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Head: Financial Accounting

Vacancy Details

Reference No.

SR1-44368

Synopsis

Our client in the banking is looking to employ a Head: Financial Accounting who will be managing the Financial Accounting function from source entries to Trial Balance and the financial control, ensuring all accounting entries are booked correctly in the General Ledger as well as all reconciliations between financial, operational and external financial information.

Description

Responsibilities

  • Ensure the Financial Accounting division is the strategic partner to the business and manages the financial health of the Bank
  • Support the CFO, CEO and Executive to deliver on strategic initiatives
  • Responsible for providing appropriate guidelines, policies and procedures to ensure financial discipline within the organisation
  • Responsible for providing direction on the organisational budgeting process applicable to all divisions within the Bank
  • Responsible for ensuring accurate financial record keeping within the Financial Accounting department
  • Responsible for all applicable policies and procedures related to Financial Accounting
  • Responsible for ensuring accurate reconciliations between operational (i.e. BANCS & Postilion) and external systems (Reserve Bank, external suppliers etc.) as well as perform system testing and analysis
  • Operational Banking Systems (i.e. BANCS & Postilion)
  • External Systems (Reserve Bank, external suppliers etc.)
  • External suppliers
  • Managing the year end, interim and all month-end processes
  • Ensuring the correct accounting entries for impairment of the Debtor Book are captured
  • Managing the Bank relationship with insurance cell providers and applicable reinsurers
  • Department Management
  • Various ad hoc tasks

Responsible for providing appropriate guidelines, policies and procedures to ensure financial discipline within the organisation

Responsible for providing direction on the organisational budgeting process applicable to all divisions within Capitec Bank

  • Responsible for ensuring the organisational budgeting process is aligned with overall business strategy
  • Provide and approve specific budget timelines to the organisation
  • Ensure budgetary reporting is completed by the Financial Business Partners within the agreed timelines and deadlines are adhered to
  • Regularly review the overall organisational expenditure to ensure the expenditure of all divisions remain within budget
  • Ensure the accurate and timeous payment of Creditors with agreed SLA on a weekly basis
  • Ensure the appropriate financial administration of Fixed Assets with agreed SLA on a monthly basis

Responsible for ensuring accurate financial record keeping within the Financial Accounting department

  • Ensure internal control system(s) are in place to manage the financial expenditure of Capitec Bank
  • Responsible for ensuring compliance with internal controls
  • Address all cases of non-compliance within agreed timelines
  • Address and correct internal control breakdowns with appropriate corrective actions
  • Provide feedback and address internal audit reports
  • Responsible for ensuring new products or changes to existing products are recorded accurately in the GL

Responsible for all applicable policies and procedures related to Financial Accounting

  • Ensure applicable policies and processes are in documented
  • Represent Financial Management on the Policy Committee by reviewing, providing input and approving documents and policies
  • Ensure all relevant Financial Management policies and procedures are updated (reviewed) on a regular basis as required by the Policy Committee

Responsible for ensuring accurate reconciliations between operational (i.e. BANCS & Postilion) and external systems (Reserve Bank, external suppliers etc.) as well as perform system testing and analysis

  • Responsible for ensuring daily reconciliations and systems testing are actioned by the Financial Accounting team, including (but not limited to):

Operational Banking Systems (i.e. BANCS & Postilion)

  • Ensure the Capitec Bank banking system (BANCS) reconciles against the General Ledger (GL)
  • Ensure the cash management system (Postilion) reconciles against the General Ledger (GL)
  • Responsible for ensuring the overall data integrity on the Operational Banking Systems
  • Ensure all anomalies identified during daily checking of the operational banking systems are addressed timeously

External Systems (Reserve Bank, external suppliers, etc.)

  • Ensure all transactions with other banks / financial institutions reconciles against the General Ledger (GL)
  • Ensure SAMOS (South African Multiple Options Settlement System) reconciles against the General Ledger (GL)
  • Ensure external cash in transit companies (i.e. G4S) reconciles against the General Ledger (GL) and any differences are raised and actioned for settlement

External suppliers

  • Ensure all Creditors (payments) reconciles against the General Ledger (GL)
  • Ensure all Fixed Assets reconcile against the General Ledger (GL)

System testing and analysis

  • Management and review of the development and implementation of systems testing and analysis processes
  • Reporting on and resolution of exceptions caused by system errors
  • Management of UAT / QA testing and review reporting

Responsible for managing the year end, interim & all month-end processes

  • Ensure all teams compile the appropriate / required financial reports within 3 working days after financial year-end, interim and month-end
  • Ensure the divisions are provided with accurate and timely results, forecasts and budgets
  • Ensure accurate and timely preparation, support and partnering with divisions to ensure delivery of financial reporting, planning, forecasting and budgets
  • Provide financial advice and guidance to the divisions by understanding the divisional strategy and objectives and aligning this to sound financial decision practices.
  • Responsible for managing the external audit process
  • Act as central point of contact for external auditors
  • Ensure all required annual financial statements and all regulatory report to SARB and NCR are audited within 3 weeks after financial year-end
  • Ensure reporting requirements for Insurance and Funeral products are agreed with external auditors and submitted within the timelines

