Area Director of Finance

$200,000 - $220,000/Yr

Highgate Hotels - New York, NY

Full-time - Mid Level

New York, NY

Administrative and Support Services

About the position

The Area Director of Finance at Highgate Hotels is a pivotal role responsible for providing consistent leadership in the financial management of multiple hotels. This position focuses on enhancing the profitability of the assigned hotels by ensuring accurate and timely financial reporting, maintaining acceptable levels of internal control, and ensuring compliance with all federal, state, and local regulations as well as Highgate Hotels' Standard Operating Procedures. The Area Director of Finance plays a crucial role in safeguarding the assets of owners and investors while driving financial performance through strategic oversight and analysis. In this role, the Area Director of Finance will effectively manage cash flow-related issues, which includes the preparation of monthly financial statements, cash flow statements, and the management of receivables, payables, and cash balances. The position requires monitoring hotel revenues and expenses to ensure accurate recording in accordance with established guidelines. The Area Director will also create annual budgets, conduct monthly variance analysis, and investigate variances to budget or prior year performance, offering practical improvement methodologies to management. Additionally, the Area Director of Finance will ensure compliance with all regulatory licenses, permits, leases, contracts, and legal agreements, while assisting management in enforcing compliance. The role involves analyzing financial data and operations to advise management on maintaining the hotels' financial objectives. The Area Director will also be responsible for timely reviews and approvals of all balance sheet accounts, including bank reconciliations and general ledger account reconciliations. Establishing and auditing internal financial controls, overseeing financial audits, and managing a team of finance staff are also key responsibilities of this position. The Area Director will interact regularly with Executive Committee members to ensure property operations are on track and will execute special projects as assigned.

Responsibilities

• Effectively manage and communicate cash flow related issues.
• Prepare monthly financial statements for the property, including cash flow statements.
• Manage receivables, payables, cash balances, and control mechanisms.
• Monitor hotel revenues and expenses, ensuring accurate recording according to established guidelines.
• Create annual budgets and conduct monthly variance analysis.
• Investigate and critique variances to budget or prior year and offer practical improvement methodologies to management.
• Ensure compliance with all regulatory licenses, permits, leases, contracts, and legal agreements.
• Analyze financial data and operations to assist and advise management in maintaining financial objectives.
• Comply with Standard Accounting policies and procedures and internal controls for finance and accounting operations.
• Review and approve all balance sheet accounts, including monthly bank reconciliation and general ledger account reconciliations.
• Establish and audit all internal financial controls including purchasing, cash handling, disbursements, and payroll.
• Coordinate with CPA firms for internal and external financial audits, delivering information requested by auditors on time.
• Hire, train, supervise, and develop finance staff, including coaching and counseling.
• Direct and prepare all financial reports in accordance with Highgate Hotels' requirements, meeting various due dates and deadlines.
• Interact with Executive Committee members to ensure property operations are on track.
• Monitor compliance in meeting required report deadlines and due dates.
• Monitor the accurate production of the hotel daily operating report.
• Execute other special projects and responsibilities as assigned.

Requirements

• At least 5 or more years of Hospitality Finance/Accounting experience.
• Prior Controller or Director of Finance experience, preferably at a premium-branded Hotel.
• Experience overseeing multiple hotels simultaneously.
• Excellent verbal and written communication skills.
• Bachelor's degree required, preferably in Finance or Accounting.
• Must supervise 2 or more employees.
• Proficient in Windows, company-approved spreadsheets, and word processing.

Benefits

• Salary range of $200,000 - $220,000 annually with 40% bonus potential.