Angela Goa CPA completed the CPA Program in 2006. Angela is passionate about her career in the finance industry and has most recently been working with Spa Chakra, a worldwide network of luxury spas, as a regional controller. Spa Chakra has had enormous growth and now has 20 operations globally.
CPA Update asked Angela about her role, the global financial crisis and lessons she has learned.
Q. Did you always hope to have a career in finance?
Yes. I have a passion for figures, and am always enthusiastic to analyse and determine the explanations behind the numbers.
Q. How did you come to work at Spa Chakra?
In 2005, Spa Chakra was in its start-up stage. I was attracted by its plan to set up a finance office in Shanghai to manage its global operation.
Over the last four years with Spa Chakra, I made great efforts to set up the Shanghai and New York accounting offices and implement world-wide corporate financial systems including systems configuration and interface setup within the point of sales system, Cognos and NAV financial systems.
At the same time, I built up hands-on experience in setting up a new branch, evaluating and implementing systems, and gained sound knowledge of financial, taxation and statutory reporting requirements in Australia, China and the United States. It was a great personal achievement to develop my career along with the company’s growth – from three to 20 operations globally.
Q. What does your role involve day to day?
In general, I am managing operations in Asia-Pacific and Europe. The major responsibilities include:
- present monthly, quarterly, and annual management reports
- prepare annual budget, and analyse actual variance to budget
- manage cash flow, and work closely with the regional director on business forecasts
- handle group consolidation and foreign currencies management
- conduct regular internal audits
- provide risk management and consulting advice to improve the performance of operations across all business units in the Asia Pacific, Europe and the United States
- manage relationships with government officers, external auditors and tax consultants
I also travel to other offices for internal auditing and training. For example, in March and April this year, I was in New York to audit the spa operation and coach new staff on company financials. Then in May, I went to Shanghai for the annual statutory audit and in June, I attended an operations review at the Hong Kong spa.
Q. Has the global financial crisis impacted your role? If so, in what way?
During the economic downturn, the company slowed down the opening schedule. I shifted the focus from the new spa setup to remodelling business strategies which aim to minimise the negative effects of reduced demand and establish systems and procedures to ensure Spa Chakra runs smoothly during busier times to come.
Q. What key things have you learned?
Even though the short term outlook is uncertain, it is important to understand potential longer-term consequences of reactive decisions made during an economic downturn and review how spas may take advantage of market changes during economic downturn.
Many spas have been too busy during the boom time to focus on improving the way their business operates, so any slowdown may provide the opportunity to make required changes.
Q. Do you have any advice for university students hoping to have a career in finance?
Manage your personal brand, keep integrity and honesty, act for the best interests of the company, and be willing to take a challenge. These are key factors to a successful career in both up and down times.
