Responsible for the management and financial reporting of the company ensuring accuracy of information, timely preparation and compliance with relevant accounting standards, tax laws, company policies and other regulations applicable.
Manage the finance department ensuring that the various accounting functions are performed to high standards and meet set objectives.
Lead and coordinate the budgeting and forecasting process.
Provide financial insight and decision support to different functional areas of the business.
Ensure compliance and continuous improvement of the system of internal controls, policies and procedures of the company.
RESPONSIBILITIES: COMMERCIAL AND FINANCIAL RESPONSIBILITIES
Audit, internal control and statutory compliance
VAT and taxation
Budget and forecast
Management of treasury and banking operations, foreign exchange and treasury
Responsibility for the balance sheet
Reports to shareholders and management
RESPONSIBILITIES OF CUSTOMERS AND STAKEHOLDERS
Monthly reporting to the Business Lead Team and monitoring of costs against budget
Liaison with external parties (auditors, bankers, clients, SARS, CIPC)
Relationship with members of the Business Lead Team
Relationship with shareholders
RESPONSIBILITIES FOR OPERATIONAL PROCESSES Audit requirements and controls
Monthly review of all balance sheet reconciliations to avoid long-outstanding reconciliation issues.
Preparation of a monthly financial dashboard focused on the achievement of objectives, including cost control, inventory control, decommissioning and product loss.
Preparation and submission of annual financial statements.
Coordination and management of internal and external audit processes.
Compliance with Blendcor’s minimum control framework and feedback to the company on the status of controls.
Improvement of the control environment and promotion of good governance.
Documentation of process flows, system descriptions and company policies and procedures
Manage risk and action tracking, making sure all actions are tracked and closed on a regular basis.
Manage the risk matrix and update it monthly.
Perform regular business process audits to mitigate risk.
Cost and month end reports
Organize meetings with the business leadership team and monitor the progress of cost control projects.
Review cost center reports to ensure completeness and discuss accrued liabilities with the budget manager as necessary.
Review the monthly MD&A and provide detailed comments on monthly variances.
Revise the latest estimate monthly, taking into account 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 reports, working capital reports, GRIR and AP aging
Overall responsibility for the billing model, ensuring that it conforms to the JV operating agreement.
Track actual volumes for each specific shareholder making sure billing is done in accordance with the JV operating agreement. All volumes must match the volumes shipped to each shareholder.
Ensure that the cost absorption 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
Check monthly returns and make sure payment is timely.
For audit purposes, test the reasonableness of the VAT submission and reconcile the statement control account.
Ensure that the VAT return and underlying transactional information comply with VAT law, which mitigates risks for shareholders.
Identify the VAT clearance amount and schedule it for processing.
Review annual and interim tax return submissions.
Ensure compliance with all payroll taxes and production requirements.
Review payroll and vacation pay schedules for completeness and accuracy.
Review Contractor Time Sheets (DBUs) against approved rates.
Budget and forecast
Manage the overall budget process by working closely with the finance and business teams.
Analyze budget assumptions and discuss with the business manager team on cost reduction opportunities.
Prepare sensitivity analyzes to understand the impact of cost drivers on the budget.
Make sure the underlying cogs supporting the budget are maintained and accurate.
Prepare budget presentation for review and discussion with CEO and CFO.
Check the budget upload to SAP and accept the approved budget.
Maintain a budget manual for the business team to guide them through the budget process.
Review the support schedules monthly. Ensure compliance with IAS16 – Leases.
Review the comments on actual spending versus planned spending.
Examine the WIP and Capex reports.
Prepare discounted cash flow calculations / IRR on major investment projects
Attend the monthly fixed asset steering committee to provide oversight from a financial perspective.
Masterdata and maintenance
Make sure the trial balance includes all active GL accounts.
Open new GL accounts and make sure they are set up correctly.
Make sure that the other changes to the SAP master data are valid and have the correct supporting documents.
Cash and cash flow management
Manage the installation with the bank.
Manage foreign currency payments and forward exchange contracts.
Review all payments before final processing. Free payments to the banking system.
Daily monitoring of bank account movements and report to the CFO if necessary.
Prepare cash flow projections taking into account regular payments, ad hoc payments, capital expenditures and changes in projected volumes.
Check compliance with the authority manual.
Accounts Receivable and Accounts Payable
Review the debtor’s statements against age analysis.
Assist in debtor collection by ensuring that debtors age does not exceed 45 days.
Ensure that applications have been completed for all debtors and that all debtors have been properly reviewed.
Ensure that suppliers and service providers are paid in accordance with contractual terms and comply with shareholders’ cash flow requirements, where applicable.
Facilitate the performance of counterparty due diligence twice a year and review the door-to-door process and ensure punctual invoicing and compliance with controls.
Inventory and cost management
Review the monthly age analysis report and provide feedback to shareholders.
Regularly review cost principles and ensure that all deviations from the PCA are explained in detail
Review the transition report to identify weaknesses in cycle counting, fraud risks and completeness issues, and report to management
Identify opportunities to reduce the loss of decommissioning in the business.
Other tasks assigned by CFO (i.e. BBEEE; SAP improvement projects, etc.)
B Compt with specialization in accounting
Chartered Accountant South Africa
Membership of SAICA
Live Essential experience
5+ years of management experience
10 years in the field of finance
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 with year-end audit and reporting process.
Experience in the budgeting process.
Experience in people management, GPA and IDP development
Be able to write financial statements
Experience in cash flow forecasting, cash management and foreign exchange.
Financial modeling – ability to generate a complete budget model, using detailed assumptions to support the financial plan
Contract management – understand the legal principles of contracts
Company Law / CIPC and other statutory requirements
Forex experience and trading
Knowledge Essential knowledge
Understand International Financial Reporting Standards (IFRS) and their impact on business. Must be able to explain the importance and impact of specific accounting issues to management and shareholders.
Understanding taxation is important.
Forex management and accounting treatment thereof.
Excellent organizational skills
Good interpersonal skills
Strong analytical skills
Good problem solving skills
Leadership / management skills
Ability to work under pressure
Attention to detail
Desired work experience:
5 to 10 years of intermediate / departmental management
Desired level of qualification and accreditations:
South African Institute of Chartered Accountants
About the employer:
Blendcor (Pty) Limited is a Shell & BP lubricant blending and grease manufacturing company. The approximately 53,000 m2 site is located in Island View, Durban, with its frontage on Honshu Road.