Sr. Accountant Revenue

Job description / Role

The Senior Accountant Revenue supports and helps the Regional/Country Finance Manager Revenue in overseeing and managing the day to day operation and supervision. It includes work allocation, on the job training, routine work review and problem solving in day to day transaction.

This position plays integral role in verifying and ensuring integrity, completeness and correctness of tenant lease data, advance, receivable and provision balances. He/she ensures that Accounts Receivable and Leases Revenues are properly authorized according to company policy and procedure, and with applicable DOA.

This position is also responsible for implementing and monitoring the Revenue and Accounts Receivable monthly closing process and check list as well as regular review of tenant account balances. He/she will control and monitor timely billing, collection and ensures safe keeping of PDCs.

This position supports and helps in budget and forecast preparations, long term plans and other ad-hoc related requests.

1. Business Insights and Support:

Provide accounting guidelines and support in Accounts Receivable and Revenues area to lease administration team as and when requires.
Assist and provide swift feedback to Leasing and Asset Management teams in day to day transactions pertaining to renewal, amendments, surrender and new deals.
Provide guidelines on companys policies and procedures/ DOA as and when required.
Provide historical information and analysis as and when required.
Ensure accounts receivable and revenue processes are operated efficiently and effectively, and support business units activities in relation to those processes.
Support the business by reducing review and processing time for all Revenue and Receivables transaction, i.e. refunds, Statement of Accounts and billing.

2. Financial Control and Stewardship:

Assist in implementing and monitoring strong internal control system and recommend any improvement required.
Maintain proper control over tenant codes, ensuring correctness and completeness and advice activation and deactivation according to business needs.
Ensure clearing of any reconciling item resulted from revenue bank accounts reconciliation on timely basis.
Review and ensure correctness of tenants balances for advances, deposits, receivables and revenue on monthly basis.
Implement all audit recommendations in revenue and receivable area on timely basis.
Review and reconcile tenant accounts balances for revenue and receivables with GL on monthly basis and ensure no integrity issue is pending.

3. Financial Reporting and Transaction processing
Review and Post day to day A/R and revenue related accounting transaction ensuring:
- Adequacy of supporting documents,
- Proper authorizations are in place,
- Correctness and completeness of information recorded in the system
- Correctness and appropriate selection of the accounting treatment, and
- Proper selection of GL accounts and Billing Codes.

Review the monthly recurring billing and ensure the monthly revenues booked agree with the signed lease agreements.
Run IAS 17 and ensure accuracy of adjustment entries processed on a monthly basis.
Compute and record Doubtful Debts Provision on monthly basis in compliance with applicable financial policies and procedures and obtain approval on the same.
Submit monthly consolidated financial key information related to A/R and revenue area.
Review percentage rent calculation and ensure accuracy completeness and timely billing.
Review tenant audited sales and recalculate percentage rent and ensure same are billed on time.
Review Net Effective Rent calculation and ensure lease amendment process is initiated.
Review all tenants statement of account as and when required.
Review all tenants refunds ensuring compliance with lease agreements and the companys financial policies and procedures.
Ensure Tenant Variation to standard lease terms and conditions are duly supported with TVR form approved as per DoA requirements.
Review tenant utilities recovery accounts and ensure all tenants are paying either through lease agreement or on actual consumption basis.
Prepare tenants' accounts reconciliations as well as follow-up on pending issues and old outstanding items.
Supervise the monthly closing process through predefined checklist and provide guidance to the team in order to meet the deadlines.
Prepare lease related information for financial and valuation purposes for the region/country.
Provide required assistance in implementation of new financial systems, interfaces, and/or system improvement as well as similar initiatives.
Ensure Proper review and check over billing and collection process ensuring timely and accurate generation and distribution of A/R invoices and receipts.
Assist in other ad-hoc analysis, financial reporting and other various tasks related to areas of responsibility.

4. Compliance

Ensure all new lease agreements are within approved rates and budget, properly authorized as per applicable DOA, and in compliance with International financial Reporting Standards and local regulations as well as MAFP applicable financial policies and procedures.
Ensure section is following approved company policy and procedure, control guidelines and DOA adherence in day to day transaction in revenue and account receivable area.

5. Developing Talent and People

Supervise and guide Revenue accounting teams across the region/country in day to day routine activities and transactions.
Provide on-the-job training and support to the revenue team on technical and system related matters.
Ensure proper work distribution within section and ensure appropriate staff available to deal with day to day transaction and to support leasing and asset management requirement.
Monitor and report on measurement of AR departments KPI through performance scorecard.
Assist Finance Manager Revenue in identifying any technical or functional requirement for the AR accountants.

Requirements

Minimum Education Qualifications
Bachelors degree in accounting or finance.
Qualified Chartered Accountant is plus.

Minimum years of On- The- Job Experience

Minimum of 5 years experience in A/R and Revenue Accounting.
Minimum 2 years experience in supervision.
Good IFRS/IAS and local regulations knowledge relating to accounts receivable and revenue area in Real Estate industry; specifically, IAS 17.
Strong analytical skills and commercial sense.
Initiative, detail oriented and self motivated team player with ability to work under minimum supervision.
Should possess excellent interpersonal and communication skills.
Should possess a high degree of efficiency and integrity.
Extensive knowledge in computer applications (especially MS Excel) and business solutions software skills.
Experience in working with Oracle, SAP, and/or JDE is a plus.
Experience in working with Yardi and/or MRI is a plus.

About the Company

Majid Al Futtaim Properties is one of MENAs leading diversified property companies with operations across shopping malls, hotels and mixed-use communities.

The Shopping Malls Business Unit, an industry leader, owns, manages and develops mall destinations that provide memorable shopping, entertainment and social experiences for its customers. Majid Al Futtaim Properties has pioneered the regional face of retail, leisure and entertainment, since the launch of its first mall, Deira City Centre in 1995. The companys mall portfolio includes 17 shopping centres across UAE, Bahrain, Oman, Egypt and Lebanon with a combined gross leasable area (GLA) of over 1 million sqm, more than 2,800 tenants and an increasing footfall of over 160 million visitors in 2013.

The Hotel Business Unit develops and manages hotels and branded serviced apartments that are synergistic with the companys malls. Majid Al Futtaim owns nine hotels in the UAE and two in Bahrain. Their strategic proximity to the malls contributes to welcoming over 1.2 million guests annually.

The Communities Business Unit develops quality mixed-use projects anchored by residential housing. Majid Al Futtaim currently has three communities under development. The Wave, a joint venture with the government of Oman to develop Muscats largest ocean-front integrated community; Al Zahia, a joint venture with the Government of Sharjah, to build the Emirates first gated residential community with a regional mall in a prime growth corridor; The 250,000 sqm Waterfront City development in Beirut, Lebanon, a joint venture with Socit Joseph Khoury & Fils Holding SAL to build Beiruts premier mixed used community with one of the largest marinas in the Mediterranean.

Majid Al Futtaim Properties is recognised as a sustainability leader in the MENA region. According to the 2013 Global Real Estate Sustainability Benchmark (GRESB) survey, the company ranks No. 1 in MENA, second in the Asia-Pacific region and in the top 133 property businesses worldwide. In 2013, Majid Al Futtaim launched its new five-year sustainability strategy with the vision to enhance peoples lives through sustainable real estate. This commitment is reflected in Majid Al Futtaim Properties pioneering standards, prosperous communities and high performance assets.