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Life at SH is based on a simple idea: the world is beautiful and we want to keep it that way. Our team at Baccarat Hotel NY is in search of a magnetic Director of Finance with remarkable tenacity, a sharp leader with an entrepreneurial spirit, who’s good-natured, a natural at relationship building, and puts their clients needs at the top of their priority list, while meeting (or surpassing) all revenue goals for the department.
The Director of Finance is a strategic financial business leader for the property that champions, develops and implements hotel-wide and market-wide strategies that deliver products and services to meet or exceed the needs and expectations of guests, team members and owners. This position provides financial expertise to enable the successful implementation of the brand service strategy and initiatives while maximizing the return on investment. Creates and executes a strategic business plan that is aligned with the hotel’s business strategy with a primary focus on the execution of financial and accounting activities and the delivery of financial results.
PRINCIPLE DUTIES AND RESPONSIBILITIES
Business/Functional Results
• Lead and facilitate the achievement of property annual goals and targets to ensure profitability and revenue growth. Actively participate in cross-functional teams to drive overall business performance, e.g. revenue management and sales and marketing tools
• Manage working capital, cash flow, capital, overall expenses and daily accounting activities to obtain highest value. Identify risk exposure and effectively manage financial and business risk to create and preserve value, ensuring effective systems of controls are in place.
Financial Leadership
• Function as a strategic business partner to the General Manager and the Guidance Team. Leverage strong financial expertise and business acumen to influence the strategic direction of the operation, identify opportunities for growth, optimize allocation of financial resources, and drive business results. Advise the General Manager and the Guidance Team on existing and evolving business/financial issues and protect and strengthen the competitive advantage by supporting sound business and financial decision making.
• Effectively lead the execution of finance and accounting responsibilities for the property including the preparation of the annual business plan and operating budget, forecasting, internal controls, financial analysis, cash management, balance sheet reconciliation, financial reporting, P&L accuracy, capital expenditure budget, etc. Educate property team on key financial processes.
• Focus on maximizing the property’s revenue by supporting the development of revenue generating strategies for different areas of the hotel and related lines of business. Work with revenue management to develop effective revenue management strategies and set aggressive goals; participate in sales strategy meetings and use financial expertise and analytical models to evaluate mix of transient and group revenue and provide pricing and inventory recommendations to increase market share and attain growth and profit goals.
• Help enhance the team’s business skills. Educate department heads on sales and profit maximization and cost control; provide ongoing analytical decision support & tools to ensure revenue goals are met and opportunities are identified and addressed.
• Use financial analysis and market information to anticipate needs, identify business/financial issues, and recommend actions to maximize financial return. Identify opportunities to create value by challenging existing processes, encouraging innovation and driving necessary change through calculated risk taking.
Managing Execution of Finance
• Create SOPs and put in place appropriate controls to manage business and financial risks. Ensure a strong accounting & operational control environment to safeguard assets, improve operations and profitability. Ensure compliance with standard and local operating procedures, and local regulations.
• Leverage technology and effectively use information systems and tools to create operational efficiency and generate information to support decision-making. Oversee the implementation and maintenance of property based systems.
• Oversee internal, external, and regulatory audit processes and ensure compliance with SOPs; make sure appropriate corrections are made.
• Reconcile balance sheet and ensure account balances are supported by appropriate supporting documentation in accordance with SOPs. Ensure all issues in the balance sheet are disclosed and compliance with certification is timely.
• Ensure that the P&L is accurate and statements are delivered to appropriate individuals in a timely manner.
• Effectively manage property working capital and cash flow; identify key projects and manage associated capital expenditure funds for product improvement and increased revenue potential.
• Create the annual operating budget for the property and provide analytical support during budget reviews to identify cost saving and productivity opportunities for property managers.
• Analyze financial data and market trends and produce accurate forecasts that enable operations to react to changes in the business; monitor and take steps to enhance forecast accuracy; facilitate critique meetings to review information with leadership team.
• Ensure tax rates used for sales/use tax are current and proper amounts are collected and/or accrued. Oversee the payment of real estate/ property taxes, payroll and other applicable local taxes, and if applicable hold in funded escrow accounts. Ensure tax exempt transactions are appropriate and properly documented.
