Role Overview:
TheDirectof Finance is an integral member of the hotel’s leadership team including General Manager, Directof Operations, CommercialDirector, Directof Human Resources. The role is responsible fall accounting andfinancial requirements fthe Hotel in an environment of tight control.Providing financial support, advice 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 financial reports of the hotel ensuring compliance withcompany, owner, statutory fiscal requirements timetables.
ü? Where applicable the above mustinclude the accounts fHilton’s branch subsidiary.
ü? Ensure that the balance sheet is afair reflection of the assets liabilities of the hotel. The balance sheetmust be regularly reviewed reconciliations performed of all accounts.
ü? Ensure compliance with themanagement agreement with Hilton, any Owner / Lease agreement.
ü? Maintain a focused system ofinternal controls, which will provide effective efficient control over thehotel assets, liabilities, revenue costs. Ensure compliance with companypolicy.
ü? Maintain control over the Hotel’sassets, liabilities, income expenditure on behalf of both the OperatandOwner provide management, leadership accountability fthe financialperformance of the hotel.
ü? Ensure legal tax compliancethat adequate insurance cover is maintained. Manage the pension scheme,where applicable, ensuring that adequate accounting, actuarial legalcontrols are in place.
ü? Ensure valid permits licenseshave been obtained fsuch matters as importation, currency transfers andhotel operations (bars, clubs, casinos etc.). Take responsibility fthesafekeeping updating of all leases contracts, which may affect thefinancial status of the hotel.
ü? Liaise co-operate with bothInternal External Audit. Ensure that an effective programmed of in-hotelaudit is in place 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 control procedures. Financial reporting control to be areasof continuous review development with the aim of maximizing both impact andefficiency.
? ManagementReporting：
Focused, innovative balanced reporting thatstimulates management action
ü? Develop high quality managementinformation performance measurement that is timely, accurate. Reportingshould be thought provoking actioniented.
ü? Implement reporting thatincorporates benchmarking, identification measurement of key performanceindicators, use of the balanced scorecard. Reporting should not only lookto historical performance within the hotel, but also outwards forwards.
ü? Ensures corporate reporting istimely accurate.? Ensures that allcorporate reporting is internally consistent that, inter alia, Datalinkreport, Pro-plan system, management reports, trends of operation reports,incremental conversion reports, profit 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 advice on financialmatters to the General Manager to the hotel team, including theinterpretation of financial data.
ü? Review management information forthe hotel make proposals fthe General Manager fvalue addedinitiatives. Where appropriate, play the “Devil’s Advocate” to challengepractices proposals.
ü? Provide financial skills tosupport business development initiatives
Information Technology & Systems：
Optimize the use of I.T. within the financedepartment to improve efficiency information
ü? With Project Managers, support theimplementation of financial related systems in the hotel.
ü? With the ISM ensure proper use andmaintenance of financial systems, including adequate security back-upprocedures.
ü? Acts as the guardian of theintegrity of data flowing the accounting system.? Ensures that control process is sound insystems that interface directly indirectly with the accounting system.? Works with colleagues to ensure that errorsare corrected at source 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 staffing efficiency thereby return on investment.
Investment Optimizing returns on capital investment
ü? Utilize project evaluationtechniques to assist in directing investment to those projects which optimizereturns fthe projects.
ü? Prepare the annual capital plandirect implementation of this plan, ensuring funding necessary buying(eg. Owners) are in place so that the note can be kept at the highest possiblestandard.
ü? Prepare review the AFE,ensuring financial accuracy sound commercial business judgment isapplied to the process, that authorization is obtained prito commitmentof the hotel to expenditure.
ü? Perform post investment audit onmajcapital investments.? Communicatesresults of post investment reviews within the management team ensuresactions are taken to learn from such results maximize returns.
ü? Ensure compliance with HI capitalpolicy. Maintain proper control 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 “thinkingoutside the box” to identify value opportunities.
ü? Manage the formulation, review andapproval process fbudgeting within the hotel.
ü? Ensure a regular cycle offorecasting takes place within the hotel with content detail appropriate tothe needs of the operation.
ü? Provides alerts to seniormanagement to Area/Regional office via regular forecasts, outlook reportsvia ad hoc reporting concerning positive negative trends in thebusiness.? Works with colleagues theGeneral Manager to ensure consistency 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 retain the best peoplefthe job. ?Make good use of successionplanning to develop replace individuals effectively. Establish maintaingood employee relations within the Finance Department.
ü? Aim to maximize efficiency in theaccounting department. We should aim foptimum staffing levels by joining andleveraging Nanjing FSSC. Recognize that a highlyganized Accounts Office isoften a sign of effective management.
ü? Develop the effectiveness of thehotel finance function through the ongoing training development of theteam. Lead motivate the team to high levels of performance.
ü? Ensure you manage specificmeasurable objectives. Give regular feedback including appraisals.
ü? Both the Directof 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, receivables.
ü? Maintain accurate cash flowforecasts fat least one year ahead, ensure adequate notice is given toHilton, 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 bank balances.
ü? The role of the DirectofFinance is to establish robust credit control credit management policieswith the General Manager the Commercial Directwithin the guidelines setout by Group policy following best practice principles – once establishedthe Commercial Directapplies such policies controls.
ü? It is the responsibility of theDirectof Finance to ensure that controls over accounts receivable are beingapplied correctly to take action to rectify any problems identified if theyare not.
ü? The Directof Finance mustreview all accounts receivable with the Commercial Directmonthly ensurethat there are no recoverability issues.
ü? It is the responsibility of theDirectof Finance to maintain an appropriate reserve fbad doubtfuldebts.
Cost Management：
Support the operation to optimize efficiency of thecost base
ü? Understmeasure the cost ofdrivers fthe hotel. Utilize innovative analysis to stimulate thought andmanagement action.
ü? Ensure that adequate purchasingprocedures are in operation so that purchases of goods 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 fthe hotel byoperating an efficient cost-effective finance department.
Additional Notes：
ü? The Directof Finance has directresponsibility to the General Manager of the hotel combined with responsibilityto the Regional Finance Directfthe 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 the VP Finance fguidance.
ü? The appointment dismissal andtransfer of the Directof Finance is made by the Regional FinanceDirector/Area VP Finance in consultation with the hotel General Manager. Nochanges to the remuneration package of any Directof Finance (AssistantController) may be made without the written approval of the Regional FinanceDirector/Area VP Finance.
ü? The Directof Finance hasunlimited rights of access to all financial figures facts regarding theoperation. The Directof Finance exercising reasonable tact may visit anydepartment to ask questions 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 Personal Development Review fthe Directof Finance. Any bonusscheme fthe Directof Finance must be agreed with the Regional FinanceDirector/ Area VP Finance in advance.
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