Finance & Control department’s vision is to be a global, innovative, and agile strategic partner making it easy to achieve operational success. Finance & Control department in Business Centre Riga is part of a Global Finance organisation within the Circle K family. Finance & Control department is responsible for full financial accounting and the financial reporting cycle for Circle K Europe companies. We are mainly organised into process-based teams, which has helped us to achieve operational excellence in all areas.
Financial accounting team comprises five different sub-teams: Record-to-Report, Fixed assets, Non-trade Accounts Payables, Indirect tax, and Payroll. Financial accounting team supports business units in financial and management accounting by analysing, correcting, summarising and reporting quality data to the corporate team as well as doing statutory reporting. Financial accounting team has end-to-end responsibility for the full accounting cycle and we are heavily involved in supporting our business units in financial controlling. Financial accounting team is also responsible for Indirect tax (VAT and Excise duty) calculations and compliance, correct salary and salary-related tax calculations and payout as well as non-trade accounts payable invoice processing and correct payout.
R2R team works in a country-based structure. This means that there is one team for each Country (Business Unit), which is led by the Accounting Manager or Chief Accountant. R2R teams’ main goal is to assume end-to-end responsibility of all areas of accounting and reporting as well as act as a single point of contact for Business Units. It must be mentioned that the R2R team prepares 99% of all financial accounting and reporting deliverables that are sent to the corporate team in Laval, Canada, and for statutory reporting purposes.
Fixed assets team is the main contact for the Network Development Operations (NDO) department to give support on the end-to-end Intangible/Fixed assets process starting from the capitalisation and depreciation of assets and ending with Intangible/Fixed assets reporting to the corporate team in Laval, Canada. Fixed assets team also performs Purchase Price Allocation (PPA) accounting for acquisitions made within Circle K Europe group and supports the annual fixed asset count process.
Accounts Payable team in Riga Business Centre works with indirect buy invoices, fuel invoices, tax invoices and their supporting processes. We help Circle K make sure we only pay what we must and on time!
Payroll department is responsible for correct salary calculations and salary payout to Circle K Europe employees. Payroll team is also responsible for Travel & Expense report settlement and payout.
Operations Accounting department comprises of 4 different sub-teams: Billing & AR, Credit & Collections, Store Accounting & Finance Systems. Billing & AR ensures our customers are billed for the provided services and processes payments received from customers paying their bills, the Credit & Collections team assesses the creditworthiness of customers & partners, monitors Circle K European credit portfolio, and ensures outstanding payments are collected. Store Accounting Team is responsible for accounting and reporting for Circle K Stores in Europe, the Finance Systems team is responsible for validating and monitoring retail and payment transactions interfaces, master data, and the development and implementation of new products and systems.
Our team has a country-based structure, which means there is one team for each Country Business Unit and the Finance Controlling team. We provide financial accounting support to store employees, Business Units, and dealers, as well as ensure the correctness of Store P&L (Profit & Loss).
The Credit and Collection team owns credit activity in Circle K Europe and provides high-level credit management principles to ensure that credit activity in Circle K Europe is carried out in a consistent manner.
The Finance Systems team plays a part in several processes in Circle K Europe. We are responsible for Master Data set-ups and maintenance; we monitor specific data flows and work with systems errors. At the end of the month, we make sure that everything is posted, and we close the month.
The fuel accounting team is dedicated to supporting the business with reliable data over the fuel value chain. The fuel value chain is a set of activities performed to ensure fuel is available for our customers at any Circle K gas station in the European network. The core activities of the value chain are contracting the fuel purchases, storing and manufacturing fuel at the terminal network, as well as planning the distribution and logistics of fuel to our stations and clients. In addition to the accounting of the transactions through the fuel value chain, the fuel accounting team performs trade accounting and fuel cost control in the risk management system supporting Risk & Trading activities. Fuel accounting is an end-to-end process owner and consists of the following teams:
Fuel Master Data Maintenance team’s area of responsibility is placed, where the fuel value chain and IT come together. This team ensures setups in the supporting systems, monitors the interface performance and enables gathering and accounting of the data generated by business activities.
Stock and Deal Control team knows every fuel movement and how much fuel Circle K owns in every location in Europe. The team ensures accounting of the fuel stock movements and performs reconciliation of physical stocks at terminals and gas stations.
Contract Management & AP team is responsible for the procure-to-pay process for the fuel. The team manages fuel supply agreements, controls the fuel price, ensures liability settlements, as well as performs trade accounting in the risk management system.
Reporting CKIFT (CK Ireland Fuel Trading) & Compliance team is responsible for the GL accounting, financial and management reporting for the single-sourcing legal entity. As well as compliance reporting providing statistical data about the fuel movements and fulfilment of the bio mandate to regulatory institutions.
What some of our employees say about working in Finance.
“Working in R2R basically involves working from one closing to another. For those who like to see the “full picture’’, analyse large data and enjoy being in a dynamic environment, it is the right place to be”.
“Our company is very global, so our IT systems and routines are developing constantly, thus besides regular responsibilities, each employee has the possibility to participate in various projects. In our department everyone’s opinion counts - you can change things if you are active enough and have an interest in finance & process improvements.”
“The Payroll team is like one big family. Not only do we support and help each other, but we are also very friendly and communicative. Salaries are just the tip of the iceberg; we also need to do many other interesting things to move all processes forward. There is a lot to be done, but we work hard to keep every employee happy and paid on time.”
“Challenging. Collaborative. Friendly. Engaging. – these words in my opinion perfectly describe the work we do in the Finance System team. Friendship might sound like something unusual when it comes to the work environment, but actually, I can proudly say we do have it in the Finance system team. I think here in the Finance System team we fully understand the work we are responsible for and each of us makes the effort to complete tasks on time and up to the expected standard.”
Fun facts about The Finance & Control Department.
Billing & AR employees are the happy owners of 22 cats, 23 dogs, 2 cows, 1 bull, 7 fish, 1 spider, 1 turtle, and 2 hamsters.
We speak 11 languages: Latvian, Latgalian, Russian, German, French, English, Polish, Spanish, Latin, Dutch, and Norwegian.
Accounts Payables team has a professional gymnast.
Accounts Payables takes care of 15000 suppliers every year.