Finance Manager at Blendcor – IT-Online


OVERALL JOB OBJECTIVE

  • 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

Risk management

  • 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

Billing model

  • 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.

Pay

  • 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.

Fixed assets

  • 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

  • Other tasks assigned by CFO (i.e. BBEEE; SAP improvement projects, etc.)

CONDITIONS
Qualifications

  • 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.

Preferred experience

  • Internal Audit
  • Manufacturing experience
  • 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.

Desired skills:

  • Excellent organizational skills
  • Administrative skills
  • Good interpersonal skills
  • Effective communication
  • Strong analytical skills
  • Critical mind
  • 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:

  • Honors
  • 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.

Benefits for employer and employment:

  • Contingency fund
  • Medical aid
  • 13th check
  • Retention allowance

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