• Analyze ROI capital projects prior to committing funds and upon completion determine if anticipated results were achieved.
Building Relationships/Owner Relations
• In partnership with the General Manager, develop a trusting and effective business partnership with the property owners by understanding the management contract, deal structure, and the owner's ROI expectations. Provide valuable information to owners and the Regional team, give meaning or context to the financial results, and demonstrate a solid understanding of cash flow and owner priorities. Proactively anticipate and address owner's needs. Pull in resources as necessary to help to resolve owner relations/contract issues.
• Effectively manage communication with owners. Regular dialogue and presentations to owner’s representatives on actual and forecasted financial results. Development and presentation of business cases.
• Promote and sell ideas persuasively to owners for stimulating business opportunities, improving service, and increasing profitability.
• Accountable for compliance with contract and reporting requirements for the properties. Ensure the rest of the guidance team and property leadership team is familiar with the management contract and structure of the deal, and in compliance with contract requirements.
• Build effective working relationship with the rest of the property leadership team, regional and corporate groups, external customers, partners and auditors. Effectively leverage resources outside of own area.
At least 4-5 years of related Director of Finance experience
Excellent finance, accounting and analytical skills, including experience with cash management, forecasting, revenue management strategies, budgeting, and project management
Experience evaluating business trends and developing and successfully implementing new business programs and strategies that enhance financial performance
Experience in owner relations is preferred
Experience with complex operating and financial agreements; demonstrated success in evaluating risks and developing proactive strategies and plans to mitigate business issues
Financial management skills e.g., ability to analyze P&L statements, develop operating budgets, prepare a short and long term forecast, and champion capital expenditure planning
Excellent verbal and written communication and presentation skills
Strong organization skills
Analytical and problem-solving skills
Bachelor’s Degree in Accounting, Finance, Business Administration or related field required
CPA is an asset
Prior experience in a luxury hotel brand; specifically in Finance.
About us…
Our culture is caring and thoughtful, and we deliver good-natured and informed service, perfectly executed to evoke a sense of fulfillment and well-being. As a part of our team, you can look forward to activities and perks that drive your passion for nature such as:
Full Time
$176k-239k (estimate)
01/06/2024
04/03/2024
The job skills required for Director of Finance include Accounting, Leadership, Planning, Finance and Accounting, CPA, Internal Control, etc. Having related job skills and expertise will give you an advantage when applying to be a Director of Finance. That makes you unique and can impact how much salary you can get paid. Below are job openings related to skills required by Director of Finance. Select any job title you are interested in and start to search job requirements.
The following is the career advancement route for Director of Finance positions, which can be used as a reference in future career path planning. As a Director of Finance, it can be promoted into senior positions as a Top Division Financial Executive that are expected to handle more key tasks, people in this role will get a higher salary paid than an ordinary Director of Finance. You can explore the career advancement for a Director of Finance below and select your interested title to get hiring information.
If you are interested in becoming a Director of Finance, you need to understand the job requirements and the detailed related responsibilities. Of course, a good educational background and an applicable major will also help in job hunting. Below are some tips on how to become a Director of Finance for your reference.
Step 1: Understand the job description and responsibilities of an Accountant.
Quotes from people on Director of Finance job description and responsibilities
A Director of Finance makes high-level decisions regarding a business’s health, leaving details for the finance and accounting departments.
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Finance Director, given additional responsibility for managing pricing, proposal development; supply agreement approval.
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Financial directors review any capital request and take on the approval process while the controllers of finance process the requests.
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The duties of a Director of Finance are to manage the financial and accounting control functions of an organization.
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They’re also commonly tasked with managing one or more corporate finance departments, such as accounting or payroll.
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Step 2: Knowing the best tips for becoming an Accountant can help you explore the needs of the position and prepare for the job-related knowledge well ahead of time.
Career tips from people on Director of Finance jobs
Becoming a director of finance requires a combination of education and relevant work experience.
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They must also be good team players, with management skills to lead the finance department.
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At least 10 years of accounting and finance experience.
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Create partnerships with the other stakeholders.
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The Finance Director should have strong people skills, be a team player and be a proficient multitasker.
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Step 3: View the best colleges and universities for Director of Finance.