Financial Manager

Job Title: Finance Manager

Reporting to: CFO

Subordinates: Four

Location: Johannesburg

 

Job Description:

Our client (“the group”) is looking for a finance manager to manage and report on all financial and operational accounting functions of the company and work closely with other managers to review and enhance the company’s accounting systems, compliances, and procedures. The financial manager will also be a team-oriented person with sound accounting and tax knowledge, critical thinking skills and the competence to implement financial systems, controls and practices that conform to international standards and local regulations. This person will provide leadership to the accounting team and will oversee the generation of financial information for stakeholder reporting requirements and for decision making purposes.

 

Key Responsibilities:

Operational Finance and Financial Accounting

• Lead and manage the financial functions within The Group by establishing and maintaining a sound financial governance environment and by providing business support on financial transactions in accordance with the relevant internal and external regulations, e.g., IFRS for SMMEs and SARS.
• Oversee the financial transaction recording and reporting process for the Group, ensuring efficient, timely and accurate monthly, quarterly, interim, and annual financial reports.
• Develop and update the financial policies and internal controls in line with the business operations and submit them to management for review and approval.
• Develop, implement, and maintain effective and efficient internal control systems and business processes.
• Develop and monitor a risk register for finance.

Budgeting, Forecasting, Cost and Expenses analysis

• Lead and direct the business units/operations and corporate office to prepare budgets within The Group for the budget year to ensure The Group’s budget guidelines are followed.
• Monitor actual spending of business units and operations of The Group against budget and forecast, report on variances, manage deviations and recommend corrective action where required.
• Direct and assist The Group Financial team to ensure that expenditure incurred is well managed and that the allocated budgets are not exceeded without proper approval.
• Provide business units and corporate offices with accurate quarterly forecasts.

 

Cash flow Forecasting and Working Capital Management

• Prepare and review the weekly/bi-monthly Cash Flow requirements to improve cash flow management.
• Review the balance sheet monthly to assess working capital requirements effectively and to ensure that working capital is favourable.
• Report and analyse working capital management performance against budget.

 Financial Reporting

• Review suppliers’ payments pack for accuracy and ensure that an approved authorisation process is followed.
• Review the payroll file for accuracy and completeness and ensure the file is submitted to Treasury by the 24^th.
• Perform monthly General Ledger Trial balance analysis for anomalies and ensure:

• proper accounting treatment of transactions, e.g., prepayments and revenue.
• Valid and accurate accruing for known expenses.

• Review and sign off general ledger reconciliations and ensure that reconciling items are cleared timely.
• Review intercompany balance confirmations and ensure that there are comments on all discrepancies.
• Review inventory and ensure accurate processing of adjustments and general accounting process.
• Review the fixed asset register for accuracy, existence, and completeness of the report by:

• Identifying and writing off any damaged, obsolete, or untraceable assets.
• Periodic physical verification processes.
• Reconciliation of assets reflected in the Pastel system with physical counts.
• Appropriate safeguarding of assets

• Review external and shareholders’ loan amortisation schedules and ensure that interest is processed in Pastel and loan balances are accurate.
• Review and approve month-end and year-end journal entries and ensure they have supporting schedules.

• Prepare monthly management accounts comparing actual MOM and actual YTD against budget and forecast within set timelines.
• Present monthly and annual financial and operational performance reports, including forecasts and scenario analysis, to inform key business decisions.
• Assess companies’ going concern, solvency and liquidity quarterly.

• Own and direct the preparation of annual financial statements (AFS) in accordance with IFRS for SMEs for presentation to the management Committees. Ensure completion of AFS within set timelines.

Statutory Audits

• In conjunction with management, recommends the appointment and remuneration for External Auditors.
• Engage with external auditors in planning the audit scope and risks to ensure the availability of necessary audit evidence before the audit commences.
• Co-ordinate The Group audit process and ensure timely completion of audit.
• Ensure that all items reported in the internal and external audit reports are resolved promptly and there are no repeat audit findings.

Group Finance Compliance

Ensure compliance with all relevant internal and external financial policies, legislation and regulations, such as:

Income Tax, VAT and PAYE

• Prepare and review SARS regulatory submissions requirements for accuracy, compliance, and completeness (IT14, IT14SD, etc.)
• Review monthly reconciliation between the Tax and Book asset registers. No discrepancies in movements and balances on both registers.
• Review all tax computations, including Provisional tax, PAYE, and VAT and ensure timely submission to SARS.
• Prepare and review Tax schedules and note disclosures at year end.
• Perform deferred tax calculations and deferred tax assets assessments (if applicable).
• Manage the outsourced services provider for tax computation and provisional taxes.
• SARS audit queries must be cleared timeously.
• Identify all the connected party transactions from a tax perspective that would result in tax exposure for an update on the transfer pricing policy.

CIPC and the Department of Labour

• Monitor and ensure companies in the group comply with CIPC regulations and Department of Labour COIDA requirements.

Ad hoc

• Assist management with duties outside of scope of work from time to time.

 

Training and development

• Develop an Individual Development Plan in line with SAICA CPD.
• Review, update and maintain the approved finance structure.
• Ensure that all direct reports complete an annual personal development plan.
• Develops the necessary plan/s to ensure the finance team meets its agreed goals and objectives.
• Meet with staff on a pre-agreed basis, identify and agree on key performance areas, key objectives/tasks, and action plans.
• Regularly facilitates team meetings to communicate finance objective achievements, reporting challenges, and developments in IFRS standards and the Tax Act.
• Individual performance assessment against the agreed key performance areas and objectives to be performed quarterly.
• Develop succession plans to identify top talent for promotional opportunities and future roles in the business.

Minimum Requirements

• BCom Honours/CTA/PDGA in Accounting or similar qualification
• Registered CA(SA)
• Experience managing a team
• 5 years of financial management experience
• In-depth knowledge of corporate finance and accounting principles, laws, and best practices.
• Solid knowledge of financial analysis and forecasting.
• Proficient in the use of MS Office and financial management software tools.
• Excellent organisational and leadership skills.
• Outstanding communication and interpersonal abilities.