FINANCE

Finance Department

Finance department’s vision is to be a global, innovative, and agile strategic partner making it easy to achieve operational success. Finance department in Business Centre Riga is part of a Global Finance organization within the Circle K family. Finance & Control department is responsible for full financial accounting and 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.
The Financial Accounting team is organized into five specialized sub-teams: Record-to-Report, Fixed Assets, Non-Trade Accounts Payable, Indirect Tax, and Payroll. We support business units with comprehensive financial and management accounting services, ensuring accurate analysis, correction, summarization, and reporting of data to the corporate team, along with statutory reporting. 
With end-to-end responsibility for the full accounting cycle, our team plays a crucial role in financial control. We handle all aspects of indirect tax (including VAT and excise duties), ensure accurate payroll and related tax calculations, and manage the processing
and payment of non-trade accounts payable invoices. 

The Record-to-Report (R2R) team operates within a country-specific structure, meaning each Business Unit has its own dedicated team, led by an Accounting Manager or Chief Accountant. The primary objective of the R2R team is to take full responsibility for all aspects of accounting and reporting while serving as the single point of contact for their respective Business Units. Notably, the R2R team is responsible for preparing 99% of all financial accounting and reporting deliverables submitted to the corporate team in Laval, Canada, as well as for statutory reporting purposes. 

Fixed Assets
The Fixed Assets team serves as the primary point of contact for the Network Development Operations (NDO) department, providing comprehensive support for the entire Intangible/Fixed Assets process. This includes everything from asset capitalization and depreciation to reporting Intangible/Fixed Assets to the corporate team in Laval, Canada. Additionally, the Fixed Assets team handles Purchase Price Allocation (PPA) accounting for acquisitions within the Circle K Europe group and supports the annual fixed asset count process.

ITX (Indirect Tax)
ITX Team in Business Centre Riga is responsible for calculating VAT and Excise duty taxes, as well as for filling out and submitting VAT and Excise duty declarations for Circle K Europe companies.

Non-trade Accounts Payables
The Accounts Payable team at the Riga Business Centre handles indirect buy invoices, fuel invoices, tax invoices, and their associated processes. Our goal is to ensure that Circle K pays only what is necessary and always on time!

Payroll
The Payroll department ensures accurate salary calculations and timely payouts for Circle K Europe employees. The team is also responsible for settling and processing Travel & Expense reports.

Operations Accounting

Operations Accounting department comprises of 4 different sub-teams: Billing, Ar & Collections,  Credit, 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. 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. 
 

We provide financial accounting support to store employees, Business Units, and Franchisees, as well as ensure the correctness of Store P&L (Profit & Loss). 

The Credit 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. 

Our teams’ main goal is to ensure that customer orders and invoices are issued according to the customer agreement and received, and paid amounts are allocated correctly and collected asap if overdue. 

The Finance Systems team plays a part in several processes in Circle K Europe. We are responsible for Site, Vendor & Finance 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. 

Fuel Accounting Europe

Fuel Accounting team Europe is dedicated to providing the business with reliable data throughout the entire fuel value chain. This chain consists of a series of activities that ensure fuel is consistently available for our customers at any Circle K gas station across our European network, which spans 12 countries. 

The core functions of the fuel value chain include managing and executing supply agreements, frachting, storing and blending fuel products at our terminal network, and overseeing the logistics and distribution of fuel to our stations and clients. Fuel Accounting Europe team monitors fuel volumes across every stage of the value chain, ensuring comprehensive control over fuel movements and costs. This includes accounting for every element involved in the process. 

In addition to tracking transactions through the fuel value chain, the team also prepares both management and financial reporting for the Circle K trading house, which operates in the downstream oil sector on behalf of Circle K. As end-to-end process owners, the Fuel Accounting Europe team consists of several key teams: 

Fuel Master Data Maintenance

This team ensures the seamless interaction between the fuel value chain supporting applications and ERP system. They manage system configurations, monitor interface performance, and enable the accurate collection and accounting of data generated by business activities.  

The Stock and Deal Control team tracks every fuel movement and knows exactly how much fuel Circle K owns at each location across Europe. They ensure accurate accounting of fuel stock movements and reconcile physical fuel inventories at terminals and gas stations. 

The Fuel Purchase Control & AP team is responsible for the entire procure-to-pay process for fuel. They manage fuel supply agreements, control pricing, ensure liabilities are settled, and work closely with traders and their supporting teams. 

The Reporting CKETS & Compliance team manages general ledger accounting and provides both financial and management reporting for the trading house that operates on Circle K's behalf in the downstream oil sector. They also handle compliance reporting, supplying regulatory institutions with statistical data on fuel movements and ensuring the fulfillment of biofuel mandates. 
 

What some of our employees say about working in the Finance.

img1
“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”. — Jurģis,
img1
“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.” — Ilze,
img1
“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.” — Santa,
img1
“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.” — Tatjana,