Director of Finance - Chelsea Hotel - Toronto

1. Principal Responsibilities

Financial Strategy & Leadership

• Develop and execute financial strategies to optimize revenue, profitability, and cost efficiency.
• Provide financial insights and recommendations to the Managing Director and Executive Team.
• Ensure alignment with corporate financial policies and strategic objectives.
• Champion the hotel’s Gross Operating Profit (GOP) and Net Operating Profit (NOP), proactively ensuring targets are met.
• Lead initiatives to improve data and cyber security in collaboration with the IT team.

Budgeting & Forecasting

• Lead the preparation of the annual budget, periodic forecasts, and long-term financial plans ensuring financial goals are achievable and aligned with corporate objectives.
• Monitor financial performance against budget and proactively address variances.
• Conduct financial analysis to support business decisions and identify growth opportunities.

Accounting & Financial Reporting

• Maintain the system of accounts, keeping accurate records of transactions and assets.
• Oversee daily accounting operations, including accounts payable, accounts receivable, payroll, and tax compliance.
• Ensure accurate financial reporting, including monthly, quarterly, and annual statements.
• Maintain compliance with GAAP and corporate financial policies.

 Internal Controls & Compliance

• Implement and monitor internal controls to safeguard hotel assets and prevent fraud.
• Ensure compliance with all relevant financial regulations, tax laws, and corporate policies.
• Coordinate annual financial and tax audits.
• Liaise with external auditors, tax advisors, and regulatory agencies.
• Maintain relationships with lawyers, insurance advisors and financial institutions

Cash Flow & Cost Management

• Manage cash receipts, control disbursements, and oversee banking relationships.
• Control operational costs and optimize expenses without compromising service quality.
• Oversee capital expenditure planning and ROI analysis for major investments.
• Collaborate on the development of a five-year Capital Plan and create an annual Capital budget.
• Spearhead the creation and submission of Capital projects.

Revenue Management & Financial Performance

• Work closely with the Revenue Management and Sales teams to optimize pricing and revenue strategies.
• Analyze financial trends and market conditions to improve profitability.
• Evaluate financial impact of business initiatives, including new services, renovations, or expansions.

Operational & Inventory Controls

• Ensure quarterly operating inventories are completed and monthly F&B beverage inventories are conducted.
• Conduct weekly payroll review meetings to ensure payroll aligns with variable occupancies.
• Direct the purchasing and storage of goods, ensuring competitive pricing and optimal stock levels.
• Determine system needs and oversee the implementation of new systems such as time management, food and beverage control, and in-house accounting changes.

Team Leadership & Development

• Lead, mentor, and develop the hotel’s finance team (accounting, payroll, purchasing, IT), ensuring high performance and continuous improvement.
• Oversee colleague management, including recruitment, performance assessments, professional development, and performance management.
• Provide financial training and guidance to department heads to enhance financial literacy.
• Foster a culture of accountability, accuracy, and collaboration across departments.

Qualifications & Experience

Language requirements

• English (fluent)

Physical Requirements

• Standard office requirements