We Are Seeking:
Opal Hotel is looking for an experienced Cost Controller to join our team. The ideal candidate will be detail-oriented, analytical, and highly skilled in managing and controlling costs to improve profitability. You will play a key role in monitoring expenses, analyzing cost structures, and ensuring that the company operates efficiently within budget constraints. If you have a background in cost control and a passion for identifying areas to optimize financial performance, we want you to be a part of our team!

Job Description:
As the Cost Controller, you will be responsible for managing the company’s cost-related activities, focusing on budgeting, forecasting, and controlling operational costs. You will collaborate with various departments to track expenditures, provide cost analysis reports, and recommend cost-effective strategies to maintain or improve profitability.

Key Responsibilities:

• Monitor and control the company’s overall cost structure, ensuring expenses align with the approved budget.
• Prepare and maintain detailed cost reports and analyze variances between actual costs and budgeted estimates, identifying cost overruns and inefficiencies.
• Collaborate with department heads and senior management to prepare annual budgets and monthly forecasts, adjusting for changes in business operations.
• Provide regular cost analysis reports to management, highlighting areas where costs are exceeding budgets and suggesting actionable improvements.
• Develop and maintain cost-control strategies and systems to ensure that costs are tracked accurately and efficiently.
• Work with the procurement team to review supplier contracts, negotiate cost-effective deals, and ensure that all purchases are aligned with the company’s financial goals.
• Perform regular inventory audits to track and manage stock levels, minimizing waste and losses while maintaining optimal inventory levels.
• Conduct cost-benefit analysis for new business initiatives, projects, or capital expenditures, ensuring that each investment aligns with company financial objectives.
• Review payroll and labor costs, ensuring staff scheduling aligns with business needs and remains within budgeted limits.
• Monitor operational costs across departments, including utilities, maintenance, and other overheads, ensuring spending is within established financial limits.
• Support management with cost projections for upcoming projects, new product launches, or service expansions.
• Identify potential cost-saving initiatives across departments, presenting suggestions and implementing approved strategies to enhance profitability.
• Track and monitor the efficiency of internal processes, proposing and executing improvements to reduce waste and optimize resource allocation.
• Prepare financial data for auditing purposes and assist in internal and external audits, ensuring compliance with financial regulations.
• Ensure all cost-related data and reports are accurate, timely, and easily accessible for management decision-making.
• Collaborate with finance, accounting, and operational teams to streamline cost reporting processes and improve financial reporting accuracy.
• Assist with the preparation of financial models and scenarios to support strategic decision-making, including profitability analysis and forecasting.
• Evaluate and monitor industry trends and market conditions that may impact costs, recommending adjustments to financial strategies as necessary.
• Provide training and guidance to other team members on cost-control best practices and financial systems.

Requirements:

• Proven experience as a cost controller or in a similar financial role.
• Strong knowledge of cost accounting principles, budgeting, and financial reporting.
• Excellent analytical and problem-solving skills.
• Proficiency in accounting software, Microsoft Excel, and other financial tools.
• Strong attention to detail and the ability to spot discrepancies or inefficiencies.
• Excellent communication and interpersonal skills, with the ability to collaborate with all departments.
• Ability to work under pressure and meet tight deadlines.
• A degree in Accounting, Finance, or a related field (preferred).
• Previous experience in a similar industry (hospitality, manufacturing, construction, etc.) is a plus.