An Assistant Director of Finance is a professional who plays a crucial role in the financial management and decision-making processes within an organization. They work closely with the Director of Finance to ensure the efficient operation of financial activities. In this blog post, we describe the primary responsibilities and the most in-demand hard and soft skills for Assistant Directors of Finance.

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Main Responsibilities of an Assistant Director of Finance

The following list describes the typical responsibilities of an Assistant Director of Finance :

Achieve

• Achieve and exceed goals including performance goals, budget goals, team goals, etc..

• Achieve objectives through direction and delegation.

Acquire

Acquire and maintain a proficiency of the Campaign and Finance software packages and their interface.

Administer

• Administer fair employee performance appraisals in a timely manner.

• Administer time and attendance policy.

Advise

Advise the Director of Finance on existing and evolving operating / financial issues.

Advocate

Advocate sound financial / business decision making.

Analyze

Analyze information and evaluate results to choose the best solution and solve problems.

Assess

Assess investment opportunities and make recommendations.

Assist in

• Assist Director of Finance with covering meetings as needed.

• Assist Director of Residences in establishing policies, rules, internal controls and safeguards.

• Assist in A / R as needed.

• Assist in attaining financial goals.

• Assist in development of Risk Management program.

• Assist in mergers, acquisitions, and other strategic transactions.

• Assist in other areas as needed.

• Assist in the development and execution of financial plans.

• Assist in the preparation of board presentations and reports.

• Assist the Controller in preparation of all budgets and forecasts.

• Assist the Director of Finance in preparation of all budgets and forecasts.

• Assist the Director of Finance with preparations of forecast and budget.

• Assist the Senior Director of Finance in managing all the financial aspects of the hotel.

• Assist with daily internal audit of cash deposits, transfers, and monitoring of the capital budget.

• Assist with on-going review, development and documentation of business processes and policies.

Attend

• Attend critique meetings to review information with management team.

• Attend Labor Management Meetings as appropriate.

• Attend Revenue Strategy and Weekly Forecast meetings as appropriate.

Collaborate with

• Collaborate with other departments to support strategic decision-making.

• Collaborate with the human resources department on compensation and benefits management.

Communicate with

Communicate with Senior Leadership and Ownership as required.

Compile

Compile, code, categorize, calculate, tabulate, audit, or verify information or data.

Complete

Complete all general ledger and bank reconciliation.

Conduct

• Conduct financial analysis and present findings to senior management.

• Conduct financial modeling and scenario analysis.

Coordinate

• Coordinate all financial audits by outside concerns.

• Coordinate all internal financial training and development of department heads and managers.

• Coordinate all on site accounting functions with the Director of Finance.

• Coordinate and analyze monthly financial statements for accuracy.

• Coordinate and facilitate external and internal audits.

• Coordinate, monitor and analyze all The Inn at Perry Cabin staff planning functions.

• Coordinate, prepare and monitor the annual Operating Budget and monitor expense ratios.

• Coordinate the annual budgeting process.

Develop

• Develop and implement cost-saving initiatives.

• Develop and implement financial strategies to achieve organizational goals.

• Develop and maintain internal controls in all departments.

• Develop specific goals and plans to prioritize, organize, and accomplish your work.

Ensure

• Ensure account balances are supported by appropriate documentation in accordance with SOPs.

• Ensure all union dues / insurance payments are made in a timely manner.

• Ensure an effective tracking system for all rebates / adjustments.

• Ensure a smooth Accounts Payable process.

• Ensure a timely month-end close.

• Ensure by example that the Inn at Perry Cabin philosophy is known.

• Ensure by example that the Orient-Express Hotels philosophy is known.

• Ensure compliance with financial regulations and internal policies.

• Ensure compliance with internal controls and safeguards the assets and resources of the hotel.

• Ensure compliance with policies and procedures.

• Ensure compliance with standard and local operating procedures (SOPs and LSOPs).

• Ensure compliance with the management agreement and attendant legal documents.

