Director of Finance
Company: Millennium Hotel Durham
Location: Durham
Posted on: September 19, 2023
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Job Description:
Highgate Hotels
Highgate is a leading real estate investment and hospitality
management company widely recognized as an innovator in the
industry. Highgate is the dominant player in major U.S. gateway
cities including New York, Boston, Miami, San Francisco and
Honolulu, with a growing Caribbean and Latin America footprint. The
hospitality forward company provides expert guidance through all
stages of the property cycle, from planning and development through
recapitalization or disposition. Highgate has a proven record of
developing its diverse portfolio of bespoke lifestyle hotel brands,
legacy brands, and independent hotels and resorts with contemporary
programming and digital acumen. The company utilizes
industry-leading revenue management tools that efficiently identify
and predict evolving market dynamics to drive outperformance and
maximize asset value. With an executive team consisting of some of
the most experienced hotel management leaders, the company is a
trusted partner for top ownership groups and major hotel brands.
Highgate maintains corporate offices in New York, Chicago, Dallas,
London, Miami, and Seattle. www.highgate.com .
Overview
The Director of Finance is responsible for providing consistent
leadership in the financial area of the hotel by focusing on the
profitability of the business; maintaining accurate and timely
financial reporting; ensuring acceptable levels on internal
control; ensuring compliance with all federal, state, and local
regulations and Highgate Hotels 's Standard Operating Procedures;
and safeguarding owners/investors assets.
Responsibilities
- Effectively manage and communicate cash flow related issues. This
includes the accurate and timely preparation of monthly financial
statements for the property: cash flow statements, management of
receivables, payables, cash balances, control mechanisms and timely
deposits of all funds.
- Monitor hotel revenues and expenses and ensure the accurate
recording in accordance with Highgate Hotels established
guidelines. Monitors and controls Hotel's cash flow and operating
forecast.
- Creates annual budgets and monthly variance analysis.
Investigates and critiques variances to budget or to prior year and
offer practical improvement methodologies to management.
- Ensure hotels' compliance on all regulatory licenses and permits,
leases, contracts, legal agreements, and the proper execution of
all operational taxes. Provide assistance to management in
enforcing compliance on all these items.
- Analyze financial data and operations in order to assist and
advise management in maintaining the hotels' financial
objectives.
- Complies with Standard Accounting policies and procedures and
internal controls for finance and accounting operations
- Timely reviews and approval of all balance sheet accounts,
including monthly bank reconciliation and general ledger account
reconciliations.
- Establish and continually audit all internal financial controls
including purchasing, cash handling, disbursements, inventories,
hotel assets, master keys, payroll, and employee records.
- Successful completion of all internal and external financial
audits, including coordination of work with CPA firms and
delivering information requested by auditors on a timely basis.
- Hire, train, supervise and develop staff, including coaching,
counseling and discipline.
- Maintain compliance with Highgate Hotels' standards and
regulations to ensure safe and efficient operation of the
hotel.
- Directs or prepares all financial reports in accordance with
Highgate Hotels' requirements, meeting various due dates and
deadlines, i.e:
- Weekly: A/R & A/P Aging, Flash Reports, Payroll Reports, Revenue
Updates
- Monthly: Financial Statements, Forecasting KeyStatistics Report,
Cash Flow
- Annual: Budgets, 5-Year Plans, 5-Year Capital Plans
- Timely interacts with Executive Committee members to assure that
property operations are on track and under control at all
times.
- Monitor hotels' compliance in meeting required report deadlines
and due dates and react accordingly.
- Monitor the accurate production of the hotel daily operating
report.
- Executes other special projects and responsibilities as
assigned.
Keywords: Millennium Hotel Durham, Durham , Director of Finance, Executive , Durham, North Carolina
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