Cost Controller

Roles and Responsibilities

• A minimum of 5-7 years of experience in Cost Control, preferably within a Finance or Accounting Environment.
• A Bachelor's Degree in Finance, Accounting, or a related field is preferred.
• ‘FIVE-Star’ knowledge of UAE Tax Regulations and Compliance Standards.
• Impeccable Communication Skills, both verbal and written, with fluency in English.
• Strong Business Acumen and Analytical Skills, with a remarkable Understanding of Financial Terminology and Document Types.
• Proficient in using Document Management Software and MS Office Applications.
• Superior Problem-Solving Skills and the competence to Exceed Expectations in dynamic and competitive operational environments.
• A hands-on attitude, fuelled by a ‘Can-Do!’ Spirit.
  

Key Responsibilities

• Conducts Month-End Inventories for Food and Beverages in Stores.
• Executes Spot Checks for Food and Beverage Concepts, Spa, and Boutique, adhering to FIVE’s policy with exquisite Precision.
• Ensures all Merchandise is Securely Stored in locked storage areas, meticulously Monitoring Security Controls for key access to such areas.
• Guarantees Proper Issuance of Food and Beverage Items from the Store seamlessly.
• Establishes and Maintains a ‘FIVE-Star’ Cost Allocation Transfer System for Food and Beverage, Accurately posting all inter-department Transfers between cost centres.
• Collaborates with the Purchasing Team on Pricing and Procurement issues, fostering a harmonious working Relationship.
• Creates and Updates chic Recipes (Food, Beverage, Special Costing), linking Micros to Material Controls to generate the monthly potential Food and Beverage Cost of Sales.
• Prepares Monthly Food and Beverage Cost Reports and month-end Reconciliation Reports with remarkable Accuracy.
• Prepares monthly Balance Sheet reconciliations, ensuring all details are meticulously accounted for.
• Conducts regular Spot Checks on Procedures for purchasing, receiving, storing, and issuing.
• Conducts regular Spot Checks for beverage par stocks for Stores and Outlets, ensuring freshness and quality.
• Verifies menu costing for Food and Beverage, ensuring Compliance with FIVE’s next-level Pricing Policy.
• Regularly Checks Store Items for expiry and freshness, maintaining an elevated Standard of Quality.
• Prepares Daily Flash Food Reports, providing timely and premium insights.
• Attends specific Banquet Functions to better control stock, ensuring a lavish experience for Guests.
• Reduces Spoilage by Monitoring and Optimising stock movement, maintaining an eco-friendly and sustainable approach.
• Monitors all Policies and Procedures to ensure full Compliance, maintaining FIVE’s award-winning standards.
• Highlights any Potential Challenges or Opportunities to improve Profitability to management, showcasing a visionary approach to business growth.
• Conducts Trainings for the Food and Beverage Team with the assistance of KIT (local Micros-Fidelio vendor), ensuring the FIVE Tribe is energised and knowledgeable.
• Maintains a close working Relationship with the Director of Food and Beverage, Executive Chef, and Purchasing Manager, Communicating any potential problems or opportunities to improve controls in their areas as they relate to Food and Beverage.
• Prepares any Reports as requested by Management, demonstrating first-in-class Efficiency and Accuracy.
• Performs any other Duties that may be Assigned from time to time by Management, showcasing flexibility and a proactive attitude.

Desired Candidate Profile

A Cost Controller is responsible for managing and monitoring the financial aspects of a business to ensure efficiency and profitability. Here are the key skills and responsibilities associated with this position:

Financial Analysis

1. Cost Monitoring: Analyzing costs related to operations, production, and projects to identify areas for improvement.
2. Budgeting: Assisting in the development and management of budgets, ensuring adherence to financial plans.

Reporting

1. Financial Reporting: Preparing regular reports on financial performance, variances, and forecasts for management.
2. Variance Analysis: Investigating discrepancies between budgeted and actual costs, providing insights and recommendations.

Data Management

1. Cost Data Collection: Gathering and analyzing cost data from various departments to provide comprehensive insights.
2. Record Keeping: Maintaining accurate and up-to-date financial records and documentation.

Communication Skills

1. Interdepartmental Collaboration: Working closely with other departments (e.g., finance, operations, and procurement) to gather information and align on financial strategies.
2. Stakeholder Communication: Presenting financial findings and recommendations to management and stakeholders clearly and effectively.

Cost Optimization

1. Identifying Savings: Recommending strategies to reduce costs without compromising quality or service.
2. Process Improvement: Analyzing operational processes to enhance efficiency and reduce waste.

Compliance and Standards

1. Regulatory Knowledge: Ensuring compliance with financial regulations and internal policies.
2. Internal Controls: Implementing and monitoring internal controls to safeguard assets and ensure accurate reporting.

Project Management

1. Cost Estimation: Assisting in project planning and estimating costs to inform budget decisions.
2. Performance Tracking: Monitoring project expenditures and performance against budgets.

Attention to Detail

1. Accuracy: Ensuring all financial data is accurate and reliable.
2. Thoroughness: Conducting detailed analyses to support financial decisions and strategies.