Cordia Resources by Cherry Bekaert
Location
Virginia Beach, VA | United States
Job description
Corporate Controller (Ocean City, MD)
Eastern Shore (MD) hospitality firm real estate/hotels/restaurant owner/operator is looking for a Controller.
The Controller is responsible for overseeing the accounting team, ensuring accurate and timely reporting of corporate financials. This role involves comprehensive financial analysis, reconciliation, and the implementation of efficient processes to meet regulatory requirements. The Controller will play a crucial role in maintaining a professional working environment, fostering leadership, and contributing to the strategic financial planning of the company.
The Controller will be responsible for overseeing the team and reporting, including but not limited to P&Ls, Balance Sheets, Audits, Tax Reporting, CapEx, Lender Reporting, and Leadership functions. This role requires collaboration with leadership teams, property teams, and coordination with external auditors, tax authorities, and lenders. The Controller will report directly to the CFO and work closely with various departments to ensure compliance with GAAP, USALI, State, and Federal regulations.
Role and Responsibilities: - Develop and implement systems for collecting, analyzing, verifying, and reporting financial information. Achieve accounting operational objectives by contributing information and recommendations to budget and forecast processes. Reconcile balance sheet accounts and ensure accuracy in financial reporting.
- Facilitate the conversion of Audited P&L to the Uniform System of Accounts for the Lodging Industry (USALI). Coordinate and ensure the completion of consolidated and individual reports, as well as year-end balance sheet reconciliations. Manage the timeline and deliverables for the 401k audit, reviewing the Form 5500 and completing the audit.
- Cultivate and maintain a professional working environment characterized by mutual respect, open communication, and a commitment to excellence. Conduct weekly meetings with direct reports to review progress, discuss challenges, and outline action steps. Provide bi-weekly updates to the Chief Financial Officer (CFO) on financial performance, challenges, and strategic initiatives. Prepare and deliver monthly presentations to the Leadership Team, offering insights into financial performance and key strategic considerations.
- Establish and implement a comprehensive process for tracking and reporting on Capital Expenditures (CapEx). Generate monthly updates on CapEx, providing detailed comparisons to budgeted figures. Ensure timely and accurate reporting to lenders, including 6th Day Reporting to CMBS Servicers and Lenders. Provide monthly and quarterly updates on Debt Service Coverage Ratios (DSCR), Yields, and Debt ratios. Prepare and deliver annual reports encompassing all relevant financial aspects.
- Lead the evaluation and implementation of core accounting processes and internal control procedures to enhance efficiency and accuracy. Develop, maintain, and communicate all financial policies and procedures necessary for compliance with Generally Accepted Accounting Principles (GAAP), USALI, State and Federal regulations, and industry-specific standards.
- Anticipate and adapt to evolving business needs by proactively undertaking additional responsibilities or special projects as assigned by the CFO or executive leadership.
Experience/Preferences: - BS/BA in Accounting/Finance
- Minimum of 7-10 years of progressive financial experience, with at least 3-5 years in a leadership role within the hospitality industry. Proven experience in managing financial operations, audits, and compliance in a multi-location hotel or resort setting.
Skill & Abilities: - Proficiency in accounting software such as Microsoft Dynamics, Profit Sword, and other relevant hospitality-specific financial systems.
- Advanced knowledge of GAAP, USALI financial reporting standards, and regulatory requirements in the hospitality sector.
- Strong Excel skills for financial analysis, modeling, and reporting.
- In-depth understanding of the hospitality industry, including familiarity with brands, market trends, and industry-specific financial metrics.
- Experience working with hotel management teams, property owners, and brands.
- Excellent verbal and written communication skills, including the ability to present complex financial information in a clear and concise manner.
- Proven ability to communicate effectively with diverse stakeholders, including leadership teams, auditors, and external partners.
- Demonstrated leadership skills with a track record of building and managing high-performing teams.
- Proven track record of success in training and developing a high-performing accounting team, fostering professional growth and enhancing overall team capabilities.
- Ability to foster a collaborative and positive working environment, promoting mutual respect and teamwork.
- Strong analytical and problem-solving skills, with the ability to interpret financial data and provide strategic insights.
- Experience in financial planning, budgeting, and forecasting for hospitality operations.
- Comfortable managing multiple tasks simultaneously without compromising attention to detail.
- Extensive knowledge of tax regulations, including sales tax, personal property tax, and real property tax reporting.
- Experience in ensuring compliance with state and federal reporting rules, including GAAP.
Compensation: $140,000 - $160,000 + annual bonus target
Excellent bonuses, PTIO, 401k
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