Chief Accountant

Role Overview

Chief Accountant at Boutique Group, located at The Red Palace in Riyadh, Saudi Arabia. The Chief Accountant oversees the company's accounting operations, ensuring accurate financial reporting, regulatory compliance, and effective management of accounting staff, while playing a key role in financial planning, analysis, and safeguarding company assets.

Company Overview

The Red Palace is an ultra-luxury boutique hotel in Riyadh, Saudi Arabia. Originally built in 1943, this historic palace has been transformed into a masterpiece of refined hospitality, blending timeless elegance with contemporary sophistication. The hotel offers exclusive cultural experiences and unparalleled service, honoring its heritage while delivering a modern interpretation of luxury.

Role Purpose

The Chief Accountant leads all financial and accounting operations for the property, ensuring compliance with local regulations and accounting standards, developing and mentoring the accounting team, and providing strategic financial guidance to support hotel objectives and Group performance.

Key Responsibilities

Leadership & Team Development

• Lead, mentor, and inspire the accounting team, fostering a culture of accountability, collaboration, and continuous professional growth.
• Lead the Finance team to drive improved performance and develop talent, creating solid succession planning within the Palace and beyond for the Group.

Financial Reporting & Compliance

• Ensure timely, accurate, and compliant preparation of financial statements, statutory filings, and management reports in line with local regulations and accounting standards.
• Ensure a detailed understanding of local accounting and tax rules and ensure all reporting complies with company directives.
• Responsible for all aspects of financial management of the property, including administering accounting policies and procedures, preparing and interpreting financial statements and management reports, and ensuring compliance with Boutique Group and Red Palace standards and all applicable legal and contractual requirements.

Accounting Operations Management

• Oversee all accounting functions, including Credit Manager, Accounts Payable, General Cashier cum Paymaster, Income Auditor, Cost Controller, Fixed Assets, and balance sheet reconciliations, ensuring timely month-end closing and accurate ledgers.
• Ensure the capital replacement and disposal policy is enforced as per company directives and in line with the management agreement.
• Adhere to procurement practices and procedures.

Budgeting & Financial Analysis

• Monitor cash flow, budgets, and forecasts; provide actionable insights and recommendations to optimize financial performance and support strategic objectives.
• Provide value-added business performance reporting to give Operations the tools to identify areas for improvement.
• Provide accurate forecasting of the business to determine the correct allocation of resources and maximize business performance.
• Support the Director of Finance in driving the annual budgeting and forecasting process to ensure all departments deliver according to approved targets and timelines.

Process Improvement & Controls

• Develop, implement, and maintain robust accounting policies, procedures, and internal controls to enhance efficiency, accuracy, and risk management.
• Drive continuous improvement initiatives, encourage adoption of best practices, and leverage technology and analytics to enhance the accounting function.

Audit & Risk Management

• Coordinate and support internal and external audits, liaise with tax authorities and other local government departments, ensure timely resolution and proactive follow-up on audit findings, and continuously strengthen financial governance and risk management.
• Lead, support, and coordinate all internal and external audit visits and maintain strong relationships with key audit stakeholders, with proactive follow-up on audit issues raised.

Strategic Collaboration

• Partner with department heads and leadership to provide financial guidance, cost management, and resource allocation strategies.
• Act as second-in-command to the Director of Finance to support the achievement of hotel objectives.
• Maintain a strong business relationship with the owner/owner's representative to align business objectives and facilitate approvals on relevant activities, including CAPEX.

Stakeholder Management & Communication

• Maintain effective internal communication with the management team and all colleagues within the Palace, finance teams across other Palaces/Hotels, and Regional/Corporate functions.
• Manage external communication with internal and external auditors, tax authorities, other local government authorities, suppliers, and key customers.

General

• Perform any other duties as may reasonably be requested by management.
• Embrace and practice the company's legacy values and competencies.

Qualifications & Experience

• Bachelor's degree in Accounting, Finance, or related field; professional certification (CPA, CMA, ACCA) preferred.
• Five to eight years of progressive accounting experience, including two to three years in a senior accounting or supervisory role.
• Hotel pre-opening experience is strongly preferred.
• Deep knowledge of accounting principles, financial reporting standards, and regulatory requirements.

Skills & Competencies

• Leadership and people management.
• Strategic financial planning and analytical thinking.
• Integrity, professionalism, and ethical conduct.
• Effective communication and collaboration.
• Problem-solving, decision-making, and risk management.
• Commitment to continuous learning, innovation, and process improvement.
• Proficiency in accounting software, ERP systems, and MS Office applications.
• Strong alignment with the company's legacy competencies and values, fostering a culture of excellence and accountability.
• Exceptional attention to detail, accuracy, and ethical standards.