The Finance and Compliance Assistant at a tourism/hospitality provides support to the finance department in managing the hotel's financial operations. They play a crucial role in ensuring accurate financial reporting, efficient budgeting and forecasting, and compliance with financial regulations. The Finance and Compliance Assistant assists the Finance Manager in overseeing financial and book-keeping activities, analyzing financial data, reporting as per standards and providing strategic recommendations to support the organization's financial objectives.
Financial Reporting and Analysis:
- Assist in preparing financial statements, including income statements, balance sheets, and cash flow statements, ensuring accuracy and compliance with accounting standards.
- Analyze financial data to identify trends, variances, and areas of improvement, providing meaningful insights to management.
- Monitor and review departmental financial performance, highlighting areas of concern and proposing corrective actions.
- Collaborate with the finance team to prepare periodic financial reports, forecasts, and budgets for management and stakeholders.
Budgeting and Forecasting:
- Support the Finance Manager in developing annual budgets and forecasts in line with the hotel's strategic goals.
- Assist department heads in the budgeting process, providing guidance, templates, and financial analysis and provide regular budget updates & variance analysis.
Internal Controls and Compliance:
- Assist in developing and implementing financial policies, procedures, and internal controls to safeguard hotel assets and ensure compliance with regulatory requirements.
- Conduct periodic internal audits to assess compliance with financial controls and identify areas for improvement.
- Assist in coordinating external audits and ensure timely provision of requested financial information and documentation.
- Stay updated on accounting standards, regulations, and industry best practices, recommending adjustments as necessary.
Financial Planning and Analysis and Operations:
- Assist and review financial transactions and documentation for accuracy, completeness, and adherence to policies and procedures.
- Support the Finance Manager in cash flow management, ensuring optimal utilization of funds and effective cash flow forecasting.
- Collaborate with other departments to resolve financial queries, provide guidance on financial processes, and promote financial awareness.
- Assist in conducting financial analysis and feasibility studies for potential investments, projects, or cost-saving initiatives.
- Provide support in evaluating financial performance indicators, benchmarking against industry standards, and identifying areas for improvement.