• Ensure daily balance of Income Audit to Daily Report.

• Ensure employees establish and maintain open, collaborative relationships within their team.

• Ensure integrity and efficiency of computerized data processing functions.

• Ensure profits and losses are documented accurately.

• Ensure property is in compliance with Management Contract.

• Ensure property permits, licenses and if applicable vendor contracts are current.

• Ensure property policies are administered fairly and consistently.

• Ensure successful treasury cash management as set forth in the policies and procedures manual.

• Ensure this is done with both integrity and accuracy.

• Ensure timely and accurate tax compliance.

Establish

• Establish and maintain open, collaborative relationships with employees.

• Establish a rapport with the Finance team and other divisions within the hotel.

• Establish goals and expectations for all team members.

Evaluate

• Evaluate and advise on financial matters to Vice President, President / CEO and other departments.

• Evaluate and improve financial systems and processes.

• Evaluate and negotiate contracts with vendors and suppliers.

Generate

Generate and provides accurate and timely results in the form of reports, presentations, etc..

Hold

Hold monthly department meetings with the Accounting staff.

Identify

• Identify and mitigate financial risks.

• Identify and resolve performance problems that are not in line with company standards.

Implement

Implement and support property operating policies and procedures.

Keep

Keep up-to-date technically and applying new knowledge to your job.

Leverage

Leverage centralized accounting processes and shared services.

Maintain

• Maintain accurate and up-to-date financial records.

• Maintain all contracts, leases and other legal and financial records.

• Maintain and secure assets, minimizing outstanding receivables and inventories.

• Maintain and secure assets, minimizing outstanding receivables and investment inventories.

• Maintain Capital Expenditure spreadsheet, and ensure full compliance with internal controls.

• Maintain close and professional relationships with all the hotel departments and Home Office.

• Maintain effective system and control procedures as set forth in the policies and procedures manuals.

• Maintain files on all contracts, leases and agreements and ensure compliance with their requirements.

• Maintain harmonious and professional relationship with all departments and Home Office.

• Maintain insurance (general liability, property and Worker's Compensation) programs.

• Maintain knowledge of hotel features / services, outlets, hours of operation, etc..

• Maintain monthly general ledger support books for organization.

Make

Make sure payroll taxes are correctly collected, paid and declared on a timely basis.

Manage

• Manage all activities involving annual audit and assist in preparation of the IRS 990.

• Manage and oversee all grant accounting.

• Manage financial audits and coordinate with external auditors.

• Manage of cash flow and forecasting.

• Manage relationships with banks, lenders, and other financial institutions.

• Manage the day-to-day operation of the Accounting Office.

Monitor

• Monitor all purchasing controls.

• Monitor all taxes that apply, ensuring that taxes are current, collected and / or accrued.

• Monitor and analyze financial performance, providing insights and recommendations.

• Monitor and analyze key performance indicators (KPIs).

• Monitor cash flow and manage treasury functions.

• Monitor employee' s data to ensure incorrect or double payments are not processed.

• Monitor the status of Accounts Receivable aging and billing collections to achieve company standards.

Observe

Observe standards for the department in image, appearance, and grooming.

Operate

Operate in compliance with all local, state and federal laws and government regulations.

Oversee

• Oversee financial operations, including budgeting, forecasting, and financial reporting.

• Oversee internal, external and regulatory audit processes.

• Oversee preparation of accurate and timely monthly financial statements.

• Oversee the preparation of all local, state and federal tax returns on a timely basis.

Participate

Participate in strategic planning sessions.

Perform

• Perform all Food & Beverage accounting function.

• Perform and monitor all night audits functions.

• Perform and provide technical assistance in all front office cashiering operations.

• Perform budget forecasting and cash management.

• Perform, monitor and analyze all internal unit accounts receivable functions.

• Perform other tasks or projects as assigned by hotel management and staff.

Plan

• Plan, organize, lead and control different projects and activities within the finance team.

