Director of Finance

Company Description Raffles Hotels & Resorts The Birthplace of stories and legends since 1887, Raffles is a legendary brand, steeped in history and loved by generations past, present and future. Raffles, at distinguished landmark addresses around the world, is the vibrant heart of its destination, curating experiences that are culturally enriching, intellectually stimulating and always respectful of local communities, heritage and the environment. About Raffles The Palm Opened in 2021 on the western crescent of Palm Jumeirah, the world’s largest man-made island and archipelago, this palatial beach resort, featuring 340 spacious rooms, suites and villas, is inspired by the stunning elegance of European palaces and embellished with handcrafted Italian furniture. Guests can enjoy panoramic views, a private beach, state-of-the-art entertainment and recreational facilities, including specialist boutiques, a VIP movie theatre, and signature and private restaurants complemented by exquisite banqueting and conference spaces. More than a destination, Raffles the Palm Dubai embodies the spirit of a legendary brand, celebrated for its storied heritage since 1887 and its hallmark of intuitive, gracious service. At the palace, excellence is a craft, and every team member is a master in their field. Here, talent is not only recognized, it plays a vital role in shaping the next chapter of this extraordinary resort and its legacy within the brand. Job Description We invite you to join the world of luxury hospitality at Raffles The Palm as our new Director of Finance. Reporting directly to the Regional Vice President & Managing Director, you will lead the hotel’s Finance function, ensuring sound financial management and operational efficiency while supporting a culture of service excellence. By planning, organizing, directing, and controlling all Accounting & Finance policies and procedures, you will ensure alignment with Accor and Raffles standards and contribute to an exceptional guest experience. Key Responsibilities • Develop and implement the hotel's financial planning and budgeting process, in alignment with the hotel's strategic goals and objectives. • Monitor and review budget performance regularly, identifying areas for improvement and cost-saving opportunities. • Prepare and present accurate and timely financial reports, including income statements, balance sheets, cash flow statements, and other financial metrics to the hotel's management and ownership. • Analyse financial data to provide insights into the hotel's performance and make strategic recommendations for improvement. • Work closely with the revenue management team to set room rates and optimize revenue through effective pricing strategies. • Monitor and analyse revenue streams from various hotel operations, such as room revenue, food and beverage, and other ancillary services. • Implement cost control measures to manage expenses efficiently without compromising on service quality and guest satisfaction. • Review and approve expenditures, ensuring compliance with budgetary guidelines and procurement procedures. • Oversee the financial operation of the hotel. • Co-ordinate an effective and efficient Payroll Management/Resource allocation through establishing a flexible work force throughout the Division, based on the principles of multi-skilling and multi-tasking. • Ensure compliance with all relevant financial regulations, accounting standards, and local tax laws. • Coordinate and liaise with external auditors during the hotel's annual audit process. • Oversee cash flow management and maintain adequate cash reserves to meet operational needs. • Implement and monitor cash handling procedures to minimize risks of fraud or theft. • Collaborate with the hotel's executive team to develop financial strategies that support overall business objectives. • Conduct financial analysis to assess investment opportunities, cost-effectiveness on various initiatives. • Provide tools for future planning and control. • Ensure that invoices and petty cash are paid and recorded correctly. • Ensure that remittances are received and recorded correctly • Support the preparation and processing of journals for all transactions at month-end ensure these are correctly recorded in the general ledger and prepare financial statements accordingly. • Lead and supervise the finance team, including accountants and financial analysts, providing guidance and support in their roles. • Facilitate training and development opportunities to enhance the team's financial acumen. • Ensure that all financial reports are submitted accurately and on time. • Ensure smooth management of the accounting department and refer those matters that are relevant to the Financial Controller. • Oversee the implementation and monitoring of internal controls to safeguard assets, mitigate financial risks, and detect any potential discrepancies or fraudulent activities. • Ensure all historical information is filed in a way that provides easy access, including microfilming or other storage where necessary. • Organize vacation planning for the Finance and Accounts Department. • Protect the owners and the management company’s interest in the hotel assets and operations. • Participates in, and contributes to all material property decisions, providing financial leadership. • Consults with, and supports activities of RVP & Managing Director and members of Executive Committee. • Understand and manage the Management Agreement terms, priorities, performance tests and incentive fees distribution requirements • Manage and control the Owner’s monthly reporting package as per Hotel Management Agreement (HMA). • Maintain confidentiality of proprietary information at all time • Liaise with Owners and Accor Regional Office in a courteous and professional way, respond with complete and accurate information • Maintain transparent communication with Owners, providing regular, detailed financial reports to ensure they are informed of the hotel's performance, profitability, and investment opportunities. • Provide financial insights and strategic recommendations to the hotel management and ownership to guide decision-making, ensuring sustainable growth and profitability. Qualifications EXPERIENCE & QUALIFICATIONS • Degree in Finance, Accounting or a related field & professional accounting qualification • Minimum 5 years’ experience in a hotel in an Executive role • Excellent leadership skills with the ability to manage and motivate finance teams. • Strong verbal and written communication skills to effectively interact with owners, senior management, and other departments. • Strong analytical skills with a keen eye for detail and a proactive approach to solving financial issues. • Ability to assess financial risks and implement strategies to mitigate them. AND ABOVE ALL • Embrace the Raffles brand promise and luxury in your role and in all your interactions. • Foster an inclusive environment where every individual feels valued and respected • Create an environment where colleagues are empowered, supported and recognized • Drive top performance to achieve