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Finance Manager - Restaurant/Hospitality/Retail (10-15 yrs)

10-15 years

Finance Manager - Restaurant/Hospitality/Retail (10-15 yrs)

Mediators

posted 1d ago

Job Description

The Senior Manager - Finance is responsible for overseeing the financial operations of the restaurant chain, providing strategic financial guidance, and ensuring the integrity of financial data.


Reporting to the General Manager Finance, the Finance Manager will be an individual contributor playing a key role in managing the company's financial reporting, budgeting, forecasting, cost control, and profitability analysis. This position will serve as a vital partner in ensuring the company's financial health and supporting the growth strategy of the business.

Key Responsibilities:

1. Financial Reporting and Analysis:

- Prepare, analyze, and present monthly, quarterly, and annual financial statements, including profit and loss, balance sheet, and cash flow statements.

- Provide detailed variance analysis between actual financial performance and budgeted figures. Identify key trends and actionable insights.

- Work closely with the CFO to report on the financial performance of individual restaurants and the entire chain.

- Preparation and presentation of Flash reports.

- Debtors management.

- Promoting financial control awareness within the brand team.

2. Treasury and Cash Management:

- Timely submission of CMA documents and bank renewals for credit facilities.

- Forex risk management for royalty payout.

3. Operational Finance:

- Visits likely pertain to operational oversight and ensuring compliance at individual locations.

4. Budgeting and Forecasting:

- Lead the annual budgeting process, ensuring that all departments contribute to realistic, achievable financial goals.

- Develop and update financial forecasts throughout the year to reflect actual performance and any significant changes in the business environment.

- Collaborate with operations, sales, and HR teams to align forecasts with expected operational activities, including sales projections, labor, and food cost management.

- Capital budgeting and handling relocations or closures.

5. Cost Control and Profitability Analysis:

- Monitor and analyze restaurant costs, focusing on key drivers such as food, labor, and overhead expenses, to ensure profitability targets are met.

- Conduct regular profitability analysis for individual locations, menu items, and marketing initiatives, identifying opportunities for improvement. Provide recommendations on cost-saving initiatives, process improvements, and pricing adjustments to enhance margins and financial performance.

6. Cash Flow Management:

- Manage the company's cash flow to ensure sufficient liquidity for day-to-day operations, as well as for strategic investments and growth initiatives.

- Oversee the management of working capital, including accounts receivable, accounts payable, and inventory control.

- Work with the CFO to optimize cash flow across the organization, ensuring financial sustainability and flexibility.

7. Internal Controls and Compliance:

- Ensure that strong internal controls are in place for financial operations, including handling cash, managing inventories, and safeguarding company assets.

- Ensure compliance with accounting standards, tax regulations, and industry-specific financial requirements.

- Coordinate with external auditors for annual audits and assist with tax filings and other regulatory reporting.

- Coordinating with internal auditors.

- Coordinating with the outsourced accounting team to address trial balance gaps and ensure team training.

8. Strategic Financial Planning:

- Support the CFO in long-term strategic planning, including expansion, new restaurant openings, and acquisitions.

- Provide financial due diligence for new projects, ensuring alignment with overall company goals.

- Analyze performance data to inform pricing strategies, marketing plans, and capital investment decisions.

- Managing JV partner, franchisee, and commercial relations.

9. Team Leadership and Development:

- Supervise and mentor junior members of the finance and accounting team, providing guidance, training, and development opportunities.

- Foster a collaborative working relationship with cross-functional teams (e.g., operations, marketing, and HR) to enhance overall business performance.

- Lead efforts to continuously improve the finance department's processes, ensuring efficiency, accuracy, and timeliness in reporting.

10. Financial Systems and Technology:

- Ensure that the restaurant's financial management systems (e.g., POS systems, accounting software, and ERP) are effectively integrated and support financial reporting and operations.

- Work with the IT department to implement improvements and enhancements to the finance systems for greater accuracy and efficiency.

- Stay current with technological advancements and industry best practices to continually improve financial reporting and analysis.

11. Risk Management and Compliance:

- Tracking insurance and license renewals.

- Setting up internal controls, financial, and reporting systems for the entity.

- Reports directly to: Direct reporting to Business Head with a dotted line reporting to General Manager - Finance

Manages directly: Individual Contributor role

QUALIFICATIONS: MBA Finance / CA

EXPERIENCE:

- 10 - 15 years of progressive experience in finance or accounting, with at least 2-3 years in a management role within the restaurant or hospitality or retail industry.

- Prefer knowledge of restaurant financial metrics such as food cost, labor cost, sales per labor hour, and margin analysis.

KNOWLEDGE - Financial Management

SKILLS Leadership Skills, Excellent Communication skills, Strategic planning

ATTRIBUTES:


- Excellent analytical and problem-solving skills with the ability to translate financial data into actionable business insights.

- Strong organizational skills, with the ability to manage multiple priorities and meet deadlines in a fast-paced environment.

- Exceptional communication and interpersonal skills, capable of working effectively with senior management, operations teams, and external stakeholders.

- Ability to think strategically and make recommendations that align with the company's long-term objectives.

- High level of attention to detail and accuracy.


Functional Areas: Other

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