Responsible for managing the Bank relationship with the insurance cell provider and applicable reinsurers

  • Manage the relationship with the insurance cell provider and ensure annual rate are appropriately negotiated
  • Manage the annual credit life insurance rates negotiations and renewal

Department Management

  • Responsible for ensuring the structure of the function and the allocation of resources are in line with specific business needs/focus areas
  • Responsible for the recruitment of direct reports and overseeing the recruitment of indirect reports
  • Responsible for performance management of team, including:
    • Overall responsibility for the contracting of team’s personal development plans (functional and soft-skills)
    • Mentoring and coaching of team members
  • Ensure transfer of knowledge, maintain motivation and personal development for team members
  • Responsible for on-the-job training of team (both functional and soft-skills) to ensure the sharing of knowledge and key learning with the team on a regular basis
  • Create and maintain a positive working environment

Various ad hoc tasks

  • Action requests from the Head: Financial Management, CFO, CEO and Executives as required
  • Provide input to and manage process and people seconded to projects

Requirements

Qualifications

  • Grade 12
  • Charted Accountant with a recognized CA body SAICA or Accounting Institutes with recognized reciprocity/equivalence (i.e. inter alia CA(SA), CA(Z), ICAEW)

Experience

  • 10 years’ financial management experience in the financial services industry
  • Proven experience at a senior management level, including:
  • Management of specialists within a similar environment
  • Engaging with senior / executive management on a daily basis

Knowledge

Min:

  • Knowledge and understanding of:
  • Accounting Rules and Principles
    • International Accounting Standards & GAAP
    • Financial systems & procedures
    • Internal controls
    • Auditing requirements
    • Business Acumen
    • People management
    • South African Tax compliance

Ideal:

  • Knowledge and understanding of:
  • Bank strategic objectives (i.e. profit, efficiency, processes and procedures and client service)
  • IFRS 9 and Financial Assets Experience
  • Retail credit
  • Broad Financial Management
  • Compliance related legislation (e.g. Banks Act, etc.)
  • Banking and accounting in a financial services environment
  • Credit life and funeral products

Skills

  • Coaching and Mentoring skills (leadership)
  • Numerical skills
    • Computer literacy:
    • Min:
      • MS Office
      • MS Excel Advanced
    • Ideal:
      • MS Dynamics
      • MS Query
      • SQL
      • Visual Basic
    • Attention to detail (accuracy)
    • Ability to deal with complex information and requests
    • Budget management
    • Communication skills in English (written & verbal)
    • Business acumen - ability to work alongside the business
    • Confident and enthusiastic self-starter who can take initiative
    • Mature decision making
    • Emotional intelligence
    • Must be able to work independently as well as part of a team
      • Balances team and individual responsibility
      • Provides and accepts feedback
      • Contributes to building a positive team
      • Places success of the team above own interests
  • Action orientation and Project management
    • Ability to work under own initiative without guidance
    • Cope well under sustained pressure
    • Deliver to deadlines
  • Ability to motivate self
    • Sets and achieves challenging goals
    • Demonstrate persistence
    • Overcomes obstacles
    • Measures self against set standard of excellence
  • Negotiating and Influencing skills
  • Interpersonal and relationship management skills
    • Ability to maintain confidentiality
    • Listens to others without interruption
  • Facilitation and presentation skills
    • Skill and ability to create and facilitate effective presentations
    • Obtain “Buy-In” from audience on topic presented
  • Time management
  • Organisation and administration skills
  • Planning and organising skills
    • Prioritises and plans work activities
    • Sets goals and objectives
  • Diagnostic, analytical & problem-solving skills
  • Information integration & report writing skills - responsible for collating information for reporting purposes
  • Resilience: Ability to work under pressure in a dynamic environment
  • Flexibility and adaptability

Additional Information

  • Clear credit record
  • Clear criminal record
  • Own reliable transport and valid driver’s licence would be a minimum requirement
  • Ability to work in an open-plan environment
  • Willing and able to work extra hours, outside normal business hours as and when required, including occasional weekends
  • Willing to travel and stay overnight away from home when necessary
  • Mobile phone

Kindly note, if you have not heard from us within two weeks of your application please consider it unsuccessful.

Position Type

Permanent

Work Level

Management

Salary

Market Related

Industry

Banking/Finance And Investment

Salary Type

Monthly

Package

Cost To Company

Affirmative Action

Yes

Geographic Location

Western Cape - Stellenbosch