Finance Manager Full Time

About the job
Majid Al Futtaim invites you to join us in our quest to create great moments for everyone, everyday! We are the leading shopping mall, residential communities, retail and leisure pioneer across the Middle East, Africa and Asia, serving over 560 million visitors a year. For the past two decades, we have shaped the consumer landscape across the region, transforming the way people shop, live and play, while maintaining a strong sustainability track record and the largest mall in the world to attain LEED Gold EBOM Certification. We have over 40,000 team members in 15 international markets representing over 100 nationalities – all keeping the customer at the heart of everything we do. If you enjoy being BOLD, PASSIONATE and TOGETHER, then Majid Al Futtaim is the destination for you.

Role Purpose:

The Finance Manager is responsible for overseeing the general ledger accounts within the country and controlling the accuracy of the same in strict compliance with the finance policies and procedures of the company and international accounting standards

Role Details – Key Responsibilities And Accountabilities

Finance Controls

Set appropriate control mechanisms to ensure budget compliance and takes corrective measures when necessary.
Develop and implement control mechanisms to ensure accuracy of the accounts and align them with group guidelines / policies and international standards

Account Management

Ensure the accuracy of all G/L accounts, and that all payments and taken provisions are booked correctly and timely as per agreements or internal policies and procedures
Ensure that all intercompany reconciliations are done correctly and on time
Lead the process of closing annual accounts balances in coordination with all the concerned customers and suppliers, ensuring a complete and accurate closing
Close monthly accounts as per the deadline including accrual and prepayment entries in the ERP system
Monitor Accounts Payable/Receivable functions with specific responsibility for performing activities related to the monitoring of accurate processing of authorized invoices
Monitor and handle bank payments and balances
Review and control Bank reconciliations of all accounts on monthly basis.
Review and sign off monthly/quarterly/period end reconciliation for all key balance sheet items
Ensure Maintenance of head office and inter-group reconciliations
Ensure books, records, reports and systems are available at all time for audit by internal and external auditors
Prepare Profit centre/Product category wise performance and variance analysis
Prepare the monthly operating management reports and help the managers in their monthly analysis of their revenue and staff cost Reporting
Prepare and report financial performance of MAF Retail on a monthly basis comprising profit and loss account and balance sheet account before the deadline of every month
Provide various reports in coordination for monthly MIS, budgets, forecast, in relation to finance function
Prepare accurate reports of activities as required by the management team
Ensure that all financial and regulatory reports required by law, regulations, and management are completed
Comply with all federal, state, and local protocols including legal requirements, and interpret new and existing legislation
Focus on tax compliance, state business registration, contract review, and non-profit tax filing
Support the Omni-channel finance team in performing a monthly analysis of all open POs against received invoices and against received services for which invoices are not yet received and book accruals if necessary
Maintain PAR analysis report where all open PARs are reviewed against actual billed amounts and open balances are reconciled timely when necessary
Support the Omni-channel finance team in completing the monthly staff capitalization requests
Support Omni-channel finance team in completing ad-hoc reports when requested. Administrative
Oversee the control of the Petty Cash for the Head Office
Oversee the preparation of statutory accounts in the Head Office
Ensure that books of accounts are maintained in accordance with IAS and Retail Financial Policy
Prepare the monthly management report (Financial result) in an accurate and timely manner Suppliers
Ensure timely payments to all MAF Retail suppliers
Coordinate with Head office legal department and suppliers for Head Office agreements preparation and follow up properly the same
Follow up and analyse Inter-company transfers and recharges Payroll
Review the payroll pre-process and process the monthly card for staff salaries, full and final settlements and inter-company / head office transfers
Approve payroll related deductions and transactions and ensure the timely disbursement of Audit Responsibilities
Coordinate with external auditors, by providing them with the required financial information requested during audits, and solving any accounting non-compliances observed
Submit statements for approval by Financial Controller and Internal Audit
Communication and Reporting
Work closely with other department heads to understand their concerns and support with best-practise solution proposals
Provide analyses and reports to all internal stakeholders periodically or on request, support with expertise and advise if and when required.
Review financial reports for accuracy and consistency Budget Responsibilities
Monitor allocated budget to ensure compliance and take corrective measures when necessary
Ensure budget compliance during the financial year and proposes corrective measures if and when necessary
Provide inputs on the development of annual budget
Responsible for the overall cost reduction of general expenses within the country, proposing and reviewing cost reducing activities and monitoring the effectiveness of the implemented solutions. Policies and Procedures
Ensure that all financial accounting and reporting in the Group are as per the International Accounting and Financial Reporting Standards (IFRS)
Remain updated with any changes related to the IFRS standards, accounting principles and Tax regulations, ensuring a timely reflection of such
Recommend improvements to departmental policy and implement procedures and controls covering all areas of finance function, so that all relevant procedural/ legislative requirements are fulfilled while delivering quality, cost effective service to customers
Respect the procedures in accordance with the DOA Human Capital Responsibilities
Assist in implementation of the performance management process by setting objectives, monitoring performance, and provide constructive feedback and provide inputs to senior management
Provide mentorship for the purpose of developing a continuous talent pipeline for key roles
Provide inputs on training needs and coordinate with the HC department to ensure facilitation of training requirements
Develop and implement on the job-training for the team
Provide inputs for the development of annual manpower plan
Ensure the implementation of MAF Retail’s corporate policies and relevant procedures

Personal Characteristics and Required Background
Minimum Qualifications/education
Bachelor degree Finance or Commerce
Chartered Accountant/MBA in the same field preferred Minimum experience
6+ years in a Finance department and a Managerial roll
2+ years in the retail business Skills
Excellent communication and presentation skill
Good knowledge on IAS / IFRS and internal policies and procedures