OVERALL JOB PURPOSE

  • Responsible for management reporting and financial reporting of the business ensuring accuracy of information, timely preparation and compliance with relevant accounting standards, taxation laws, company policies and other applicable regulations.
  • Manage the finance department ensuring the various accounting functions are performed to a high standard and meet set objectives.
  • Lead and co-ordinate the budgeting and forecasting process.
  • Provide financial insight and decision-making support to the various functional areas of the business.
  • Ensure adherence to and continuous improvement of system of internal controls, company policies and procedures.

RESPONSIBILITIES:
BUSINESS AND FINANCIAL ACCOUNTABILITIES

  • Audit, internal control, and statutory compliance
  • VAT & Taxation
  • Budget and forecast
  • Cash and banking, foreign exchange, and treasury management
  • Balance sheet accountability
  • Shareholder and management reporting

CUSTOMER AND STAKEHOLDER ACCOUNTABILITIES

  • Monthly reporting to the Business Lead Team and monitoring costs against budget
  • Liaison with external parties (auditors, bankers, customers, SARS, CIPC)
  • Relationship with Business Lead Team members
  • Relationship with Shareholders

OPERATIONAL PROCESSES ACCOUNTABILITIES
Audit requirements and controls

  • Monthly review of all balance sheet reconciliations ensuring no long outstanding reconciling issues.
  • Preparation of monthly financial dashboard focusing on the achievement of targets including cost control, inventory control, down-grading, and product losses.
  • Preparation and submission of annual financial statements.
  • Co-ordination and management of internal and external audit processes.
  • Adherence to the Blendcor minimum controls framework and feedback to the business on status of controls.
  • Enhancement of the control environment and promotion of good governance.
  • Documentation of Process Flows, System Descriptions and Company Policy and Procedures

Risk Management

  • Manage the risk and actions tracker, ensuring all actions are tracked and closed on a regular basis.
  • Manage the risk matrix and update monthly.
  • Conduct audits on business processes on a regular basis to mitigate risk.

Costs and Month End reporting

  • Conduct meetings with the Business Lead Team and monitor progress on cost control projects.
  • Review cost centre reports to ensure completeness and engage with the budget holder on cost accruals where necessary.
  • Review monthly management report and provide detailed commentary on monthly variances.
  • Revise the Latest Estimate monthly, considering actual costs to date and revisions to cost drivers and cost estimates.
  • Prepare the funding imbalance report for shareholders.
  • Prepare the MI pack for shareholders, including KPIs, stock movement reporting, working capital reporting, GRIR and AP ageing

Billing Model

  • Overall responsibility for the billing model, ensuring that it is in line with the JV operating agreement.
  • Track actual volumes for each specific shareholder ensuring that billing is done in line with the JV operating agreement. All volumes must reconcile to despatched volumes to each shareholder.
  • Ensure that the absorption of costs is correctly determined to arrive at the variable cost per KL.
  • Provide shareholders with assurance that the billing model is accurately tracked and reported.

VAT and taxes

  • Review monthly returns and ensure timely payment is made.
  • For audit purposes, test the VAT submission for reasonableness and reconcile the control account to the returns.
  • Ensure that the VAT return and underlying transactional information complies with the VAT Act mitigating risk to the shareholders.
  • Identify the VAT clearance amount and schedule this for processing.
  • Review the Annual Tax and Provisional Tax return submissions.

Payroll

  • Ensure compliance with all payroll taxes and filing requirements.
  • Review payroll and leave pay schedules ensuring completeness and accuracy.
  • Review Contractor (DBU) timesheets against approved rates.

Budget and Forecast

  • Manage the overall budget process by working closely with the Finance and Business Lead Teams.
  • Analyse budget assumptions and engage with the Business Lead Team on cost reduction opportunities.
  • Prepare sensitivity analyses to understand the impact of cost drivers on the budget.
  • Ensure that underlying workings supporting the budget are maintained and are accurate.
  • Prepare budget presentation for review and discussion with the CEO and CFO.
  • Review budget upload into SAP and agree to approved budget.
  • Maintain a budget manual for the Business Lead Team to guide them on the budget process.

