Cost Controller

About the Company

Sofitel Al Hamra Beach Resort, located in Ras Al-Khaimah, United Arab Emirates, is seeking a meticulous and analytical Cost Controller to join their finance team.

Job Overview

The Cost Controller will be responsible for managing and overseeing all cost-related activities associated with the resort's operations. The role demands precise financial oversight, maintenance of stringent internal controls, and collaboration with various departments to enhance operational effectiveness. This position is crucial to supporting accurate cost tracking, detailed financial reporting, and aiding strategic decision-making that underpins organizational profitability.

Key Responsibilities

• Coordinate and supervise all cost control processes, ensuring precise recording and documentation of financial transactions.
• Verify, receive, and process supplier invoices and monthly billing statements, cross-referencing with purchase orders and market data to prepare accurate accounts payable documentation.
• Monitor and document the movement of goods in and out of receiving zones, storage facilities, and operational outlets.
• Participate in routine inventory counts (monthly, quarterly, and yearly) and compile detailed physical inventory reports covering food, beverages, supplies, and assets.
• Calculate daily and monthly food and beverage costs for each outlet; prepare detailed profit and loss reports highlighting financial trends and discrepancies.
• Conduct costing analyses of recipes prior to menu implementation and develop provisional profit and loss statements for special events and promotional activities.
• Produce daily and monthly sales reports, identifying slow-moving or costly items, and propose cost-saving measures to management.
• Perform monthly outlet activity evaluations resulting in comprehensive profit and loss statements incorporating revenues, sales expenses, labor costs, operating expenditures, and productivity metrics.
• Prepare month-end closing financial reports for all cost sectors; collaborate with the Accounting Manager and Finance Director to execute necessary adjustments.
• Develop and uphold efficient internal controls and auditing procedures to safeguard cost control integrity and financial accuracy.
• Foster communication and cooperation between the cost control department and other areas of the organization to align with operational objectives.
• Adhere to professional standards of conduct and appearance; attend scheduled training to continually develop relevant skills.
• Undertake any additional duties assigned by the Accounting Manager or Finance Director to support broader financial goals.

Required Qualifications & Competencies

• Advanced expertise in financial analysis and cost accounting techniques.
• Strong command of inventory management and control systems.
• Exceptional attention to detail and organizational skills.
• Proficient in handling accounts payable processes and invoice validation.
• Ability to prepare and interpret profit and loss statements accurately.
• Experience with accounting software and ERP systems.
• Excellent communication skills, both written and verbal.
• Capability to collaborate effectively across multiple departments.
• Strong time management with prioritization skills.
• Analytical thinker with excellent problem-solving skills.
• Competence in data analysis and financial reporting.

Experience

• Minimum 3 to 5 years of professional experience in cost control, financial administration, or related accounting functions.
• Demonstrated history with inventory management and cost analysis.
• Experience working with financial systems and accounting software platforms.
• Proven ability in preparing financial reports and managing month-end closings.
• Background in hospitality, food and beverage, or comparable operational settings is advantageous.

Education & Certifications

• Bachelor's degree in Accounting, Finance, or a closely related discipline.
• Preferred professional accounting credentials such as CPA, ACCA, or equivalent.

Domain Knowledge

• In-depth knowledge of cost control principles and industry best practices.
• Understanding of food and beverage operations alongside costing techniques.
• Familiarity with internal control systems and audit protocols.
• Awareness of financial reporting standards and compliance regulations.