Strategy and policy development
· Develop the finance department’s strategy/business plan as a contribution to the overall corporate strategy and monitor its implementation.
· Develop policies, standard operating procedures (SOPs), work plan and other supporting systems, including monitoring mechanisms in the management of the Department to achieve the set objectives.
· Lead the implementation and maintenance of internal financial controls. This involves the following:
v Establishment and effective monitoring of all system accounts (General Ledger, Fixed Asset Register, Accounts Receivable and Accounts Payable, etc.) to ensure accurate balances
v Prepare complete and accurate financial reports and analyzes
v Monitoring of the main financial risk indicators
v Contribute to improving the Company’s overall control environment.
· Monitor cash resources and advise on investment opportunities as appropriate.
· Lead the preparation of periodic cash flow statements in accordance with approved policies and guidelines.
· Develop accounts payable/receivable systems and monitor their implementation to ensure that all payments are in accordance with approved accounting policies/guidelines.
· Review and analyze periodic bank reconciliation statements and account reconciliation and initiate corrective actions as necessary.
· Review and analyze financial accounting systems and advise on any inconsistencies for corrective action.
· Verify and certify invoices, claims, advances, salaries, etc. prior to payment to ensure consistency with established policies.
· Coordinate the preparation of the Company’s annual operating budget and monitor its execution against actual expenditures.
· Responsible for preparing analysis of variances of income and expenditures from budget and report/advise on any variance for corrective action.
· Responsible for the development of an effective fixed asset register system and monitors its implementation to ensure compliance.
· Monitor to ensure compliance of statutory deductions and payments (i.e. taxes, SSNIT, etc.).
Monitor cost/expense patterns and prepare relevant reports to guide management in decision making
Revenue generation and management
· Responsible for the management of all short/long term investments of the Company.
· Liaise with the Business Development and Marketing department to develop a comprehensive pricing mechanism to facilitate sales operations and remain competitive in the market.
· Review and identify risks associated with revenue generation/procedures and initiate actions for improvement of control plans.
· Analyze financial statements to determine revenue/revenue streams to facilitate financial forecasting and planning.
· Engage in ongoing analysis of cost reduction across all areas of the business.
· Participate in target costing activities to create products that meet pre-determined price targets.
Participate in product pricing versus feature offerings and competitor pricing
Interpret business financial results to management and recommend improvement activities
· Monitor financial transactions, sales contracts, etc. with customers to ensure compliance with approved policies and contractual terms.
· Liaise with banks to ensure timely and accurate cash deposits and transfers to facilitate business transactions.
· Monitor to ensure accurate and timely preparation of bank reconciliation statements.
Stakeholder relations and management
· Maintain professional working relationships with service providers, clients, external auditors, regulators, financial institutions and other stakeholders in the area of financial management.
· Manage commercial relations with counterparties, if applicable.
Information and reports
· Keep abreast of laws, rules/regulations and international best practices in financial management in order to facilitate and improve the business operations of the Company.
· Responsible for maintaining and updating financial and non-financial data records to facilitate qualitative and quantitative analysis of the Finance function to support management decision making.
· Responsible for the preparation of monthly, quarterly and annual financial reports.
· Monitor to ensure that all financial reporting and management accounting systems comply with regulatory requirements and International Financial Reporting Standards.
· Coordinate the preparation of annual statutory financial statements.
Monitor to ensure timely preparation and submission of statutory reports and returns to GRA, Free Zones, SSNIT and other industry regulators.
Employee performance and development
· Hold direct reports accountable for the execution of assignments within their respective areas of responsibility.
· Conduct performance appraisal and provide information for career development and recommend performance incentives for junior staff.
Identify training needs and facilitate the training of junior staff