Fixed Assets

  • Review supporting schedules monthly. Ensure compliance with IAS16 – Leases.
  • Review commentary on actual spend versus planned spend.
  • Review WIP and Capex reports.
  • Prepare discounted cash flows / IRR calculations on major capex projects
  • Attend the monthly Capital steering committee to provide oversight from a financial perspective.

Masterdata and Maintenance

  • Ensure Trial Balance includes all active GL accounts.
  • Open new GL accounts and ensure correctly configured.
  • Ensure other SAP master data amendments are valid and have proper supporting documents in place.

Cash and Treasury Management

  • Manage the facility with the bank.
  • Manage foreign exchange payments and forward exchange contracts.
  • Review all payments before final processing. Release payments on the banking system.
  • Daily monitoring of bank account movements and report to CFO where required.
  • Prepare cash flow projections considering regular payments, ad hoc payments, capex and changes to projected volumes.
  • Check adherence to the Manual of Authority.

Accounts Receivables and accounts payables

  • Review debtor’s statements against age analysis.
  • Assist with debtors’ collection ensuring debtors aging does not exceed 45 days.
  • Ensure applications have been completed for all debtors and all debtors have been properly vetted.
  • Ensure that suppliers and service providers are paid in accordance with contractual terms and conditions and comply with shareholder treasury requirements where applicable.
  • Facilitate the performance of counter party due diligences bi-annually and review the gate pass process and ensure timeous billing and adherence to controls.

Inventory and cost management

  • Review the monthly age analysis report and provide commentary to shareholders.
  • Review cost principles on a regular basis and ensure that all variances to PCA are explained fully
  • Review the swing report to identify weakness in cycle counting, fraud risk and completeness issues, and report to management
  • Identify opportunities to reduce the downgrading loss in the business.

Other

  • Other tasks assigned by Chief Finance Officer (i.e. BBEEE; SAP improvement projects etc.)

REQUIREMENTS
Qualifications

  • B Compt Honours in Accounting
  • Chartered Accountant South Africa
  • Membership with SAICA

Experience
Essential Experience

  • 5+ years managerial experience
  • 10 years in the finance field
  • Must have experience and understanding of a control environment.
  • Must be able to develop, implement, maintain, and document management control policies and procedures.
  • Be able to perform balance sheet reconciliations.
  • Experience with SAP financial modules.
  • Experience in year-end audit and reporting process.
  • Experience in the budgeting process.
  • Experience in managing people, developing GPA’s and IDPs
  • Be able to draft financial statements
  • Experience in cash flow forecasting, cash and forex management.

Preferred Experience

  • Internal audit
  • Manufacturing experience
  • Financial Modelling – ability to generate a full budget model, using detailed assumptions to support the financial plan
  • Contract Management – understand the legal principles relating to contracts
  • Companies Act / CIPC and other statutory requirements
  • Forex experience and trading

Knowledge
Essential Knowledge

  • Understanding International Financial Reporting Standards (IFRS) and impact to business. Must be able to explain the importance and impact of specific accounting issues to management and shareholders.
  • Understanding taxation matters.
  • Forex management and accounting treatment thereof.

Desired Skills:

  • Excellent organisational skills
  • Administrative skills
  • Good interpersonal skills
  • Effective Communication
  • Strong analytical skills
  • Critical Thinking
  • Good problem solving skills
  • Leadership/Management Skills
  • Ability to work under pressure
  • Attention to detail

Desired Work Experience:

  • 5 to 10 years Middle / Department Management

Desired Qualification Level & Accreditations:

  • Honours
  • South African Institute of Chartered Accountant

About The Employer:

Blendcor (Pty) Limited is a co-owned Shell & BP lubricants blending and grease manufacturing company. The site comprising approximately 53000m2 is situated in Island View, Durban, with its frontage on Honshu Road.

Employer & Job Benefits:

  • Provident Fund
  • Medical Aid
  • 13th Cheque
  • Retention Allowance

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