Finance Manager

About the Role

The Finance Manager will oversee and lead the organization's financial and accounting operations to ensure precise and trustworthy financial data. This includes managing cash flow, budgets, and establishing strong financial controls while providing insightful financial analysis to aid executive decision-making.

Key Responsibilities

• Develop annual budgets, financial projections, and long-term financial strategies.
• Track financial performance against budgets and interpret major deviations.
• Produce and review comprehensive monthly, quarterly, and annual financial statements and reports for management.
• Evaluate revenue, costs, profitability, and financial results across branches, departments, and various business segments.
• Analyze financial contributions from memberships, personal training, group classes, sports programs, and retail.
• Manage cash flow to ensure enough liquidity for payroll, payments, and operations.
• Create short to long-term cash flow forecasts.
• Oversee accounts payable/receivable, collections, bank reconciliations, and general ledger functions.
• Ensure timely collection from customers and payments to suppliers by monitoring balances.
• Review operating expenses for compliance with budgets, policies, and authority limits.
• Approve purchasing activities, contracts, and financial commitments.
• Report on branch profitability, break-even analysis, contribution margins, and variances.
• Monitor operational costs including cost of sales, stock movements, wastage, adjustments, and valuations.
• Supervise inventory counts and reconcile physical inventory with accounting and operational records.
• Manage relationships with banks, financial institutions, payment providers, and POS service operators.
• Oversee loans, financing agreements, and repayment schedules.
• Collaborate with HR on payroll, commissions, incentives, and bonuses.
• Ensure compliance with VAT, Zakat, tax laws, and other financial regulations.
• Coordinate with external auditors, government bodies, consultants, and banks.
• Design and enforce financial policies, internal controls, procedures, and approval authorities.
• Guarantee seamless integration across accounting, membership, POS, payroll, and inventory systems.
• Lead and assess the performance of the finance team.
• Offer recommendations to senior management for cost savings, revenue growth, profitability, and efficiency improvements.
• Conduct financial feasibility analyses for expansions and major projects.
• Identify and mitigate financial and operational risks.
• Perform other finance-related tasks as assigned by the CEO.

Qualifications and Experience

• Bachelor's degree in Accounting, Finance, or a closely related discipline.
• Master’s degree in Finance, Accounting, or Business Administration is advantageous.
• Preferably hold a professional certification such as SOCPA, CMA, CPA, or ACCA.
• At least 8 years’ experience in finance and accounting with a minimum of 3 years in a managerial role.
• Experience in sports clubs, fitness, retail, hospitality, or multi-location service industries is preferred.
• Expertise in budgeting, forecasting, cash flow management, and financial reporting.
• Competent in liaising with banks, auditors, financing bodies, and government authorities.
• Solid knowledge of Saudi Arabian financial regulations including tax and Zakat.

Skills

• Advanced financial analysis and reporting capabilities.
• Proficiency in reviewing income statements, balance sheets, and cash flow statements.
• Strong command over cash flow and working capital management.
• Expertise in budgeting, forecasting, and financial modeling.
• Effective cost control and expense management skills.
• Advanced Microsoft Excel and accounting systems knowledge.
• Familiarity with ERP, point-of-sale, payroll, and inventory software.
• Demonstrated leadership and team management skills.
• High standards in accuracy, integrity, confidentiality, and accountability.
• Ability to work effectively under pressure and juggle multiple priorities.
• Excellent verbal and written English communication skills.

Performance Indicators

• Accuracy and timeliness of financial statements and reports.
• On-schedule monthly and yearly financial closings.
• Effective cash availability and liquidity management.
• Adherence to budget and control of financial variances.
• Expense-to-revenue ratio management.
• Maintenance of gross and net profit margins.
• Efficiency in accounts receivable collections and supplier payment cycles.
• Payroll and commission calculation precision.
• Reduction in accounting errors and unexplained postings.
• Positive results from internal and external audits.
• Achievement of cost-saving objectives.
• Reliability of financial forecasts when compared with results.

Authority and Decision-Making

• Approve financial transactions within the delegated limits.
• Request necessary financial reports and documentation from all departments and branches.
• Suspend or reject incomplete or policy-noncompliant financial transactions.
• Propose updates to financial policies, budgets, and controls.
• Act as authorized representative in financial communications with banks, auditors, and service providers.
• Assess finance team members and advise on recruitment, training, promotions, or disciplinary measures.

Internal and External Collaborations

• Work internally with CEO, operations, sales, marketing, HR, procurement, and branch teams.
• Liaise externally with banks, auditors, tax authorities, suppliers, financiers, and payment providers.