Finance Accounts Executive

About the job

Job Requisition ID: 153987

Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates. Structured into five operating divisions; automotive, financial services, real estate, retail and healthcare; employing more than 35,000 employees across more than 20 countries in the Middle East, Asia and Africa, Al-Futtaim Group partners with over 200 of the world’s most admired and innovative brands. Al-Futtaim Group’s entrepreneurship and relentless customer focus enables the organization to continue to grow and expand; responding to the changing needs of our customers within the societies in which we operate.

By upholding our values of respect, excellence, collaboration and integrity; Al-Futtaim Group continues to enrich the lives and aspirations of our customers each and every day

Overview of the role:
Financial Planning & Analysis Support
Monthly MIS preparation and reports distribution
Vendor Management and reconciliation
Manage Vendor Support and Rebates/Funding Claims
Review and validate intercompany charges for acceptance
Support Month-End/Year-End Closing (MEC/YEC) Activities and Post-Closing Activities
Fixed Assets (CAPEX) and Work-In Progress monitoring

Balance Sheet Substantiation Support

What you will do:-

Description of Accountability:

Financial Planning & Analysis Support
Support budgeting, quarterly forecasting including strategic planning exercise (by country, by store, by channel and by function)
Collaborating with different teams within the division (e.g. RSD, Leasing, Facilities Management, DRT) to collate and analyze information for budgets/forecast inputs.
Collaboration with different budget holders/internal department (Marketing, E-Com, Logistics, Planning & HR) to collate inputs for budgeting and forecasting exercise.
Liaise with planning team to build and make recommendations on Open-to-buy (OTB) for Inventory optimization.
Conducting variance analysis by analyzing actual results versus planned and prior periods and identify any potential risks and red flags that will impact future financial performance.

Monthly MIS & Reporting
Support the preparation of monthly and quarterly reporting deck of Watsons for senior management focusing on key performance indicators (KPI) and detailing financial performance relative to plan and suggest action plan for improvement.
Prepare and distribute store-wise Monthly P&L.
Assists in conducting Financial Performance reviews and analysis with different budget holders and highlight any red flags/risks.
Work with Retail FP&A and Group Finance to ensure integrity in financial planning function and perform analytical analysis supporting executive management understanding of divisional performance.

Vendor Management And Reconciliation (Including Inter-company Charges)
Support back office and store operations in dealing with 3rd party vendor inquiries by liaising with I2P and APSSC
Support in resolving vendor’s long outstanding overdue and payment issues by liaising with store operations, P&C, I2P/APSSC.
Manage Non-Merchandise Non-PO Bills ensure the appropriate GL’s and Cost Centers to be charged and are being submitted and paid as per credit terms.
Manage and track Non-Merchandise PO’s ensure no open PO’s aged more than 60-days.
Raise cross charges against vendors/principal and track settlement

Manage Vendor Support and Rebates/Funding Claims
Validate calculations from system for vendor funded promotions and contractual rebates.
Verify and cross check front-end margin yield for the period versus agreed JBP between the business and vendors.
Monthly invoicing of promotional and contractual rebates against vendor and instruct for reversal of any provisions
Periodic monitoring of other income (window support, New Store opening etc.)

Review And Validate Intercompany Charges For Acceptance
Work closely with Central Controlling Team in clearing open intercompany charges in IC Module.
Work closely with R2R’s ICM Accountant to review and validate supporting documents on Intercompany Charges for acceptance
Review and take actions on open intra-company charges for manual acceptances.
Focus on clearing legacy balances ( Support the broader projects around Interco clean up)

Support Month-End/Year-End Closing (MEC/YEC) Activities and Post-Closing Activities
Maintain up to date accruals/provisions and prepayments (Non REFX) schedules for closing activities
Work closely with internal stakeholders for monthly provisions requirement and accruals
Work closely with R2R for accrual/provisions posting and reversals
Review reasonableness of accruals/provisions posted
Conduct monthly cost and expenses analysis by store and by channel
Other tasks (e.g., SAP BPC Uploads) required post-closing of the period

Fixed Assets (CAPEX) and Work-In Progress monitoring
Work closely with Project’s Team (RSD) to review all work-in-progress for all new stores
Monitor Capital Work-in-Progress (CWIP) account for potential capitalization
Raise CAPEX form (as needed basis) for all Brand spending or from charges flowing from IC
Module (e.g., EIT charges, New Store Development, Franchise Fees etc.)

Balance Sheet Substantiation Support
Support the broader projects around balance sheet substantiation.
Continuously and work closely with R2R Team for Monthly Balance Sheet Review (BSR) to identify red flags and misstatement and take corrective actions.

Required Skills to be successful:-
Working Knowledge in Financial Modelling using Excel (highly advantageous but not required)
Excel Skills – Mid to Advanced
Highly Analytical
Strong Presentation, listening, verbal and written communication skills
Assist in decision-making, suggest/feedback to the line manager
Proactive and Highly Collaborative
Reliable, able to work under pressure with tight timelines
High level of accuracy required

What equips you for the role:
Bachelor’s Degree in Business or Finance related major.
Certificate in Finance (CPA, ACCA, CMA) is an advantage but not required
At least 2 year in Financial Planning role &/or at least 4 years in General Accounting PQE
Experience in working with Shared Service Centre
Managing Complexity
Taking Initiative
Drive for Results
Excellent in MS Excel

About Al-Futtaim Retail

Al-Futtaim Retail has established itself as one of the leaders in Retail across the Middle East, Africa & Asia over the past 30 years. We have developed partnerships with some of the biggest and most respected Brands in the world including IKEA, ACE and Toys R Us in the Middle East and the Inditex Group of Brands (Zara, Mango, Bershka and P&B) across Asia. We are also one of the largest Global partners of Marks and Spencer’s in both regions with over 75 stores offering both fashion & food options.

Most recently we have been responsible for bringing brands to the Middle East for the first time with the exciting launches of Watsons and B&Q and we aim to continue to be agile and adaptive to our markets with new launches and further development. For this to be possible we aim to recruit the best talent from all backgrounds who will continue to challenge and develop our diverse workforce which includes over 100 nationalities across 12 countries. Join us today and make a difference…