Overview:
· Provide management with timely financial analysis for effective decision-making. Prepare all statutory and management requirements of Lotte Hotel and Owners. Develop financial strategies including IT strategies to help develop the business and review periodically.
Responsibilities:
· Assists and provides financial guidance in the formulation and implementation of Strategic Plan, Budget and KPO's (Goals Program)
· Ensure an up to date cash flow projection is maintained and maximizes cash flow performance of the hotel through controls on inventory, credit and collection, disbursements, deposits and remittances
· Ensure excess cash is managed to maximize earning potential
· Prepares outlooks for forthcoming months and forecasts for the remainder of the year
· Prepares monthly position of actual results against budget, analyze results and recommend to Management measures required to meet budget
· Prepare consolidated quarterly position assessments for the Finance Director
· Distributes outlook and forecast information as an up to date management tool for operating departments
· Implement and review financial controls and policies
· Communicate with Management and maintains good relations and attends liaison meetings when required
· Analyze financial and management reports
· Design internal reporting systems required by the department and hotel
· Evaluate existing internal control measures that apply to accounting procedures and computer systems as per Lotte Hotel Policies and Procedures
· Employ adequate internal control procedures to ensure correct authorization for payment procedures
· Manage internal and external audits when they occur
· Provides administrative support to Management with reference to policy enforcement, business advice and operational assistance
· Identifies training needs, develops formal training plans and conducts training sessions for accounting and operational staff in coordination with other departments
· Identifies staff with potential for promotion and/or transfer within Accounting operation
· Obtains appropriate legal counsel regarding the business practices of the hotel and maintains an awareness of local laws, rules and regulations
· Provides safekeeping, including proper storage and access for all contracts, leases and other financial records
· Follows up on all capital expenditures to ensure compliance with original justification and approval
· Participates in local recognized professional and industry organizations
· Recommends and maintains appropriate list of delegation of authority for hotel management
· Conducts monthly inspections and tests to ensure all departments are complying with required procedures
· Reviews prices and recommends pricing strategy to the Finance Director
· Implements and maintains acceptable accounting practices and procedures as required by Lotte Hotel Policy, generally accepted accounting practices, and as affected by local conditions
· Select and monitor the Local Banking arrangements made for the operation of the Hotel
· Review of operating equipment stores to avoid unnecessary/excessive purchases and to eliminate (or at least be aware) of obsolete slow moving items
· Ensure all accounts are reconciled on monthly basis, review and approve those reconciliation's
· Ensure payments are made to Lotte Hotel (All Fees and billings) as fast as possible
· Management of work flows of the finance department
· Assist in the maintenance of the fixed asset register on an annual basis
· Together with the
IT Manager develop yearly strategic goals for the hotel relating to financial measures
· Work with Head of Departments to perform ad hoc cost benefit analysis on various projects
· Works with Human Resources on manpower planning and management needs
· Be responsible in keeping our property safe and secure, to participate in any hotel activity related to Fire Life safety.
· Perform any other duties which may be assigned by the management from time to time.
