Finance Manager - Services job at True North

• Manage investments, debtors, creditors and their accurate recovery and reconciliation on the balance sheet.

• Ensure that all goods and services supplied are correct and all invoices or debit notes appropriately recorded under payables; also ensure that all trade payables are settled within terms and any early settlements are properly justified.

• Ensure that all receivables remain within terms and that credit is properly authorized and credit limits adhered to as per the Credit Policy.

• Ensure all payrolls are prepared timely, correctly updated, and properly authorized; ensure compliance with all statutory requirement

• Ensure that all statutory requirements are met on time (PAYE, VAT, Income TAX, NSSF).

  
  

Oversee the general ledger and accounting function

• Assume full control of the general ledger accounting environment; this includes control of all GL month-end processes; timely and accurate monthly reconciliations; timely trial balance reporting and responsibility accounting

• Ensure that all financial records are properly maintained and secured. Ensure that the Company archives are properly maintained.

Oversee the insurance function

• Actively manage the company’s insurance portfolio and ensure compliance Cost Management

• Analyze costs and expenses to identify opportunities for cost reduction and efficiency improvements.

• Work with department heads to develop strategies for managing and controlling costs while maintaining operational effectiveness.

  
  

Financial Reporting Support:

• Assist in the preparation of financial reports and analysis for senior management and external stakeholders.

• Focus on specific areas of financial reporting, such as revenue analysis, expense analysis, or financial modeling.

  
  

Process Improvement:

• Finance Managers identify opportunities for process improvement and automation within the finance function to increase efficiency and effectiveness.

• They may lead or participate in cross-functional teams to implement changes and streamline financial processes.

Leading a continuous developing and improving team

• Supervision and coordination of the finance teams (Payables, Stock, Credit Controller, Payroll Accountant and Revenue Accountant) to complete the assigned tasks within the set deadlines.

• Provide guidance and support to the accountants when needed.

• Conduct regular performance appraisals, monitoring progress and setting objectives.

• Review the roles and responsibilities of the finance departments to ensure needs and demands of the company; and efficient, effective, and flexible structures is desirable for the company.

  
  

Success Measures

• Monthly report of average settlement days (creditor days) by vendor reflects no significant anomalies.

• Monthly review of trade receivables ageing report reflects no overdue accounts; debtor balances within the approved credit limits; reporting of average debtor days and DSO monthly.

• All payrolls completed and paid by 25th of each month; all statutory obligations are performed and paid by 15th of the following month (100% compliance) i.e., NSSF, PAYE etc.

• Reduce the number of vendors and concentrate these into a top 3 preferred supplier system; increase number of suppliers offering the business credit terms (move away from cash only purchasing)

• Ensure all relevant deadlines are met i.e., Monthly GL close to be ME+5days;

• Reconciliations = ME+15days; post integration - GL close = ME+3days; Recons = ME+5days; correct reconciliation templates are used by the different staff and correct tracking and filing of all reconciliations; the correct TB final version is saved and filed every month.

  
  

• Ensure that the Company's insurance policy cover is obtained timeously (31 August) and competitively; also ensure all insurance claims are lodged and completed timeously.

• Ensure compliance with the requirements of the Companies Act, relevant statutory

• Acts (Tax, VAT etc.) and relevant IFRS's; also, closely monitor and implement at a business level all relevant new statutory instruments issued.

• Reduced External Audit findings, as well as improved Internal Control Environment.

• ICM assessment completed and agreed with audit within the timeline: bi-annually - 30 June & 31 December.

• Ensure all Finance Policies and Procedures that are relevant to you are reviewed, approved, and communicated by the agreed dates.

• Ensure that Performance Contracts for Finance Department are completed as per HR Deadlines; Hold Performance Reviews bi-annually and career discussions; develop performance development plans (PDPs) for key staff and yourself; implement Talent Monitoring Tool as per HR Guidelines

Financial Responsibility

• Working capital management through payables, receivables, and inventory management.