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Finance Manager

Date: 25-Jan-2023

Location: Dubai, AE

Company: Majid Al Futtaim

Majid Al Futtaim invites you to join us in our quest to create great moments for everyone, everyday! We are the leading shopping mall, residential communities, retail and leisure pioneer across the Middle East, Africa and Asia, serving over 560 million visitors a year. For the past two decades, we have shaped the consumer landscape across the region, transforming the way people shop, live and play, while maintaining a strong sustainability track record and the largest mall in the world to attain LEED Gold EBOM Certification. We have over 40,000 team members in 15 international markets representing over 100 nationalities – all keeping the customer at the heart of everything we do. If you enjoy being BOLD, PASSIONATE and TOGETHER, then Majid Al Futtaim is the destination for you.

.Role Purpose:
The Finance Manager is responsible for overseeing the general ledger accounts within the country and controlling the accuracy of the same in strict compliance with the finance policies and procedures of the company and international accounting standards

Role Details – Key Responsibilities and Accountabilities:


Finance Controls

  • Set appropriate control mechanisms to ensure budget compliance and takes corrective measures when necessary.
  • Develop and implement control mechanisms to ensure accuracy of the accounts and align them with group guidelines / policies and international standards

Account Management

  • Ensure the accuracy of all G/L accounts, and that all payments and taken provisions are booked correctly and timely as per agreements or internal policies and procedures
  • Ensure that all intercompany reconciliations are done correctly and on time
  • Lead the process of closing annual accounts balances in coordination with all the concerned customers and suppliers, ensuring a complete and accurate closing
  • Close monthly accounts as per the deadline including accrual and prepayment entries in the ERP system
  • Monitor Accounts Payable/Receivable functions with specific responsibility for performing activities related to the monitoring of accurate processing of authorized invoices
  • Monitor and handle bank payments and balances
  • Review and control Bank reconciliations of all accounts on monthly basis.
  • Review and sign off monthly/quarterly/period end reconciliation for all key balance sheet items
  • Ensure Maintenance of head office and inter-group reconciliations
  • Ensure books, records, reports and systems are available at all time for audit by internal and external auditors
  • Prepare Profit centre/Product category wise performance and variance analysis
  • Prepare the monthly operating management reports and help the managers in their monthly analysis of their revenue and staff cost
  • Prepare and report financial performance of MAF Retail on a monthly basis comprising profit and loss account and balance sheet account before the deadline of every month
  • Provide various reports in coordination for monthly MIS, budgets, forecast, in relation to finance function
  • Prepare accurate reports of activities as required by the management team
  • Ensure that all financial and regulatory reports required by law, regulations, and management are completed
  • Comply with all federal, state, and local protocols including legal requirements, and interpret new and existing legislation
  • Focus on tax compliance, state business registration, contract review, and non-profit tax filing
  • Support the Omni-channel finance team in performing a monthly analysis of all open POs against received invoices and against received services for which invoices are not yet received and book accruals if necessary
  • Maintain PAR analysis report where all open PARs are reviewed against actual billed amounts and open balances are reconciled timely when necessary
  • Support the Omni-channel finance team in completing the monthly staff capitalization requests
  • Support Omni-channel finance team in completing ad-hoc reports when requested.
  • Oversee the control of the Petty Cash for the Head Office
  • Oversee the preparation of statutory accounts in the Head Office
  • Ensure that books of accounts are maintained in accordance with IAS and Retail Financial Policy
  • Prepare the monthly management report (Financial result) in an accurate and timely mannerSuppliers
  • Ensure timely payments to all MAF Retail suppliers
  • Coordinate with Head office legal department and suppliers for Head Office agreements preparation and follow up properly the same
  • Follow up and analyse Inter-company transfers and recharges
  • Review the payroll pre-process and process the monthly card for staff salaries, full and final settlements and inter-company / head office transfers
  • Approve payroll related deductions and transactions and ensure the timely disbursement of
    Audit Responsibilities
  • Coordinate with external auditors, by providing them with the required financial information requested during audits, and solving any accounting non-compliances observed
  • Submit statements for approval by Financial Controller and Internal Audit
  • Communication and Reporting
  • Work closely with other department heads to understand their concerns and support with best-practise solution proposals
  • Provide analyses and reports to all internal stakeholders periodically or on request, support with expertise and advise if and when required.
  • Review financial reports for accuracy and consistency
    Budget Responsibilities
  • Monitor allocated budget to ensure compliance and take corrective measures when necessary
  • Ensure budget compliance during the financial year and proposes corrective measures if and when necessary
  • Provide inputs on the development of annual budget
  • Responsible for the overall cost reduction of general expenses within the country, proposing and reviewing cost reducing activities and monitoring the effectiveness of the implemented solutions.
    Policies and Procedures
  • Ensure that all financial accounting and reporting in the Group are as per the International Accounting and Financial Reporting Standards (IFRS)
  • Remain updated with any changes related to the IFRS standards, accounting principles and Tax regulations, ensuring a timely reflection of such
  • Recommend improvements to departmental policy and implement procedures and controls covering all areas of finance function, so that all relevant procedural/ legislative requirements are fulfilled while delivering quality, cost effective service to customers
  • Respect the procedures in accordance with the DOA
    Human Capital Responsibilities
  • Assist in implementation of the performance management process by setting objectives, monitoring performance, and provide constructive feedback and provide inputs to senior management
  • Provide mentorship for the purpose of developing a continuous talent pipeline for key roles
  • Provide inputs on training needs and coordinate with the HC department to ensure facilitation of training requirements
  • Develop and implement on the job-training for the team
  • Provide inputs for the development of annual manpower plan
  • Ensure the implementation of MAF Retail’s corporate policies and relevant procedures

    Personal Characteristics and Required Background
  • Minimum Qualifications/education

  • Bachelor degree Finance or Commerce
  • Chartered Accountant/MBA in the same field preferred
    Minimum experience
  • 6+ years in a Finance department and a Managerial roll
  • 2+ years in the retail business
  • Excellent communication and presentation skill
  • Good knowledge on IAS / IFRS and internal policies and procedures