Manager – Finance
City : Hamilton
Category : Other
Industry : Education
Employer : McMaster University
This position, reporting to Real Estate, Ancillary Operations and Partnerships (REAP) , is focused on the financial functions of Hospitality Services, which is the exclusive provider of food and catering services to the university, with annual sales of approximately $32 million across 21 locations.
Job Summary
The Finance Manager serves as a strategic budgeting, planning, and finance professional providing expertise, guidance and support to the Director, Hospitality Services and Director Strategic Operations. The role will produce financial budgeting and reporting for the ancillary unit and related project initiatives. Functionally, the Finance Manager will report to the Director, Strategic Operations (REAP) for centralized guidance. The Finance Manager is required to develop and monitor financial strategies and plans to support the Director, as well as provide best practice advice for efficient and lean operations. The Finance Manager will work directly with the Director’s teams, engaging department managers to take a lead role in preparing and planning financial strategies, budgets, plans, and supporting accounting processes at both department and project levels, ensuring accurate and timely detailed financial reports and thorough variance analysis, including providing advice on strategies to bring activities on track when running off- budget, which is essential to success in this role. The Finance Manager develops, recommends, implements and monitors each unit’s supporting financial strategy, integrated into a developed clear and concise annual budget and narrative. The Finance Manager will ensure there are adequate financial records and controls in place in accordance with University policies and procedures.
The ideal candidate is a creative and strategic thinker who will help the Director oversee strategic plans, projects and operating activities, meet financial challenges and harness opportunities, performing financial strategic planning, financial accounting, variance analysis, and other analysis and, where necessary, developing comprehensive business cases to drive project initiatives forward. The Finance Manager anticipates and responds to requests for strategic and financial information using flexible and facilitative management skills. The lead will have an ability to synthesize and distill financial information into descriptions non-financial managers can understand.
The Finance Manager provides effective leadership and direction to 5 full-time members, assumes financial management and accountability of a budget of approximately $540,000 related to the Financial Affairs Business Office, and prepares the Hospitality Services budget totaling $37 million in sales, growing to $32 million with residence expansion.
Accountabilities
In a collaborative team environment, which embraces the values of trust, accountability, integrity, teamwork and service, the Finance Manager is expected to:
Strategic Advice
Work with the Director, Hospitality Services to support financial planning and budgeting
Develop scenarios to assist decision making, including business cases for new investments
Budget/Projection Preparation
- Effectively plan and coordinate activities to support budget preparation. Develop a budget preparation timeline and take initiative to compile and confirm information.
- Compile budgetary information and recommendations from each department within Hospitality Services
- Working collaboratively with unit managers, plan operational and project budget needs by understanding and analyzing plans and fiscal requirements on both a short- and long-term basis
- Prepare operational and project budgets, review draft financial reports, finalize budgets to meet deadlines, and assist in presentation to the Budget Committee
- Enter all budgets and projections in Hyperion Budgeting System:
- Review pre-populated labour data for accuracy and prepare forecasts of cost and FTEs based on discussions with managers
- Prepare budgets and projections for all other revenue and expenses to enable monthly tracking of actuals
- Create detailed back-up schedules for budgeted revenue and expenses
- Explain material changes in budget including year-over-year analysis of revenues, expenses and FTE counts to support historical understanding and future planning
- Suggest options, strategies and approaches for operational and procedural improvements and cost saving measures
- Comment on risks and opportunities; suggest options.
- Provide expert guidance and input on the financial content of the budget narrative; complete required financial schedules
- Interpret budget guidelines and advise on matters related to budget presentation and submission
- Develop what-if scenarios as required
Analyze Actual Results
- Monitor and maintain financial obligations, verify and reconcile expenditures of budgeted funds using various financial systems to ensure the accuracy of the department’s financial statements
- Monitor and maintain budgets to ensure operational, including projects, activities are delivered with minimum variance to approved budgets and projections.
- Monitor and address currency and inflation issues impacting the department’s budget
- Produce financial reports to analyze variances compared to budget, projection, and prior year, delivered within five working days of month-end close:
- Overall monthly state of finances for the unit and detail by area of responsibility, including analysis of labour charges by employee against the most recent projection
- Quarterly updated projections for revenue and expenditures
- Year-end documentation, including monitoring and interpreting accounts and making financial recommendations
- Schedule monthly meetings with the Director and department managers to review budget status, accounts, budget requests, and identify related financial areas requiring attention
- Provide early warning of projected variances to enable preventive measures
- Arrange for transactions and anomalies requiring correction to be processed, including HR Event Forms, journal entries, and year-end accruals; identify potential issues of compliance with University and department budget policies and financial procedures
- Communicate any delay in delivering actual results
Financial Management
- Work with the Director to determine financial priorities and plans for their departments; act as an advisor for the purposes of making informed short- and long-term strategic financial decisions including staffing plans, department resources, and quality management initiatives
- Plan, develop and coordinate the preparation of financial analyses and reports including, but not limited to, operational and project budgets, financial statements, statistical reports, cost analyses and other financial information
- As assigned, prepare detailed business cases, consulting with subject matter experts, and collecting required information to aid in business case analysis, assess risk, make recommendations.
- Provide training, guidance and advice to departmental managers and staff to facilitate improved understanding of the budgeting process and financial reports
- Recommend improvements to financial reporting structure
Human Resource Management
- Select and professionally develop staff to ensure that the Hospitality Business Office is fulfilling its mandate relating to services provided
- Encourage skill development and personal growth of staff and monitor their performance
- Develop a team-oriented environment where discussions are held and input is solicited on proposed changes/improvements
- Define staff roles and responsibilities with a view to developing and utilizing key skills/strengths and responding to changing needs
- Review all processes with a view to streamlining, eliminating non-value-added activities, and focusing on enhanced management support by the staff
Qualifications
Education
- Completion of post-secondary education, ideally in business, finance, or a related field that supports the role requirements.
- Completion of an accounting designation (CPA), or over 10 years direct experience in this type of role
Experience
- 5+ years working in financial and/or budget management in a public sector environment (10+ years direct experiences in this type of role in the absence of an accounting designation).
- 5-8 years managerial experience