Finance Manager

Property:​ COMO London Hotels 

Position:​ Finance Manager 

Base Location:​ London 

Department:​ Accounts 

Reporting to: Cluster Finance Manager, Managing Director and VP Finance (Singapore)

Purpose

To be responsible for the effective management of the Accounts department of COMO London Hotels by producing and maintaining an accurate set of financial records which:

· Provide reliable financial information and commentary to assist operational management with making sound commercial decisions.
· Comply with the Company’s reporting standards (both UK and Singapore Executive Office).
· Comply with legal and taxation requirements.

Scope

The Finance Manager has unlimited rights of access to all information and financial figures concerning the operation of the hotel and have the ability to secure the information required to fulfil their role.

Additionally, the Finance Manager as a member of the Senior Management team is to develop the financial awareness of the management team as an aid to the effective operation of the hotel.

Maintenance of Adequate Internal Controls

To ensure the usefulness and integrity of accounting and reporting systems and the provision of the most effective control of the hotel’s assets, revenues and costs by:
· Ensuring adherence to authority limits and control procedures covering areas such as Purchasing, Contracts and Credit Control.
· Proactively encouraging Department Heads to continually review operations in a critical and analytical manner.
· Developing organisation structure within the Accounts Department which is capable of supporting effective controls.
· Implementing, maintaining and monitoring security procedures/SOPs to protect physical assets including store inventories, cash and other physical assets of the company.
· Ensuring that proper controls are in place in relation to IT systems including physical and password access, back-up procedures and contingency plans.
· Ensuring that hotel employees are trained in the accounting aspects of their duties.
· Arranging for the duties of employees involved in internal control processes to be allocated in a manner that avoids potential conflicts of interest (where possible).

Accounting and Reporting Systems
To ensure that all aspects of the accounting and reporting systems actively contribute towards the operational and financial management of the hotels by:
· Developing systems that should control the business, revenues and expenses, safeguard the company’s assets, and result in the preparation of accurate management accounts on a timely basis.

Operational and Commercial
There are two critical responsibilities:
· The preparation of the Monthly financial and other information to aid the decision-making processes of the hotels.
· To interpret and use such information for the maximisation of the profit potential of the hotels.
To be achieved through strategic planning, long and short-term forecasting, budgeting, variance analysis and capital review, and by applying financial, commercial and business input into the management of the hotel operations to ensure that optimum performance is achieved.

Main Duties

Accounting Matters
· Monthly submission of the Management Accounts to hotel and Head Office management by agreed deadlines, together with the review and submission of the Managing Director’s and Department commentary on the accounts.
· Explain all significant variances between actual and budgeted figures by use of variance analysis and analytical review techniques on departmental and overall Profit & Loss Accounts.
· Review all Balance Sheet Account Reconciliations to ensure proper reconciliation and are up to date at each month-end, taking corrective action adjusting entries in the following month. Submission to Corporate office by the set deadline.
· Review of month-end General Ledger Trial Balance for reasonableness.
· Review & Approve of all Journal Vouchers posted during the month.
· To have a working knowledge of every General Ledger account and be able to explain all balances.
· Preparation and review of the annual budget (Profit & Loss and Capital) in conjunction with Department Heads and Managing Director.
· Preparation and review of Hotel forecasts as required.
· Maintenance of proper internal control procedures within the Accounts Department and throughout the hotel.
· Issue and maintenance of financial policies and procedures (SOPs).
· Implementation of recommendations for changes/improvements in such procedures as set out in Internal Audit Reports.
· Liaison with the external auditors at the time of their annual visit and on other occasions during the year as required.
· Preparation of schedules and other information in advance of their visits in order to reduce the time and cost of such visits.
· Preparation of quarterly VAT Return for submission to HMRC.
· Payment of monthly PAYE to Inland Revenue.
· Collation of information and preparation of various schedules for tax purposes as required by the Group Tax Accountant.
· Review and submission of Daily Flash Reports to relevant Department Heads and group level.
· Ensure all aspects of cash flow forecasts are managed in line with company procedures
· Undertake any other ad-hoc projects or assignments of a financial nature concerning the hotel that may be required on behalf of the Group Finance Manager London and/or General Manager.

People Management
· Recruitment of the Accounts team and establishment of their remuneration in liaison with the Human Resources department, Managing Director, Regional Finance Manager and Corporate Office where required.
· Annual performance and salary reviews to be conducted in accordance with Company policies and procedures.
· Highlight the strengths and take actions to increase performance in accordance with Company policy.
· Day-to-day management of the department, including work allocation, ensuring adherence to deadlines and review of completed work where required.
· Responsibility for general discipline and adherence with Company procedures regarding holidays, sickness and other absences.
· Ensure that the Accounts team are properly trained in all aspects of their duties and responsibilities and have up to date Job Descriptions.
· Ensure compliance with the Company’s health and safety requirements
· Ensure that all relevant employees in other departments are properly trained in the accounting aspects of their duties.

Operational Matters
· Advise and give assistance where required to the Managing Director, Planning Committee, and the other Department Heads on all relevant financial aspects of the operation.
· Maintenance of physical and password controls over IT systems.
· Ensure that due regard is paid to the operational requirements of the hotel in all aspects of the work of the Accounts Department and to maintain the profile of Accounts in all dealings with other departments.
· To assist, where required, with particular operational matters, such as stock takes and accounting for special functions.
· To attend all relevant operational meetings maintaining the profile of the Accounts department and developing the meeting members in relation to their financial awareness and acumen, as appropriate.
· Ensure GDPR and PCI compliance throughout the hotel & department

Other Matters
· Inform the Managing Director and the Cluster Finance Manager of any relevant information or problems concerning the work or running of the Accounts Department, including the relationship with other departments in the hotel.