Director – Transaction Accounting

Job Purpose

The Director – Transaction Accounting serves as the strategic leader for SEVEN’s transactional accounting operations, overseeing Accounts Payable (AP) and Accounts Receivable (AR)/Revenue functions. This pivotal role is responsible for managing centralized AP and AR teams, ensuring the precise and timely processing of all payable and revenue transactions across SEVEN’s entertainment complexes, cinemas, and corporate operations. The Director will drive revenue assurance initiatives, cultivate strong vendor relationships, and uphold operational excellence in all transactional finance processes to support SEVEN’s financial integrity and strategic objectives.

Managerial Accountabilities

The Director – Transaction Accounting will be accountable for the following key areas:

• Strategy and Planning: Develop and execute transactional accounting objectives and scorecards aligned with SEVEN’s broader finance goals. This includes establishing AP throughput targets, AR collection performance benchmarks, revenue reconciliation accuracy metrics, and operational service-level agreements (SLAs) across SEVEN’s diverse business streams.
• Stakeholder Relations: Act as SEVEN’s primary liaison with internal and external audit teams to ensure adherence to regulatory standards and SEVEN’s internal policies. Foster and maintain collaborative relationships with key stakeholders both within SEVEN and externally, including the QIC Group Finance team, to drive alignment and operational efficiency.
• Governance and Resilience: Design, implement, and monitor transactional accounting policies and procedures encompassing AP processing, payment authorization, revenue recognition, ZATCA compliance, and AR collections. Ensure these frameworks are consistently applied to maintain operational excellence across SEVEN’s complex and corporate finance operations.
• People Management: Oversee employee performance management processes within the Transaction Accounting team in accordance with HR policies and procedures. Champion a culture of continuous improvement to enhance team performance and professional development.

Functional Accountabilities

The Director – Transaction Accounting will lead the following functional responsibilities:

• Accounts Payable (AP):
  • Direct all AP activities with outsourced partners, including the recording and management of advance payments and prepaid expenses, ensuring accurate validation of invoices and balance confirmations with vendors.
  • Oversee the management of petty cash and corporate credit card records to maintain financial integrity.
  • Ensure the accuracy of AP transactions through meticulous entry and reconciliation processes, maintaining alignment with the general ledger (GL) as per organizational policies.
  • Monitor invoice aging reports to identify and address overdue or irregular payments.
  • Conduct periodic reviews and variance analysis to detect deviations and unusual transactions, ensuring compliance and operational efficiency.
• Accounts Receivable (AR) and Revenue:
  • Direct the preparation, recording, and verification of AR documentation to uphold accuracy and compliance with revenue policies and guidelines.
  • Collaborate with business units to ensure all revenues are billed accurately and services are rendered to both internal and external stakeholders with the highest quality.
  • Oversee financial transactions related to commercial promotions, discounts, and commissions to ensure proper accounting treatment.
  • Provide oversight for cash collection processes, including daily reviews of cash reconciliations from business unit finance teams at the complexes, and escalate discrepancies to the Finance Manager for resolution.
  • Monitor and report leasing revenue from F&B tenancies and commercial leases, ensuring compliance with IFRS 16 and IFRS 15 revenue recognition standards.
  • Ensure ZATCA e-invoicing compliance for all AR transactions, guaranteeing timely and accurate submission of invoices in accordance with Phase 2 requirements.
  • Implement and monitor revenue assurance controls, including the review of system-generated reconciliations, identification of variances, and escalation to IT and Operations for resolution.
  • Conduct daily reconciliations of revenue across all POS systems (VGS, Micros, Vista) to validate completeness and accuracy of revenue recognition across SEVEN’s entertainment complexes.
  • Prepare aging reports and record allowance journal entries to reflect accurate financial positions.

Knowledge and Experience

Candidates for the Director – Transaction Accounting role must meet the following qualifications:

• Minimum Qualifications: A Bachelor’s degree in Finance, Accounting, or an equivalent field is required. A Master’s degree in Finance, Accounting, or a related discipline is strongly preferred.
• Professional Certifications: Professional certification in Finance or Accounting is highly desirable. Additional certifications relevant to transactional accounting, revenue recognition, or compliance frameworks will be considered advantageous.