Cost Controller

Roles and responsibilities

1. Cost Management

• Monitor Costs: Continuously monitor and analyze costs across all properties or departments to ensure alignment with budgetary guidelines.
• Cost Reduction Strategies: Identify areas for cost reduction and efficiency improvements, recommending strategies to management.

2. Budgeting and Forecasting

• Prepare Budgets: Assist in the preparation of annual budgets for each property, ensuring they are realistic and achievable.
• Financial Forecasting: Develop financial forecasts and models to project future costs and revenues.

3. Reporting and Analysis

• Financial Reports: Generate and analyze monthly, quarterly, and annual financial reports to assess performance against budget.
• Variance Analysis: Conduct variance analysis to identify discrepancies between actual and budgeted costs, providing explanations for management.

4. Policy Development

• Cost Control Policies: Develop and implement cost control policies and procedures to promote efficiency and accountability across the group.
• Standard Operating Procedures: Ensure adherence to standard operating procedures (SOPs) related to cost control and financial reporting.

5. Collaboration with Departments

• Cross-Department Collaboration: Work closely with various departments, such as procurement, finance, and operations, to ensure accurate cost tracking and reporting.
• Training and Support: Provide training and support to departmental managers on cost control practices and financial reporting.

6. Inventory Management

• Inventory Controls: Establish and maintain effective inventory control systems to track the usage and cost of supplies and materials.
• Stock Audits: Conduct regular stock audits and reconciliations to ensure accuracy in inventory records and minimize discrepancies.

7. Supplier Management

• Vendor Negotiation: Assist in negotiating with suppliers and vendors to secure favorable pricing and terms, contributing to cost savings.
• Contract Management: Review and analyze contracts to ensure compliance and identify potential cost-saving opportunities.

8. Compliance and Governance

• Financial Compliance: Ensure compliance with financial regulations, accounting standards, and company policies.
• Audit Preparation: Prepare for internal and external audits by maintaining accurate financial records and documentation.

9. Technology Utilization

• Cost Control Software: Utilize financial software and tools to track costs, generate reports, and analyze data effectively.
• Data Analysis: Leverage data analytics to identify trends, patterns, and opportunities for improvement in cost management.

10. Performance Measurement

• Key Performance Indicators (KPIs): Establish and monitor KPIs related to cost management and operational efficiency, providing insights to management.
• Continuous Improvement: Foster a culture of continuous improvement by regularly reviewing processes and seeking innovative solutions.

Desired candidate profile

1. Educational Background

• Degree in Finance or Accounting: A bachelor’s degree in finance, accounting, business administration, or a related field is usually required.
• Professional Certifications: Additional certifications such as CPA (Certified Public Accountant), CMA (Certified Management Accountant), or ACCA (Association of Chartered Certified Accountants) are preferred.

2. Experience

• Relevant Work Experience: A minimum of 5–7 years of experience in finance, accounting, or cost control within the hospitality industry or a similar sector.
• Previous Management Role: Experience in a supervisory or managerial position related to cost control or financial analysis is advantageous.

3. Skills

• Analytical Skills: Strong analytical and problem-solving skills to interpret financial data and identify cost-saving opportunities.
• Financial Acumen: In-depth knowledge of financial principles, budgeting, forecasting, and cost management.
• Proficiency in Software: Proficiency in financial management software and tools (e.g., Excel, ERP systems, and accounting software).

4. Communication Skills

• Effective Communication: Excellent verbal and written communication skills to convey financial information clearly to non-financial stakeholders.
• Interpersonal Skills: Strong interpersonal skills for collaboration with various departments and building relationships with vendors and suppliers.

5. Attention to Detail

• Precision in Work: High attention to detail to ensure accuracy in financial reporting, data analysis, and compliance.

6. Organizational Skills

• Project Management: Strong organizational skills to manage multiple tasks and projects effectively, meeting deadlines and maintaining high-quality standards.
• Time Management: Ability to prioritize tasks and manage time efficiently in a fast-paced environment.

7. Teamwork and Leadership

• Leadership Abilities: Ability to lead and mentor a team, providing guidance and support in cost control initiatives.
• Collaborative Mindset: Team player with a collaborative approach to working with different departments and stakeholders.