Head of Department Financial Services

 

SPECIFICATION:       

 

A lifestyle estate is looking for a Head of Department for Financial Services, to manage financial strategy and day-to-day financial operations to ensure sound accounting policies and practices are applied consistently across the function.

 

DUTIES & RESPONSIBILITIES, NOT LIMITED TO:

Financial strategy and operational plans, policies and procedures

• Provide input into the development of the Company’s financial strategic plan and implementation thereof.
• Participate and advise on policy development and implementation thereof.
• Develop and Implement policies and procedures as approved by the Board.
• Developing financial models for better estate management to forecast future performance, assess risk, and evaluate potential scenarios. Allows for Strategic planning and oversight.
• Aligning the financial strategy with the overall estate strategy to drive long-term growth and sustainability.
• Identify inefficiencies and recommends amendments to existing SOPs.
• Provide continuous training pertaining to procedures.
• Providing financial insights by offering financial expertise and analysis to support strategic initiatives and business decisions.
• Evaluating investment opportunities by assessing the financial viability of potential investments or project pertaining to the estate.
• Ensure that standard operating procedures are adhered to.
• Ensure Finance Department team are fully aware of their duties, responsibilities and performance indicators in accordance with the strategic plan.
• Evaluate the adequacy and effectiveness of internal controls, governance and risk management of all business processes within the Department.
• Prepare and present reports on Department’s progress against goals and strategies.
• Ensure all procedures and processes comply with required legislation and/or corporate policies.
• Respond in writing to internal audit reports within required timeframes.
• Implement required corrective actions and consider audit recommendations.
• Assist with Employment Equity planning and reporting.

Budgeting and performance

• Prepare the annual operating and capital expenditure budget.
• Prepare Monthly Financial and Variation reports for Finance Committee and Board review
• Performance analysis: Tracking key financial metrics, identifying trends, and analysing variances to inform decision-making to management, operational teams and/or the Board.
• Preparation of additional management reports for review by FinCo and Board to incorporate all key accounting areas, i.e. Debtors, creditors, bank, inventory, investments, fixed assets.
• Prepare variation reports on income and expenditure at each month end which assists in the management of costs during the year.
• Review the Company’s performance and make recommendations to improve the efficiency and effectiveness.
• Monitor and report accurately and timeously on the implementation of financial plans/budgets on a monthly and quarterly basis.
• Manage expenditure according to prescribed guidelines.
• Preparation on department related communications, reports and members engagements.
• Financial Management and Project Management of any department related implementations, projects or rollouts.

Manage financial operations and team

• Management of debtor accounts.
• Management of creditor accounts and verification of payments.
• Manage all bank and investment accounts within parameters of Board guidelines.
• Manage the reconciliation and control of petty cash and Credit or Petro Cards.
• Procurement of Company’s supplies.
• Liaise with attorneys with regards to consents to transfer and levy clearance certificates for property transfers.
• Manage the company’s asset register.
• Review debtors age analysis on a monthly basis to assess recoverability of debt. Bad debts provision to be kept low. Legal handovers to be reviewed and new handovers identified. Oversee the recovery process on legal handovers as well as collections Total yearly debt collected and reported on annually.
• Communicate with Residents on account queries. Communicate with defaulters and initiate (within policy) any legal communications flowing from persistent defaulting. Archive all relevant documentation and records of correspondence
• Review sale agreement and transfer documents to ensure documents are completed correctly and signed. Issue levy clearance certificates. Facilitate signing of consents to transfer
• Report on adherence to Board guidelines with regards to investments on a quarterly basis.
• Update and reconcile the fixed asset register detail to that of the Accounting System. Include all additions and disposals for the month and determined depreciation rates
• Review creditor age analysis to ensure there are no long outstanding matters and that provisions/accruals raised are correctly.
• Review and approve purchase orders for operating and capital expenditure ensuring that these are within budget and approved by delegated authority.
• Review and approve payments to creditors in terms of approved orders and ensure that invoices received are accurately paid.
• Prepare the annual operating and capital expenditure budget Prepare Financial and Variation reports for Finance Committee and Board review

Manage submission of all applicable regulatory and statutory requirements.     

