The posting
Job Summary
The Store Controller is responsible for overseeing and managing all financial activities across the stores, ensuring the efficient and compliant execution of financial operations in line with company policies. The role focuses on maintaining financial discipline at the store level by monitoring budgets, managing store-specific financial reporting, and collaborating with store management to align financial outcomes with business objectives. The Store Controller will ensure timely and accurate financial data, provide insights into store performance, and help drive profitability through effective financial management.
Responsibilities
1. Financial Management & Reporting
- Financial Recordkeeping: Ensure that all store financial transactions are accurately recorded and reconciled on a daily, weekly, and monthly basis.
- Store-Specific Financial Reporting: Prepare store-level Profit & Loss (P&L) reports, balance sheets, and other financial statements, ensuring timely submission to corporate headquarters.
- Expense Monitoring: Track and manage store operating expenses to ensure they remain within approved budgets. Highlight variances and investigate cost drivers.
- Cash Flow Management: Oversee cash management activities at the store level, ensuring adequate cash flow for daily operations, including sales and deposit reconciliation.
2. Budgeting & Forecasting
- Annual Budgeting: Work closely with store management to develop annual financial budgets that align with store sales targets and corporate financial goals.
- Budget Compliance: Monitor stores' adherence to approved budgets and provide regular updates to the Regional Finance Manager and store management.
- Sales Forecasting: Assist store managers in forecasting sales based on historical trends, promotions, and market conditions.
3. Internal Controls & Compliance
- Internal Control Enforcement: Implement and monitor internal controls at each store to safeguard company assets, prevent fraud, and ensure compliance with company policies and procedures.
- Audit Support: Assist in both internal and external audits of store financial activities, ensuring that records are readily available and compliant with regulatory standards.
- Compliance Assurance: Ensure that all store financial operations comply with relevant accounting standards, tax regulations, and corporate policies.
4. Financial Analysis & Performance Monitoring
- KPI Monitoring: Track key financial metrics at the store level, such as sales margins, profitability, and cost efficiency, providing regular feedback to store management.
- Variance Analysis: Perform variance analysis to understand deviations between budgeted and actual financial performance, providing actionable insights to improve financial outcomes.
- Cost Control Initiatives: Identify areas of cost reduction or efficiency improvement at the store level and work with the store management to implement changes.
5. Cross-Departmental Collaboration
- Store Operations Collaboration: Collaborate with store managers and department heads to align financial practices with operational strategies, driving both financial and operational performance.
- Merchandising & Procurement Support: Provide financial insights and analysis on store-level procurement, inventory management, and merchandising activities to ensure that costs are optimized without compromising product availability.
6. Performance Evaluation & Recommendations
- Profitability Review: Regularly evaluate the financial performance of individual stores, identifying underperforming locations and recommending improvement strategies.
- New Store Openings: Provide financial oversight and support for new store openings or expansions, ensuring financial forecasts align with operational goals.
- Financial Advice: Act as the financial advisor to store management, offering recommendations on improving financial outcomes and driving store profitability.
Core Competencies
- Financial Acumen: The ability to understand and apply financial principles and concepts to ensure the store's financial health and profitability.
- Attention to Detail: The capacity to be thorough and accurate when handling financial data, ensuring precision in reports, budgets, and records.
- Analytical Thinking: The ability to evaluate complex financial data, identify patterns or trends, and draw insightful conclusions to inform decision-making.
- Communication & Collaboration: The skill to convey financial information clearly and collaborate effectively with store management and other departments to support shared financial objectives.
- Problem-Solving: The capability to identify potential financial issues or inefficiencies and develop effective solutions to mitigate risks or optimize outcomes.
- Leadership & Guidance: The ability to influence, guide, and support store teams in financial matters, ensuring alignment with financial goals and strategies.
- Compliance & Ethics: A strong adherence to regulatory standards, internal policies, and ethical guidelines to maintain the integrity of financial processes.
- Proficiency in financial management software and Microsoft Excel.
Key Qualifications
- Bachelor's Degree in Accountancy, Finance, or a related field.
- 3-5 years of experience in store-level financial management or similar roles
- Preferably a Certified Public Accountant or a Certified Management Accountant
