Finance and Admin Officer

About Karaama Fragrances:

Karaama Fragrances is a luxury fragrance brand based in London, operating two retail outlets in major shopping centres and an online store. We source our products from suppliers in China, Turkey, and the UK. As we grow, we are looking to build a robust financial system that supports our operations and drives future success. We need a Finance and Admin Officer to develop and manage our financial systems, processes, and reporting.

Job Purpose:

The Finance and Admin Officer will be responsible for developing, managing, and improving the company’s financial systems, processes, and reporting. This role will ensure that the company has accurate financial records, is compliant with relevant regulations, and has the financial insights needed to drive business decisions. The role will also involve overseeing administrative tasks to support the business's day-to-day operations.

Financial Management:

1. Develop and implement financial systems, processes, and workflows that ensure the accuracy and efficiency of financial operations.
2. Prepare and manage monthly and yearly financial reports, including profit and loss statements, balance sheets, and cash flow forecasts.
3. Manage accounts payable and receivable, ensuring all payments are processed and suppliers are paid on time.
4. Monitor and manage cash flow, ensuring that the business has sufficient funds for day-to-day operations.
5. Support the transition from Google Sheets to a more robust accounting system (e.g., Xero or similar).

Financial Reporting & Analysis:

1. Prepare monthly, quarterly, and annual financial reports and performance analysis, highlighting key financial trends and insights.
2. Liaise with external accountants for tax filings and ensure all necessary compliance requirements are met.
3. Conduct financial analysis to support business decisions, including budgeting and forecasting for retail outlets and online sales.

Inventory and Supply Chain Management:

1. Work closely with the supply chain team to manage and track inventory, ensuring accurate stock levels across both retail outlets and online channels.
2. Monitor purchase orders, payments to suppliers, and inventory costs to ensure financial efficiency.
3. Reconcile supplier invoices against purchase orders and deliveries.

System Management & Integration:

1. Oversee and manage operational systems such as Workforce (HR staff management system), EposNow (POS), Square (POS), and Shopify.
2. Ensure smooth integration and data flow between these platforms, ensuring they are properly aligned with financial processes and reporting.
3. Monitor daily transactions and resolve any issues or discrepancies that arise in these systems.
4. Provide training and support to staff on the proper use of these systems.

Administrative Support:

1. Oversee general administrative tasks, including managing office supplies, filing, and supporting operational needs as necessary.
2. Maintain proper documentation of financial transactions and administrative processes for easy access and future audits.
3. Manage payroll and employee-related expenses.

System Development & Improvement:

1. Research and implement best practices in financial management and reporting.
2. Continuously improve the company’s financial systems and processes to enhance accuracy and efficiency.
3. Train and support staff in finance-related matters and system use.