The Division Controller is a pivotal financial leader within the airline, tasked with managing the finances of their assigned division. This role is instrumental in driving the Low Cost Carrier (LCC) strategy deep into every corner of the business, ensuring financial discipline and cost optimization are at the forefront of operations. The Division Controller identifies and executes opportunities for cost reduction, collaborates closely with divisional leadership, and ensures alignment with the airline's operational goals. The Controller is responsible for creating and monitoring budgets in partnership with divisional teams, ensuring strict adherence to LCC principles while meeting operational and financial targets.
A critical aspect of the role is managing the monthly financial close process, ensuring accurate entries, and delivering a clear understanding of what drove the results. The Controller must have an intimate understanding of the division's business dynamics, including key performance drivers, financial outcomes, and areas for improvement. Collaborating closely with the VPs and CxOs, the Controller plays a vital role in driving cost efficiencies and supporting strategic decisions to enhance the division's financial performance.
Main Duties and Responsibilities:
Engagement with the Division:
- Be a division's CFO. Provide financial leadership and direction to the division, ensuring financial integrity, accountability, and transparency.
- Be fully engaged with the areas and know all the activities taking place. Understand the division's business model, operations, and competitive environment. Monitor and analyze the division's key performance indicators (KPIs) and benchmark against 'best in class' business practices.
- Be the front face of the organization for each division overseen. Represent the division's financial interests and communicate effectively with internal and external stakeholders, such as VPs, Senior Executives, and auditors among others.
Finances of the Division:
- Optimize the division's expenses and capital expenditure (CAPEX), seeking opportunities to reduce costs and improve efficiency.
- Make accurate finance closing of each month. Coordinate and execute the division's month-end, quarter-end, and year-end closing processes, ensuring timely and accurate reporting of the division's financial results. Prepare and submit the division's financial statements and reports, such as profit and loss (P&L), variance analysis, and commentary.
- Create accurate accruals. Prepare and record the division's accruals and other adjustments, ensuring compliance with the company's accounting policies. Review and reconcile the division's accounts, verifying the accuracy and completeness of the financial data.
Strategic Support to the Division:
- Help areas make the right financial decisions through proper analyses and reviews. Conduct financial analysis for the division, providing financial insights and recommendations to support the division's decision making and strategic planning. Perform financial modeling, scenario analysis, and risk assessment for the division's initiatives and projects, evaluating their financial feasibility and impact.
- Provide financial results of each month to the areas and analyze their performance; look for opportunities to reduce and optimize costs. Present and communicate the division's financial results to the division's VP and CxO, highlighting the key drivers, trends, and issues. Provide financial guidance and advice to the division, helping them achieve their financial targets and objectives.
- Work with the FP&A division to drive short- and long-term forecasts to provide insights into the changing dynamics of the business. Provide updates to the assumptions of the business costs and expected efficiencies.
- Constantly look for opportunities to renegotiate the terms and conditions with the existing and new vendors. Identify areas for improvements in the current setups of the agreements and help divisions obtain new terms to further drive the costs down.
Daily, Weekly, and Monthly Activities:
- Maintain regular communication and collaboration with the division's VP, updating them on the division's financial status and performance, and addressing any financial issues or concerns.
- Prepare and deliver a weekly update, reporting on the division's financial progress and performance, and highlighting any significant achievements, challenges, or risks.
- Conduct financial analysis and benchmarking for the division, identifying and evaluating opportunities to enhance the division's financial efficiency and effectiveness.
- Compare the division's monthly financial results with the budget and forecast, explaining the variances and their root causes, and recommending corrective actions if needed.
- Prepare monthly forecast updates for the area based on the changing business assumptions and costs.