Financial Manager

Job Title: Financial Manager 

Department/Project: Entrepreneurial stream 

Closing Date; 20 August 2024 

Reports to: CFO 

Location: Sandton, Johannesburg 

Email Address; hr@barloworldempowermentfoundation.com

Job Summary:
The Financial Manager (FM) at Barloworld Empowerment Foundation (BWEF) reports to the Chief Financial Officer (CFO) of BWEF. The FM plays a critical role in ensuring the effective use of BWEF’s resources to achieve its mission. The FM is responsible for overseeing the financial operations, including grant disbursements, internal controls, reporting, and risk management. The FM works closely with the CFO, Auditors, Finance Committee, and Board of Directors to develop and implement financial policies and procedures that support good governance and accountability. The FM’s expertise in financial management is essential to our success in making a positive impact in the communities BWEF serves.

Job Responsibilities 01: Financial Management
Tasks
•Manage and delegate duties to finance staff to ensure that all aspects of the finance function are covered at all times
•Review monthly management packs with the CFO and Heads of Impact streams and oversee the production and distribution of financial management packs to the board of directors
•Ensure the accuracy of all loan accounts, as well as overseeing the full function of debtors and creditors, including accurate billing and debtor collections
•Monitor supplier billing and implementing cost-saving measures where possible, as well as performing monthly general ledger reconciliations
•Manage daily cash flow analysis and reporting, including monitoring funds in current accounts and moving them to interest-bearing accounts as needed
•Facilitate and prepare for the year-end audit, process all bank documentation related to signatories and other secretarial requirements
•Ensure accuracy of balance sheet
•Prepare all statutory returns (e.g. VAT, DWT, STC) and ensure timeous submission and payment thereof
•Authorise payments to suppliers, travel and reimbursement claims
•Prepare monthly payroll, ensure salaries are paid timeously and correctly, including management of correct payroll deductions, staff loans and advances
•Ensure half-year and year-end statutory compliance procedures are attended to and completed timeously (e.g. EMP501)
•Assist the CFO and Heads of Impact Streams with budgeting and forecasting
•Complete and update of forecast on a monthly basis.
. Measure performance against budget on a monthly basis and reporting on variances
•Control and production of asset registers
•Maintain strict confidentiality at all times
•Ensure compliance with B-BBEE requirements from a preferential procurement perspective
•Facilitate communication between finance and auditors
•Approve leave requests and monitor time and attendance for the finance team
•In addition to these financial management tasks you may also be responsible for other duties as assigned by the management team
•Act as Finance Business Partner to all the BWEF finance stakeholders, including the different Impact Streams and the Heads thereof.
 

Job Responsibilities 02: Accounting Role
Tasks
•Maintain accurate and up-to-date financial records, including daily cashbook updates and month-end provisions, accruals, and journals
•Prepare balance sheet (including related reconciliations), cashflow statement, management accounts, variance reports and other financial reports as needed
•Manage BWEF’s and existing SPV’s cash flow, including preparing daily and monthly cash flow reports and updating the company’s budgets on a monthly basis
•Maintain fixed asset register and ensure that all assets are properly accounted for
•Managing the accounts payable, including capturing creditors, preparing creditor reconciliations, making timely payments and resolving any creditor queries
•Assist with accounts receivable, including invoicing, reconciling payments to invoices, following up on outstanding debtors, and resolving any debtor queries
•Ensure compliance with relevant regulations and standards, including maintaining a valid and current BEE certificate
•Assist with year-end accounting tasks, including preparing year-end entries and journals, assisting auditors with their requirements, processing audit journals and resolving any SARS queries
•Provide training and support to junior and new staff as needed
•In addition to these accounting tasks you may also be responsible for other duties as assigned by the management team
 

Job Responsibilities 03: Governance
Tasks
•Ensure compliance with financial regulations and standards, including those set by the government and BWEF’s board of directors
•Develop and implement internal controls to safeguard BWEF’s assets and prevent fraud or mismanagement
•Provide accurate and timely financial information to the board of directors to support their decision-making
•Collaborate with the board of directors to develop and implement financial policies and procedures that support BWEF’s mission and goals
•Participate in board meetings and provide guidance on financial matters, including budgeting, forecasting and risk management
 

Job Responsibilities 04: Employee Management
Tasks
•Define goals, responsibilities, accountability and measurable deliverables of each team member within the financial department
•Ensure sufficient coaching and deploy excellent leadership skills to execute on everyday tasks and achieve maximum results through an inspired team
•Develop employees in line with HR talent management processes
•Develop, implement and adhere to company policies and procedures and codes of conduct and ensure that they are communicated and implemented within the team
•Ensure formal succession planning is in place

Job Responsibilities 05: Reporting & General Administration
Tasks:
•Prepare and present regular financial reports to the board of directors, including income statements, balance sheets and cash flow statements
•Analyse financial data and provide insights to support decision-making by the board of directors and management team
•Develop and maintain systems for tracking and reporting on BWEF’s financial performance, including key performance indicators (KPIs)
•Ensure that all financial reports are prepared in accordance with generally accepted accounting principles and other relevant standards
•Collaborate with external auditors to ensure that BWEF’s financial statements are audited in a timely and accurate manner
•Work closely with the BWEF Office Administrator to assist with all financial related matters and queries

