Controller transition to Vice President, Finance
To lead, plan, organize, and manage all financial and fiscal management aspects of Midway’s operations. The Vice President, Finance will provide leadership and coordination in the administrative, business planning, accounting, finance and budgeting work of the Company.
The Vice President, Finance is a senior management position within Midway. The Vice President, Finance reports directly to the President, and is intimately involved in most medium term and strategic issues of the company. The Vice President, Finance works closely with the Vice President of Sales and the Vice President of Merchandising. This person will supervise, develop and train members of the finance, accounting and administrative staff with a “customer service” approach to the entire financial organization.
Specific Major Responsibilities
The following are the major responsibilities that this position entails:
FINANCIAL & ACCOUNTING
- Accounting: Oversee the approval, processing and continuous improvement of all accounting processes including revenue, expenditures, cash management, accounts payable, accounts receivable, inventory valuations, overseas payments to suppliers (eg; T/T), credit line(s), reporting, and budgeting.
- Analysis: Analyse, forecast and evaluate all financial aspects of the company, including cash flow, cost controls, inventory valuations, actual product costing, expenses and compare to approved budgets. Analyse financial statements to pinpoint potential weak areas and provide recommendations for improvement. Analyse foreign exchange risks and implement systems and controls to ensure risk is minimized
- Budgeting & Planning: Prepare annual and monthly financial budgets. Work with the Executive Team to provide direction on financial initiatives. Coordinate and facilitate all external audits and all year-end accounting processes.
- Statements & Reports: Ensure and oversee the timely and accurate preparation of financial statements, financial reports, special analysis and related reports.
- Systems: Implement, coordinate and evaluate the financial programs and information systems
- Relationships: Ensure all banking and investment advisor relationships are in good order, and accurate and proper information is provided to bank(s) as needed.
- Profitability: Ensure appropriate products are developed that satisfy both corporate profitability AND customer price point targets, be knowledgeable of Midway's costing structure.
- Innovation: Ensure Midway continuously creates and develops innovative and appropriate financial systems and controls.
STRATEGIC PLANNING & COMPLIANCE
- Executive Team: Serve as a member of the executive leadership team (in addition to the President, VP Sales and VP Merchandising), including involvement in planning and policy making committees. Work with the President on special projects on a case by case basis.
- Strategy: Develop and direct medium and long range financial departmental goals, objectives, policies, systems and operating procedures.
- Internal Compliance: Implement and maintain appropriate internal safeguards, controls and compliances. Ensure all records and systems are maintained in accordance with generally accepted accounting principles.
- External Compliance: Ensure compliance with all municipal, provincial and federal regulations including GST, PST and HST. Ensure all tax installments are accurate and paid on a timely basis. Ensure all insurance policies (property, AR, group, etc…) are accurate and properly maintained.
HUMAN RESOURCES & LEGAL
- Human Resources: Recruit, train, develop and evaluate all financial, accounting and administrative staff. Work with the President on various Human Resource projects as needed.
- Coaching: Coach and educate accounting and administrative team members in the best ways to develop and manage their respective responsibilities.
- Training & Documentation: Create and maintain documentation on the financial and accounting processes. Guiding accounting teams and providing them tools to manage their respective responsibilities.
- Legal: Review all legal documents, including license agreements.
- Bachelors degree in Finance and/or Accounting (CPA, MBA or MA in finance or accounting is preferred).
- Minimum of 5 years experience in senior management of financial and accounting administration (additional experience in apparel industry considered desirable).
- Experience in finance, accounting, contracts, budgeting and cost control principles including Generally Accepted Accounting Principles and financial reporting systems.
- Ability to analyse and interpret financial data and prepare financial reports and projections.
- Knowledge of Canadian and US retail markets.
- Knowledge of MS Windows, MS Word, MS Excel (additional experience in MS Power Point considered desirable).
- Superior ability to communicate (both oral and written) in English effectively, ability to communicate orally in French .
- Ability to prioritize and manage various demands from key team members and assorted internal departments, and willing to work with a lean staff structure and do detail work as needed.
- Well-developed business acumen, financial discipline, and project management skills. Strong ability to supervise, manage and organize.
- Excellent interpersonal skills required for relationship building, to motivate teams to produce quality materials within pre-set time frames and ability to manage multiple projects effectively.
- Strong persuasion, communication and presentation skills - both internally and externally, with an ability to develop strong professional relationships
- Desire to be a part of a fast-paced, flexible and growing organization of highly motivated people.
Goal of the Position
The Vice President, Finance, as an integral part of Midway, taking a leadership role in managing the company's financial and accounting processes, ensuring Midway continues to be the most innovative, well managed, cost effective, and profitable fashion accessories company.
IMMEDIATE (within 1 week)
1. Introduction to all Midway staff.
2. Outline of Responsibilities and Review of Job Description, clarification of any outstanding issues or questions.
3. Outline of Midway's history, general strengths & weaknesses, overall strategy.
a. Sales objectives
b. Customer objectives
c. Financial objectives
d. Long Term objectives
4. Overview of Midway's merchandising management team and organization.
a. Executive (Craig, Ron, Brian, Jamie)
b. Accounting (Durai, Domenica, Diana, Claudie)
c. Administration (Nelli, Tony)
5. Interaction with other Departments (order entry, import/traffic, graphic, product development, sample room, sales, etc…).
a. Logistics & Systems (Import/Traffic/Momentis ERP) = Nelli
b. Operations, Telecom & Hardware = Tony L
c. Sales = Ron
d. Merchandising = Jamie
6. Review Timelines
a. Year End Reports
b. Month End Reports
c. Weekly Reports
d. Daily Reports
SHORT TERM (within 2-8 weeks)
Preparation of monthly financial statements is the numner one priority
1. Overview of Midway's MIS systems and capabilities
a. Momentis - Software
b. Costing methods and system
c. System structure and procedures
2. Establish mid-term tasks list for accounting department staff.
3. Review financial accounting procedures
MEDIUM TERM (2-6 months)
1. Initial Recommendations & Suggested Improvements
2. Establishing clear set of goal and objectives over the long term.
3. Assumption of direct day to day management over Accounting and Administration teams.