• Prepare and submit all relevant documentation including income & vat requirements. (i.e., SARS. CIPC, etc)
• Prepare and submit all relevant documentation for Employment Equity, e SETA, and WSP
• Prepare and submit all relevant documentation for CSOS
• Keep abreast of changes in financial reporting requirements.
• Prepare and manage the yearly audit.
• Prepare Annual Financial Statements for auditors.
• Timely completion and submission of all applicable regulatory and statutory requirements.
• All statutory returns submitted within the defined deadlines.
• Facilitate the audit process including timing, amount and information required.
• Ensure compliance with relevant financial audits
• Successful audit as defined by the Board.
• Finance committee feedback with regards to preparation and feedback presented in terms of relevance.

Stakeholder/SLA management

• Maintain relationships with all auditors (local and international) within the business.
• Liaise with attorneys with regards to affidavits and clearance certificates for property transfers.
• Manage relationships with regards to financial requirements.
• Manage administration contracts and SLA’s for the business in terms of the:
  • Procurement policy and ensures the terms of references are in compliance with tender evaluation documents.
  • Oversee the tender process for all Departments.
  • Maintains all contracts and SLA’s for the business in terms of:
    • Performance standards in terms of their SLA
    • Monitor and control service providers to ensure service delivery in accordance with SLA’s
    • Manage and maintain the penalty schedule which includes imposing penalties when necessary and ensuring that the schedule is kept up to date.
    • Maintain a good working relationship with the Service Provider.
    • Conduct regular meetings to identify areas of improvement or to highlight areas of non-compliance to ensure it is managed proactively.
  • Ensure contingencies are in place with staff and turnaround times relating to staff.
  • Conduct regular deliverable inspections and highlight areas for additional training.
  • Liaise with residents on issues relating to service delivery.
  • Maintain effective communication between the finance team and relevant stakeholders including other departments, members, banks, auditors & suppliers on an ongoing basis.
  • Ensure that all Company Contracts are correctly completed. Maintain record-keeping of all contracts and SLAs of the Company.
  • Now we go back go SLA Ensure Service Level Agreements are in place for all service providers yellow section not SLAs
  • Ensure service level agreements end dates are communicated timeously to HOD’s to action so that timely renewals or tender processes are actioned monthly to ensure remedial actions for poor service delivery
  • Attend monthly meetings with service providers.
  • Review & Assess monthly audits prepared by the HOD’s in terms of the SLA’s against service delivery requirements before payment is made.

Risk and Compliance management 

• Identify risks and design, modify and implement effective control measures and accounting systems, processes and procedures which become embedded within the company.
• Manage the asset risk register.
• Oversee the Company’s risk and insurance requirements
• Keep abreast of all insurance changes as and when applicable.
• Review and implement annual Financial Risk Management plan and report bi-annually.
• Oversee and administer the Company’s Risk and Insurance requirements. Review and update insured assets on a regular basis Cost effective insurance
• Monthly report on financial threat & risk assessments

Reporting       

• Attend all relevant committee meetings
• Ensure that accurate minutes are recorded and that all action items are executed timeously.
• Produce monthly financial management reports.
• Prepare and consolidate annual budgets for the company.
• Prepare the AGM finance information on a presentation and present to the membership
• Answer queries on finance related issues at the AGM
• Proxy process (if applicable) to be managed and completed
• Voting (if applicable) managed, completed and results communicated Accurate and timeous reporting on a monthly basis
• Timeously actioning of all items as per stipulated timeframes.
• Ensure all AGM finance information is collated and prepared into a presentation.
• Provide input for AGM packs as requested and ensure all admin with regards to AGM is managed
• Ensure the Proxy process completed accurately
• Ensure Voting process, managed, completed and results communicated
• Facilitate weekly team meetings and ensure accurate monthly reporting for committee meetings. Repetitive with above reporting section