Job Responsibilities 06: Board of Directors Engagement
Tasks:
•Provide accurate and timely financial information to BWEF’s board of directors to support their decision-making
•Collaborate with BWEF’s board of directors to develop and implement financial policies and procedures that support BWEF’s mission and goals
•Participate in board meetings and provide guidance on financial matters, including budgeting, forecasting, and risk management
•Ensure that BWEF’s board of directors is kept informed of the BWEF’s financial performance and any significant financial risks or issues
•Work with BWEF’s board of directors to ensure that the BWEF’s financial resources are used effectively and in accordance with the BWEF’s mission

Job Responsibilities 07: Grant disbursements
Working with and under the supervision of the CFO to:
•Review, develop and implement policies and procedures for the disbursement of grant funds in accordance with the BWEF’s mission and goals, including existing SPVs.
•Ensure that grant disbursements are made in a timely and accurate manner in accordance with the terms and conditions of the grant agreements
•Maintain accurate records of grant disbursements and ensure that all required documentation is complete and up-to-date
•Collaborate with BWEF’s entrepreneurial and social impact stream teams and existing SPVs to monitor the use of grant funds and ensure that they are used effectively to achieve the intended outcomes
•Prepare regular reports on grant disbursements for the board of directors, management team and key stakeholders
•Ensure compliance with all relevant regulations and standards related to grant disbursements, including those set by the government, BWEF and existing SPVs
•Provide guidance and support to internal and external teams on financial management issues related to grant disbursements
•Collaborate with external auditors to ensure that BWEF’s and existing SPV’s grant disbursement processes are audited in a timely and accurate manner
•Participate in meetings with funders to provide updates on the use of grant funds and discuss any issues or concerns
•Identify opportunities for improving the efficiency and effectiveness of the grant disbursement processes
 

Job Responsibilities 08: Financial & Risk Management
Tasks:
•Identify and assess on regular basis any financial risks facing the organisation specifically related to investments, funding, operations and compliance
•Develop and implement strategies to mitigate financial risks including but not limited to diversifying investments, endowments and maintaining adequate reserves
•Establish and maintain internal controls to prevent fraud or mismanagement of the organisation’s financial resources
•Monitor BWEF’s and existing SPVs’ financial performance and risk exposure on an ongoing basis and taking corrective action as needed
•Collaborate with the board of directors and management team to ensure that risk management is integrated into the organisation’s overall strategic planning and decision-making
•Collaborate with the CFO, CEO, and other relevant BWEF leadership to provide financial input in respect of proposals
 

Job Responsibilities 09: Team Building & Leadership
Tasks:
•Ensure the values and ethics of the organisation are enforced and maintained at all times
•Ensure an empowering work environment and team building in line with the organisation’s values and principles
•Work in close collaboration with all teams within the organisation
•Contribute to the overall health and growth of the organisation
•Drive the organisation’s empowerment agenda in line with its strategy by monitoring all capacity building activities
•Serve as a mentor to the junior member/s of the finance team, offering guidance on financial accounting, financial decisions, and strategic decisions.

Job Responsibilities 10: Financial and Accounting Management of SPVs
Tasks:
•Oversee the production and distribution of financial management packs for the SPVs to the board of directors and relevant committees
•Ensure the accuracy of all loan accounts, as well as overseeing the full function of debtors and creditors, including accurate billing and debtor collections
•Monitor supplier billing and implementing cost-saving measures where possible, as well as performing monthly general ledger reconciliations
•Manage daily cash flow analysis and reporting, including monitoring funds in current accounts and moving them to interest-bearing accounts as needed
•Facilitate and prepare for the year-end audit, process all bank documentation related to signatories and other secretarial requirements
•Ensure accuracy of balance sheet
•Prepare all statutory returns (e.g. VAT, DWT, STC) and ensure timeous submission and payment thereof
•Maintain accurate and up-to-date financial records, including daily cashbook updates and month-end provisions, accruals, and journals
•Prepare balance sheet (including related reconciliations), cashflow statement, management accounts, variance reports and other financial reports as needed
•Manage BWEF’s and existing SPV’s cash flow, including preparing daily and monthly cash flow reports and updating the company’s budgets on a monthly basis
Person Specification 

Education & Certifications
•Appropriate finance degree qualifications with postgraduate degree (e.g. B Comm Finance)
•(CA(SA) qualification an advantage)

Essential Experience
•A Minimum of 5 – 7 relevant financial management and accounting management in a reputed organisation
•Requisite Financial qualifications/experience
•Demonstrated track record
•Pastel / XERO Accounting (or any similar ERP system)
•Payspace (or any similar Payroll system) 

Essential Skills
•Reporting
•Financial software applications and skills
•Adept on all online banking platforms
•Complete self-motivation and self-starting capabilities
•The highest level of client and business confidentiality at all times
•Crisis management and conflict resolution
•Planning, organisation, time management, and coordination
•Business and people skills
•Proficiency in MS Office 

Ability
•Work on own initiative with minimum supervision and to stay on task
•Work under pressure and tight deadlines
•Willingness to work beyond official working times 

Personalities
•Analytical and strategic thinker
•A self-starter who is creative, diplomatic, professional, mature and decisive
•Natural team leader who embraces collaboration
•Adaptable - able to work with people from different cultural backgrounds and education levels
•Reasoned judgment, ethical and high integrity
•Strong attention to detail