• Plan, organize, schedule and manage various projects and activities amongst the finance team.

Practice

Practice emergency procedures in compliance with hotel / company standards.

Prepare

• Prepare all financial statements, State and Federal revenue declarations or any other statement.

• Prepare and distribute daily / weekly labor reports.

• Prepare and maintain balance sheet and bank reconciliations on a monthly basis.

• Prepare Balance Sheet analysis.

• Prepare cash flow forecast on a monthly basis.

• Prepare financial forecasts and projections.

• Prepare financial statements, including balance sheets, income statements, and cash flow statements.

• Prepare inter-company reconciliation and solve disputes.

• Prepare periodic presentations at owner's meetings.

• Prepare the annual service charge budget and review with Director of Residences as appropriate.

• Prepare weekly written reports of activities.

Produce

Produce accurate financial statements.

Promote

Promote open-door policy among staff members.

Provide

• Provide guidance and support to finance team members.

• Provide guidance on financial aspects of regulatory compliance.

• Provide staff support to the Finance Committee.

• Provide team members timely, candid and constructive performance feedback.

React

React and assist in hotel emergency situations as needed.

Recognize

Recognize and reward team members for accomplishments.

Reconcile

Reconcile quarterly payroll reports with general ledger accounts.

Recruit

Recruit, interview, hire, supervise, and train departmental subordinates as needed.

Respond to

• Respond properly in any hotel emergency or safety situation.

• Respond to any reasonable task assigned by Director of Finance and General Manager.

• Respond to any reasonable task assigned by Director of Financial Operations and General Manager.

Review

• Review and verify all the payroll statements before the payments.

• Review audit issues and makes corrections as necessary.

Stay updated on

Stay updated on industry trends and best practices in financial management.

Strive

Strive to continuously improve.

Submit

Submit reports in a timely manner, ensuring delivery deadlines.

Supervise

• Supervise Finance and Administration Department staff.

• Supervise the day-to-day operation of the accounting office.

Support

• Support others, gain trust, be positive and enthusiastic.

• Support team member development and provide challenging opportunities that enhance growth.

• Support the development of pricing strategies and profitability analysis.

• Support Total Quality Management.

Utilize

• Utilize an 'open door' policy.

• Utilize interpersonal and communication skills to lead, influence, and encourage others.

Walk

Walk to great restaurant and shops and local attractions.

Work with

• Work authorization in the United States required.

• Work closely with all departments to come up with solutions to Systems & Controls problems.

• Work collaboratively creating and sharing resources.

• Work on a team that is built on mutual respect, collaboration and excellent service.

Most In-demand Hard Skills

The following list describes the most required technical skills of an Assistant Director of Finance :

1. Financial analysis and modeling

2. Budgeting and forecasting

3. Financial reporting and accounting principles (GAAP/IFRS)

4. Financial software and ERP systems (e.g., SAP, Oracle)

5. Advanced proficiency in Microsoft Excel

6. Risk management and mitigation

7. Financial statement analysis and interpretation

8. Cost analysis and control

9. Capital budgeting and investment analysis

10. Knowledge of financial regulations and compliance (e.g., SOX, SEC)

Most In-demand Soft Skills

The following list describes the most required soft skills of an Assistant Director of Finance:

1. Strong leadership and team management abilities

2. Excellent communication and presentation skills

3. Analytical thinking and problem-solving

4. Attention to detail and accuracy

5. Adaptability and flexibility in a dynamic environment

6. Strategic and critical thinking

7. Collaboration and cross-functional teamwork

8. Integrity and ethical decision-making

9. Time management and prioritization

10. Strong interpersonal skills and the ability to build relationships

Conclusion

Becoming an Assistant Director of Finance requires a combination of technical expertise, financial acumen, and interpersonal skills. These professionals play a vital role in ensuring the financial health and success of an organization. By mastering the primary responsibilities and developing the necessary hard and soft skills, Assistant Directors of Finance can excel in their roles and contribute to the growth and stability of their organizations.