The Finance Manager will be responsible for all finance activities including accounting, forecasting, budgeting, funding and working capital management, provisioning levels, internal controls, financial systems, audit, supplier management, reporting, insurance, and tax. This position directs the organisation’s financial planning and accounting practices as well as its relationship with lending institutions, shareholders, and the financial community. The incumbent will uphold standards for accounting, analysis and reporting procedures while exercising overall financial control. The key responsibilities will include:
Operational
Cash Flow
- Understand the sources and uses of cash, and maintains the integrity of funds, securities and other valuable documents
- Performs Cash flow forecasting incorporating Group and local funding drawdowns and repayments
- Receives, has custody of, and disburses the company’s monies and securities, maintaining responsibility for all company bank accounts, foreign exchange payments and foreign exchange receipts and overall cash flow management
- Manages sundry debtors and creditors processing
- Develops effective and efficient product and loan disbursement and receipting processes
Company Assets and Liabilities
- Manages and controls all of the company’s liabilities including but not limited to legal contracts, statutory and tax obligations, hidden liabilities in the form of contingencies, leases, or insurance summaries, and expectations from loan covenants and/or the board of directors
- Safeguards the company’s assets by maintaining a fixed asset register
Budgeting and Expense Control
- Facilitates and completes the company’s budget process, collecting inputs from all departments and prepares a budget that reflects the strategic objectives of the company.
- Ensures that the financial ratios and targets set by Group are reflected in budgets
- Budget information is relayed to Group finance in accordance with Group’s formats and timelines
- Analyses cost data, identifying and communicating to business opportunities in which it can reduce costs and reflects this in budgets
Company Performance and Financial Reporting
- Understand the company business model for generating customer value and translates the operational metrics into measures for performance using dashboards and financial statement ratio analysis.
- Prepares monthly management accounts in accordance with the Group template and timeframe, providing insights on deviations to budgets, commentary on month-on-month movements, makes tactical
- Provides the mandated Board and CEO reports and financial analysis as per Group requirements and timeframe
- Attends to queries raised by Group relating to the management accounts
- Filters relevant information in management account packs to finance team for awareness, adjustments and other follow-up actions if required
- Ensures compliance with International Financial Reporting Standards (IFRS)
- Ensures that the loan book maintained by the credit department reconciles to the loan book balance in the management accounts on a monthly basis
Tax and Regulatory Compliance
- Ensures compliance with local tax requirements and the timely submission of all tax returns
- Ensures efficient tax structures are in place and are properly administered
- Keeps abreast of changes in relevant local regulatory environment and communicates major changes to Group
- Submits statutory returns monthly and annually
- Ensures that withholding tax is correctly provided for
- Ensures company compliance with financial regulations and standards
- Takes responsibility for all financial record control including real estate contracts, and leases
- Prepares annual financial statements and ensures the maintenance of financial records
- Ensures audits are completed in time and statutory book closing occurs in accordance with Group timeframe
- Responds to auditor queries effectively and communicates any significant matters to CEO and Group Finance
Accounting software
- Takes local responsibility of implementation of new accounting software
- Ensures smooth implementation within budget and timeframe
PEOPLE MANAGEMENT
Manages Departmental Structure
- Ensures that the department is adequately staffed for execution of financial functions
- Ensures appropriate operational procedures are put in place for efficient operation and monitoring of the finance department to ensure that SLAs with business are met
Manages and Develops the Team
- Supervises the activities of direct reports and ensure quality, service and compliance standards are met and that finance operations run efficiently and effectively
- Introduces key performance management indicators. Informally and formally evaluates all direct reports. Prepares and conducts periodic formal performance evaluations of these staff in line with the Human Resources Management Policies and Procedures
- Facilitates training where required in order to build and develop capacity
- Implements and adheres Human Capital management processes such as Performance Management, Talent Management, Annual Reward Process, Recruitment, etc. as per company policies, procedures and timelines
STAKEHOLDER ENGAGEMENT
Engage in the following forums and stakeholders
- Regional Executives
- Develops and maintains mutually beneficial internal and external business relationships to assist, protect and enhance the Company’s image in the community. These stakeholders include Funders; Tax Authority, Lawyers, External Auditors, Bank, Regulatory Bodies, Financial Analysts, and Shareholders, often in conjunction with the CEO
The successful applicant need to meet the following criteria:
- Bachelor’s degree in Finance and Accounting, Commerce or BBA-Accounting
- Accountant registered with recognised local and preferably international institution
- Chartered Accountant is preferable
- Post Graduate degree or Masters with a Finance/Accounting focus is an advantage
Minimum Requirements
- Minimum of 5 years post qualification experience
- Practical experience with local and international tax regimes
- Practical experience working with an internationally recognised accounting software program
- IFRS reporting knowledge and experience is a prerequisite. Knowledge and understanding of International
- Accounting Standards with specific reference to IAS36 & 37 “Impairment of Assets & Provisions”
- Knowledge of relevant legislation that applies to the organisation and the environment in which it conducts its business, as well as relevant region-specific legislation Willingness to travel both within and outside the country
Industry Experience
- 5 years of financial industry experience
- Demonstrates the business acumen required to function successfully within the industry, specific to the role filled. E.g. banking, financial services
Desired/Preferred Requirements
- Strong knowledge of internal systems, controls and procedures
- 7 years’ experience at both an operational and management level
- Excellent cross-cultural people management skills