People Management

• Leading the finance team by building and leading a high-performing team by fostering a culture of excellence and continuous improvement.
• Mentoring and coaching – providing guidance, training, and development opportunities to team members to enhance their skills and capabilities.
• Manage the Key Performance indicators and outcomes of personnel and processes within the department.
• Determining staffing levels and preparing motivations for the filling of vacancies to complement functional objectives and requirements.
• Support transformation and equity policy of the organisation in line with current legislation.
• Define and adjust workflow process and job designs against established service delivery requirements and statutory regulations.
• Conducting appraisals to measure performance against agreed objectives, counselling and consulting with personnel on developmental goals, career paths and short-term targets and standards.
• Managing issues pertaining to staff attendance, overtime, leave and addressing deviations or occurrences of abuse and/ or workplace conflict, grievances and disciplinary through the implementation of corrective measures in accordance with Human Resources Policies and Procedures and Codes of Good Practice encapsulated in Employment Legislation.
• Monitor the adequacy of current training interventions through the evaluation of competencies demonstrated in the workplace applicants.
• Prepare and/or approve progress and assessment reports for inclusion into the consolidated Skills Development Plan of the Department.
• Determination of KPIs for all personnel on an annual basis.
• Conduct Performance appraisals bi-annually.
• Efficiently lead, guide, and support all subordinates within their roles on an ongoing basis.
• Regular staff development in order to improve efficiency.
• Regular one on one’s with staff including team meetings.
• Department’s training and development Plan reviewed and submitted to HR for approval on an annual basis.

 

REQUIREMENTS       

• A relevant degree in Finance/Accounting.
• Post graduate degree is advantageous
• CIMA/CA is advantageous
• A minimum of 5 years proven Financial Management experience, preferably in a Homeowners association/Estate Management environment.
• Proven track record of running a finance department

 

PERSONAL COMPETENCIES:

 

Systematic thinking   

• Understands how interrelated elements coexist within an overall process or system.
• Considers how changing one element can impact on other parts of the process.

Strategic thinking      

• Formulates strategies and approaches to clarify and achieve the vision and objectives of the business.

Industry awareness   

• Demonstrates awareness of the current situation and new developments in the industry.
• Considers how these developments will influence their own organisation.

Judgement & Decision making       

• Exercises good judgement in making decisions considering all the available sources of information and alternatives.
• Expresses clear and rational reasons for taking a decision.

Stress tolerance         

• Maintains a calm, controlled and positive manner when under pressure and remains focused on the task.

Integrity         

• Maintains high standards of honesty and trustworthiness.
• Considers ethical implications of issues and decisions while remaining pragmatic.
• Uses appropriate opportunities to bring difficult or sensitive issues into the open.

Organisational commitment

• Aligns their own behaviour with the goals and objectives of the organisation.
• Acts in ways that are beneficial to the organisation.

Managing conflict     

• Effectively identifies and manages disagreement between other. Resolves conflict through open discussion and diplomacy.

Managing change

• Implements and monitors change within the workplace.
• Communicates clear reasons for change initiatives and addresses criticisms of them to obtain the ‘buy-in’ of others.

Directing others        

• Provides clear instructions and direction to others.
• Adapts their leadership style according to the individual or situation.

Facilitating teamwork

• Encourages teamwork by bringing individuals and groups together to achieve goals and objectives.

Written communication        

• Communicates information in a written format in a clear, concise and unambiguous manner.
• Structures the communication so that it holds the attention of the reader.

Oral communication 

• Communicates information verbally in a clear and confident manner.
• Adapts language to the audience and checks understanding.

Proactive communication     

• Actively keeps people informed and openly communicates relevant information to others.
• Listens well and takes others’ views and perspectives into consideration.

Impact & credibility  

• Makes a positive first impression, displaying immediate presence and credibility.
• Maintains their credibility with others over time.

Negotiation   

• Recognises the goals and objectives of the different parties.
• Negotiates mutually acceptable solutions through compromise and creates ‘win-win’ situations.

Developing relationships     

• Easily establishes and develops effective and positive professional relationships with others.

Prioritising and organising   

• Organising and information and resources effectively.
• Prioritises tasks according to their urgency and/or importance

Results focus  

• Demonstrates a focus on achieving results and objectives.
• Consistently strives to meet or exceed expectations.

Customer/client focus           

• Identifies and understand the customer’s /client’s needs.
• Focuses on meeting those needs and ensuring both satisfaction and a continuing business relationship.

Technical and professional knowledge/skills          

• Demonstrates technical and professional knowledge and skills relevant to the role.
• Builds on these knowledge and skill areas and shares them with others.