the Company’s standards, laws, and regulations and ensure proper implementation of the same.
•Manage the daily accounting activities & transactions related to accounts receivable, accounts payable, fixed assets, journal ledger entries, cost and revenue allocation, budget consolidation and year-end closing and ensure timely and accurate completeness of accounting records.
•Manage payment process through reviewing all invoices due for payment related to supplie, 3rd parties, petty cash, staff payroll and salary, etc., obtain required approval as per the Authority Matrix and ensure that payments are made accurately in-line with payment terms & conditions and company policy.
•Monitor accounting balances, prepare trial balances and take corrective actions when necessary to ensure successful reconciliation & resolution of discrepancies.
•Oversee operational & administrative expenses and review variance reports to ensure that all expenses are made exclusively for business purposes and in-line with the Company’s policy.
•Manage periodic stock count & period-end closing process and ensure timely posting of sub-ledgers and all period end transactions in accordance with the month end closing procedures.
•Manage the preparation of financial statements which include balance sheet, profit and loss statement, and other related financial statements and report that summarize the current and projected company financial positions.
•Ensure accurate and timely development of financial statements according to the global accounting principles, practices and procedures.
•Manage the implementation of accounting control procedures and ensure compliance of all activities with local financial authorities’ rules & regulations and International Accounting Standards in order to provide accurate and reliable financial statements.
•Ensure proper implementation & maintenance of an integrated accounting & financial system for maintaining and updating all financial transactions & records for easy retrieval of important information in the future.
•Manage the preparation of feasibility studies, financial projections, and other types of financial analysis to support the Company’s decisions related to expansions, investments, acquisitions, divestures, projects’ development, and joint ventures.
•Liaise with external auditors & internal auditors for timely fulfillment of requested reconciliations, providing required information, responding to queries and ensuring that annual audits are carried out in a timely manner.
•Manage internal and external relationships with Suppliers and financial service providers (e.g. banks, financial institutions) and ensure maintaining an effective business relationship with them.
•Manage activities with respect to cash management, ensure implementation of cash management policies & control and maintain a healthy level of cash flow to meet short term financial commitments.
•Manage the petty cash disbursement, replenishment and reconciliation and ensure control measures are in place to minimize the financial risks.
•Manage the Company’s loans and interest payments (if any) by ensuring loan instalments are paid on time and tracked accordingly.
•Develop and implement collection strategies, methods and techniques to improve the collection process from all concerned stakeholders, reduce the collection cycle period and minimize bad debts & outstanding receivables in order to minimize losses and meet the Company’s financial commitments.
•Ensure timely collection of cash bags received from stores with related cash receipts and ensure accurate & timely deposit of the received cash to the Company’s bank account.
•Manage and monitor bank accounts, bank account balances & reconciliation and ensure that bank accounts have sufficient liquidity to meet the Company’s commitments as and when they fall due.
•Manage the design and preparation of the budget guidelines, assumptions and templates to be used by the Department Managers to enhance the budget techniques and procedures.
•Prepare of the fiscal year budget and fill all the figures received from all the Departments for their expected revenues & expenditures for the next financial year.
•Prepare sales budget, P&L budget and consolidated budget for all Departments of the Company, ensure effective tracking, variance analysis and compliance to the approved budget.
•Review requests for budget allocati, obtain approval as per Authority Matrix and ensure that general and overhead expenses of the Company’s Departments are monitored in a timely manner.
•Compile the annual budget of the whole company as per business requirements in coordination with the Managing Director and ensure that all operations of the Company are within the set budget through constant monitoring throughout the year.
•Provide regular guidance to the Business Operations Departments on budget performances for their relevant business activities.
•Review and verify budget remedial action plans to correct variances in respective budgets and follow up on their implementation.
•Manage the implementation of loss prevention control procedures and ensure that periodic inspections are conducted on time for all stores’ stock areas & fitting rooms while adhering to inventory control and security standards.
•Monitor the financial losses of retail stores related to theft, vandalism and accidents through conducting on-site surveillance, detecting safety and security violations etc. and develop procedures & control measures to limit and minimize such losses.
•Participate (when required) in investigations related to internal theft and liaise with local police for all investigations related to the reported theft, shoplifting cases, vandalism and interrogation.
•Manage and lead training and workshops related to loss prevention programs as well as promote the importance of understanding Loss Prevention function across all Departments of the Company.
•Identify the Department's manpower requirements and coordinate with the HR & Administration Department regarding the recruitment activities to ensure hiring a highly professional and knowledgeable workforce.
•Conduct annual performance appraisal for subordinates and recommend salary increments and promotions accordingly.
•Identify the training needs of employees and ensure training & development initiatives are successfully delivered and provide feedback to the Direct Manager.
•Delegate responsibilities and assign tasks to subordinates to facilitate performing different tasks and work-related activities.
•Manage subordinates' attendance and leaves to ensure complying with the Company’s attendance policy, as well as the availability of proper replacement during subordinates' leaves.
•Manage the preparation of the monthly, quarterly and annual consolidated financial reports (balance sheets, income statements and P&L Statements and cash flow statements) and ensure compliance with International Financial Reporting Standards (IFRS) to ensure the reliability of financial information.
•Review accounts payab reports related to aging, due payments, long outstanding receivables and others, as required.
•Review reports prepared by subordinates related to the summary of payments, deductions, additions and other payroll related reports and provide recommendations to the Top Management.
•Ensure timely preparation of General Ledger reports for management pertaining to journal vouchers summaries, account analysis, period closing, Trial Balance and other General Ledger reports.
•Prepare and present reports on Department budget activity, proble, expenditures, trends, etc. and make recommendations.
•Perform any other tasks & additional responsibilities as assigned by the General Manager.
•Minimum of 10 - 12 years of experience in the same or related field.
•Experience in F&B sector.
•Good knowledge of International Accounting standards, principles and financial planning and analysis practices, advanced Microsoft Excel skills, interpreting and analyzing financial statements, accounting and corporate finance principles and procedures.
•Strong knowledge of Generally Accepted Accounting Principles (GAAP).
•Must have Advanced knowledge of Excel with experience of manipulating large datasets and modelling skills (pivot tables, filtering, lookups, etc)
•Excellent analytical and communication skills (both written and oral), preferably with commercial exposure in previous roles
•Ability to build effective relationships with financial or non-financial and internal or external stakeholders, e.g. sales, finance, operations, marketing
•Prior experience in management and development of team members.
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