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Director of Finance

Posted November 18, 2022

Virgin Hotels New York
New York, NY
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$150,000 - $200,000

About This Job

Who we are:

We love what we do and what we do is important! We believe that everyone should leave feeling better – this means not just our guests, but also our teammates. Everyone should go home feeling better because they learned something new, or had fun working that day. Therefore, we hire unique individuals who work together to create amazing experiences for our guests. We recognize that every member of the team contributes to the success of the whole hotel. No-one is more important than anyone else, and unless we are in it together, we can’t create that special experience for our guests.

Your mission:

Should you decide to accept it…

Director of Finance is responsible for providing consistent leadership in the financial area of the hotel by supplying management with guidance and training. Director of Finance is also responsible for 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 safeguarding owners/investors assets.

The ideal candidate will be a team builder and coach, a cultural ambassador and adept at shifting between financial strategy and tactics. They will also naturally thrive in agile environments and have an innate passion for finding patterns that emerge from analytics.

Most of all, we want you to have FUN since you play a huge role in creating that memorable guest experience towards your teammates, customers (external and internal), vendors, etc.!

The Nitty-Gritty:

What exactly you will be doing…

In helping you understand your role in working for a world class organization, the following is a list of your essential job responsibilities. Please keep in mind that this list is not all inclusive and that you may be asked to perform other job tasks by your manager not listed below in the constant quest to provide “out of this world” customer service experience for our guests:

  • Work collaboratively with the General Manager, Corporate Director of Finance and other Operational Leaders to determine opportunities to fine tune processes that will drive both short-term and long-term profitability for the hotel.
  • Analyze financial variances and operational trends as a result of this evaluation and ensure that financial statements are accurate and timely in conjunction with Virgin Hotels standards and procedures.
  • Continually assess purchasing opportunities across the hotel to optimize spend.
  • Build and maintain professional relationship with and act as a strategic business partner
  • Compile, maintain and review financial reports for the property on a daily, weekly, monthly and annual basis, including but not limited to daily labor and revenue reporting, checkbooks, monthly financial operating statements, cash flow reports, monthly and weekly forecasts, balance sheet reconciliations and capital budget expenditures.
  • Support, train and coach on-site accounting teams to ensure accurate and timely preparation of financial statements, accounts reconciliations, forecast and budgets in compliance with HMA obligations.
  • Alert the Corporate Director of Finance and/or VP, Finance Operations, as deemed necessary on significant variances from budget, forecast and internal control standards.
  • Partner with the General Manager and Property Leadership Team to ensure forecasting processes are optimized and that the property is achieving forecasting accuracy targets and optimal flow through.
  • Proactively compile and understand cash flow forecasts to ensure compliance with debt and lease requirements, sales & use tax payments, real estate tax and other obligations as well as monitor working capital positions on a daily basis.
  • Lead/participate in on-boarding and training for new managers at the hotel.
  • Develop and monitor internal controls to safeguard hotel assets as measured by internal and external audits. Maintain adequate internal control over revenues, expenses, assets and liabilities of the hotel and ensure accounts are maintained according to GAAP and Uniform System of Accounts.
  • Develop expertise with and continually monitor the functionality of all relevant Virgin Hotel systems including but not limited to, Aptech Financial Systems, Birchstreet, Blackline, ADP, Avero, and property HMS & POS systems.
  • Work with General Manager and Director of People to monitor existing talent and implement succession planning within the hotel accounting team as applicable to help sustain our future pipeline.
  • Be a consistent cultural ambassador for the company and lead by example, bringing your best self to work, every day!
  • Effectively manage and communicate cash flow related issues. This includes the accurate and timely preparation of 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 Virgin Hotels’ established guidelines. Investigate and critique variances to budget or to prior year and offer practical improvement methodologies to management.
  • Monitor the capital planning process by assisting management with the calculation of return on capital improvements, gathering support and monitoring the bid process, and ensuring proper upkeep of the property by evaluating scope of work and specifications.
  • 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.
  • Ensure that all balance sheet accounts, including bank reconciliations are reconciled on a timely basis.
  • Establish and continually audit all internal financial controls including purchasing, cash handling, disbursements, inventories, hotel assets, master keys, payroll, and teammate’s records.
  • Embrace a continuous growth environment by actively assisting in recruiting, reviewing, recommending and maintaining an inventory of Director of Finance, Assistant Director of Finance and other managers for the organization.
  • Continually focus on training and development programs for accounting associates to cultivate the “brightest” and “best” talent within the industry.
  • Ensure implementation and completion of all Accounting Key Competencies, both management and hourly.
  • Hire, train and help the teammates development, including coaching, counseling and discipline.
  • Maintain compliance with Virgin Hotels’ standards and regulations to ensure safe and efficient operation of the hotel.
  • Ensure the proper utilization, maintenance and periodic upgrades of all EDP equipment.
  • Directs or prepares all financial reports in accordance with Virgin Hotels’ requirements meeting various due dates and deadlines.
  • Conduct and/or attend and contribute to periodic meetings to maintain favorable working relationship among team members and promote maximum morale, productivity and efficiency (Executive Committee, Sales & Service, Credit, etc.)
  • Monitor hotels’ compliance in meeting required report deadlines and due dates and react accordingly.

What qualities are we looking for?

You got skills? If you are able to perform the following, then you have come to the right place…

  • Ability to convey information and ideas clearly.
  • Ability to evaluate and select among alternative courses of action quickly and accurately.
  • Effectiveness in handling problems in the workplace, including anticipating, preventing, identifying and solving problems as necessary.
  • Ability to assimilate complex information, data, etc., from disparate sources and consider, adjust or modify to meet the constraints of the particular need.
  • Effectiveness at listening to, understanding, and clarifying the concerns and issues raised by teammates and guests.
  • Ability to work with and understand financial information and data, and basic arithmetic functions.

Background must-have:

  • Current, legal and unrestricted ability to work in the United States
  • A minimum of 6 years of related progressive experience in hotel Accounting or related field; or a 4-year college degree with an Accounting/ Finance concentration and a minimum of 4-years of related progressive experience; or a 2-year college degree and a minimum of 6 years of related progressive experience.

*Virgin Hotels celebrates diversity and welcomes teammates from all backgrounds. We are proud to be an inclusive and Equal Opportunity Employer*

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About this Employer

Virgin Hotels New York

1227 Broadway
New York, NY 10001

460 Room Hotel

Managed By

Virgin Hotels is set to open its new property in New York City this year. Fancy a preview of what to expect? Dive right in…

The city that never sleeps will be home to a brand new Virgin retreat in 2022, where you’ll find all the little touches you’ve come to expect from Virgin Hotels. We’re talking beautiful Chambers, a personalised welcome and a bed so comfortable you might be tempted to actually catch some zzz's – despite NYC’s buzzing rep.

Located on the northwest corner of 29th Street and Broadway in the heart of Manhattan, Virgin Hotels New York City is close to many of NYC’s hottest attractions. Central Park, the Met and Theater District (jazz hands at the ready) are all in easy reach.

This is a new-build hotel, with 463 Chambers, meeting spaces and plenty of restaurants and bars, including the brand’s flagship space, Commons Club. You won’t find anywhere else like it in the city.

Virgin Hotels New York City will also offer incredible event spaces, with amazing views of the Big Apple cityscape. The perfect spot to wow your guests over a Martini or three, with front-row seats to one of the world’s most hip and happening neighbourhoods.

Virgin Hotels New York will open its doors next year, and the countdown begins right now. Head over to the Virgin Hotels website to keep up with all the latest news, and get dreaming and scheming for your next NYC getaway.