Director of Finance

3 weeks ago

Mumbai, India The Indian Hotels Company Limited (IHCL) Full time

Job Purpose

To strategically manage all financial interactions in keeping with financial reporting norms and interpretation of accounting information, with a view to maximize profits and ensure generation of cash within the limits of corporate governance, laws applicable to the business, and accounting policies and standards.

Job Description

  • Develop and maintain timely and accurate financial statements and reports that are appropriate for the users and in accordance with generally accepted accounting principles (GAAP).
  • Guide respective units/ functions for preparation of annual and monthly budgets, justifying each spend, and receive approvals for the same. Align revenue projections with the business strategy
  • For all project contracts, participate in reviewing adherence to financial standards and contracting norms. Approve invoices and payments.
  • Estimate required insurance coverage based on analysis of available assets and sign off on the final policy.
  • Track actual expenditure/ cash flow accounts being made on a monthly basis by respective functions vis-à-vis the budgets allocated and seek inputs for deviations, if any, before presenting the same to the top management.
  • Develop and maintain financial accounting systems for cash management, account payables, account receivables, credit control and petty cash.
  • Approve all Accounting transactions on a daily basis including Petty Cash, Procurements, Vendor Bills/ Payments and Journal Entries. Review Payables, Receivables and F & B Cost Control Functions. Activate corrective actions for exceptions reported by automated exception handling system/ Alerts.
  • Review and report F & B Complimentary, Amenities and Cafeteria Costs on a periodic basis.
  • Review and deposit Government taxes on a periodic basis and ensure timely completion of Assessments.
  • Monitor Settlement of Inter Unit dues on a periodic basis.
  • Check all areas of accounting / payroll monitoring and ensure all entries conform to financial standards. Take corrective measures in case of any errors. Set standards for cash flow, working capital management, managing cash flow/liquidity etc. within the laid down guidelines.
  • Monitor inventory levels and debtor / creditor lists regularly. Ensure that inventory levels remain within permissible limits. Supervise the efforts of the Collections team in recovering payments due.
  • Review and redress all customer complaints pertaining to financial issues. Regarding billing, ensure the proper tax rates are charged and the cash collected from guest agrees with the book balances.
  • Ensure all statutory taxes are paid as per timelines. Ensure submission of monthly / quarterly/ annual statements as per statutory norms. Forward any legal fallouts to the corporate office.
  • Ensure compliance to statutory audit procedures, interface with the statutory auditors and provide the required information in a timely manner to ensure a smooth External Audit process. Implement corrective actions as brought out by the audit observations.
  • Suggest process modifications in keeping with business guidelines and ensure compliance of Delegation of Authority Manual with respect to hotel and accounting functions. Effect corrective actions for any deviation from policies.
  • For team members, set goals, monitor performance and recommend for training when required. Assist with interviewing for recruitment of key candidates. Mentor and counsel team members, and regularly conduct job chats to assist with career growth of subordinates.
  • In addition to the above mentioned duties and job functions, any other assignment given by the management within the scope of job.
  • Adherence to the Tata code of conduct, safety policies and values of the organization as defined.

Qualifications and Experience

  • Masters in Commerce / Finance
  • Chartered Accountant is a must
  • 15-18 years of experience
  • Knowledge on Accounting Standards, Management Accounting, Financial software, Direct/ Indirect Tax Laws, Statutory/ License compliances, Financial reporting standards, understanding of hotel operations
  • Interpersonal & Networking Skills, People Management, Analytical Skills, Financial Acumen, Integrity and Ethical Conduct

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