One of the companies bearing Al-Futtaim name is IKEA.
IKEA is the world’s largest home furnishings store, founded in Sweden over 60 years ago. Our operations around the world are constantly increasing with new stores and markets added to the success story.
At IKEA not only our furniture is down to earth, straightforward and inspiring, but so is our work ethics. Despite being the leading home furnishing retail franchisee across the world, we at IKEA still give you the room to grow! At IKEA “creating a better everyday life for the many” isn’t only our vision, it’s our way of life!
Prepare and ensure that all business information and accounting figures are constantly monitored & accurately maintained so as to reflect a true and fair view of the company in the Business Financial & Performance Reports. At the same time providing long term business view and support to attain targets.
Finance Vision/Strategy
- Overall responsibility for securing that the financial and administrative processes are set up and work efficiently
- Leading the annual goal-setting process to secure that all stores and departments within the Service Office have a clear and agreed upon budget for the coming year
- Responsible for compiling input to the multi-year business plan regarding
- finance working with stores’ management teams in developing their annual business plan
- Working with Regional Sales & GM to ensure appropriate action plans are in place to regulate cost savings
- All sales and costs are registered in the accounting systems correctly and according to the local legislation regarding accounting rules and standards.
- This includes all processes for sales registering, cash and electronic funds transfers as well as all invoice payment procedures
- Reporting: Own and at times, prepare various reports for all stores (sales, performance, FLASH, management meeting pack, BPC etc) and submit to management for review & action
- Support Management Accountant for Monthly Closing of Books of Account. This will be more related to Navision – SAP reco entries eg: Inventory, Margins, Sales and Debtors.
- Submission of Monthly Business Packs and KPI reports.
- Owner for Fixed Assets Tagging and Assets Management.
- Margin Analysis : prepare periodic margin analysis report & submit to management for review & action
- One-off reports which is asked for and proactive analysis to make sure that the companies assets are safe guarded
- Support the management team to establish and define new KPI’s to support business understanding
- Support non-finance people understand in ‘common language’ financial information
- Check the integrity of Navision system to ensure that the reports generated are true and fair.
- Owner for Inventory/ GM to make sure both systems as in Sync.
- Proactive suggestions for improvements to ensure that appropriate warning systems are provided by the system.
- Ownership in checking the systems integrity on new software roll out to existing and new stores.
- Work with stakeholder to ensure that the SOP’s are maintained and are amended and to coordinate with Retail division based on the commercial requirement.
- Be the central point of contact for the Al Futtaim Group Internal auditors
- Create natural work teams to challenge, develop and implement procedural improvements and clear prior year audit findings
- Support the stores to action plan on improving ways of working
- Work with stakeholder to ensure that the SOP’s are maintained and are amended and to coordinate with Retail division based on the commercial requirement.
- Be the central point of contact for the Al Futtaim Group Internal auditors
- Create natural work teams to challenge, develop and implement procedural improvements and clear prior year audit findings
- Support the stores to action plan on improving ways of working
- Bridge between Operations and Service office to make sure budgets and KPI’s are agreed.
- Support Management accountant for consolidation of Budgets across stores.
Feasibility Studies
- New markets/expansion of existing businesses: Support to the commercial manager in the form of preliminary workings for the capital requirements for store expansions.
- Provide all managers with budget responsibility with weekly and monthly financial and KPI follow-up reports so they can follow up on their performance and take proactive actions to reach their goals.
- Highlight deviations from budget/plan, actively coach the responsible manager to make sure that there are action plans developed to steer the business back towards agreed goals
- Support Management accountant for consolidation of Budgets across stores.
- Carry out, follow-up and evaluation of the pre-project activities, project activities and the store.
- Cash and admin function: With the matrix relation of the Commercial Manager with the check out services and admin Manager who is responsible for about 30 co workers, higher levels of interaction with both stores of IKEA in the UAE will be necessitated to bring about commonness in the processes and controls.
- Support with the Regional Expansion Plans whenever necessary including Commercial planning, build up and opening phases.
- Support with improving current ways of working and business practices.
- Store Visits and to ensure a proper roll out of Management’s plans and strategies.
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