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