Financial Manager (Financial Manager)

• Financial oversight
• Ensuring financial policies are adhered to
• Ensure that the general ledger and subsidiary ledgers are maintained in accordance with IFRS and Group Policy
• Assess and recommend levels of provisions
• Monthly review of all balance sheet reconciliations
• Oversee monthly financial close and ensure deadlines are met
• Authorization of new creditors inconsistent with the company’s approved payment terms
• Implement controls to ensure completeness, validity accuracy and adherent to deadlines
• Investigate opportunities to streamline payment runs and improve cashflow management by adhering to standard payment terms
• Responsible for the cash management (Treasury) across bakeries and the Mill
• Ensuring company cash policies are adhered to and daily cash requirements are met
• Submission of the consolidated cashflow to RCL Treasury
• Oversee cash forecasting (weekly, daily) as well as spend reporting
• Ensure annual asset verification is performed and conducted within the timelines
• Ensure that useful lives and residual value re- assements are performed annually in accordance with IFRS
• Responsible for complete capex function
• Responsible for the review and submission of the consolidated vat computation
• Oversight of the compilation of the annual tax pack
• Submission of monthly pack to Group
• Staff management of creditors and 2 accountants
• Improve and manage internal controls
• Coordination of external audit
• Compile all year-end reporting packs
• Compile annual financial statements
• Responsible for the budget and forecasting function

• Preparation of the 20th flash reports with business commentary on variances
• Preparation of the Month End flash reports with business commentary on variances
• Preparation of the flash recon due to Head Office with explanations for variances to Budget/Forecast
• Resolution of flash queries
• Monthly variance analysis of actuals against forecast/budget for key accounts (IS,BS,CF) and partner with the businesses to close the gap
• Monthly Capex & Opex analysis against budget/forecast
• Attend to queries raised on the monthly reporting pack
• Assist with the preparation of monthly MBR/exco packs
• Preparation of Revenue and Operating Profit reconciliations
• Preparation of monthly cost savings tracker
• Preparation of monthly STI tracker
• Other analysis as required by the business
• Management of the reporting structure on internal platforms
• Ensure that the budget/forecast data loaded on the intranet agrees to HFM
• Ensure the company has a ‘clean’ audit (internal/external)
• Manage debtor’s days
• Managing a good control environment
• Managing Working Capital
• Ensure policies and procedures are updated and adhered to
• Manage, monitor and report on budget variances in order to maximise financial performance.
• Prepare or review budgets and forecast

• Compile month end reports
• Liaise with the bank on interest and loans
• Ensure interest payments are done on time
• Consolidation of financial performance of branches across the country
• Prepare and present financial results in the Quarterly Board meeting
• Review of individual branch performance, risk assessment including branch closures and new branch set-up
• Financial year-end audit
• Responsible for strategy setting and budget implementation
• Monitoring and assessment of plant performance in terms of stock management, logistics and planning

• Monthly Income Tax and deferred tax calculation and journal processing
• Monthly depreciation calculation
• Monthly review of the Balance sheet before submission
• Balance sheet recon preparation
• Full Audit assistance with auditors
• Monthly review of the Balance sheet before submission VAT regrouping entry on Emerge
• Additional disclosures for audit & review
• Global finance framework excel and PowerPoint preparation
• AFS preparation of schedules and disclosures and liaising with the preparer
• Subinite eliminations
• Retained earnings recon to the AFS including ensuring prior year audit adjustments are passed in current year.
• Provisional tax and annual tax workings and submissions to the tax consultants. Review of the tax returns and approval for submission.
• Completing the submissions for tax audits and liaising with the tax consultants
• Completing submissions of annual returns with the secretarial consultants.
• Creditor ageing review, approval of recons, management of credit staff, liaising with suppliers etc.
• Deposits recon and monitoring with the respective parties for refunds
• Loan schedule maintenance and monthly interest journal for 3 intercompany loans
• Maintenance of PLVR provision workings and monthly journal.
• Monthly Audit fees provision journal
• Provisions schedule maintained and monitored
• Monthly Head office MSD provision recalculation and journal processing
• 13th cheque accrual monthly journal
• Monthly Payroll liabilities provision - medical aid and pension to ensure only the current month's liabilities reflects.
• IFRS 16 entries and ensuring all leases are loaded on the system, assessing the IFRS16 implications of new leases.
• Preparation of the IFRS 15 assessment
• Liaising with the various PSO teams to compile the goods in transit schedule and passing the monthly journals.
• Staff loan schedule maintained and matched to payroll deductions and reconciled to the TB.
• Prepaid expense schedule and monthly journal which is about 20+ entries
• Monthly Advances to vendor calculation and reclassification journal
• Monthly provision for expenses PPV system entries transfer to the income statement once processing is finalised.
• Monthly Provision for transport costs journal
• Monthly marketing provision journal - 20+ lines
• Monthly Agents commission provision journal
• Monthly agents invoices
• Provision for leave pay journal processing
• Loan schedule maintenance and monthly interest journal for the multiple ICICI bank loans
• Ad hoc queries that arise in reconciliation of the TB and suppliers or in assisting other departments
• SARS refund interest accrual based on the statement of account requested from the tax consultants on a monthly basis.
• Finance checks of the banking details of new vendor creation forms for MSD

• Provide financial and business input to the formulation of strategic and operationalplans of the division
• Implement revenue financial modelling for ongoing sustainability of the division
• Participate in the development of alternative revenue streams
• Compile budgets
• Monitor financial performance
• Develop financial management understanding and capacity building
• Manage income and expenditure
• Develop and implement financial controls
• Ensure compliance with University Policies and Procedures
• Assist Internal and External auditors 

• Financial input into all strategic decisions for the company 
• Overall organizational Financial management
• Leadership of the Financial team
• Reporting 
• Budgets 
• Cash Flow management
• Legislative

• Supervise workflow for all sections of Undergraduate Financial Aid by ensuring work is on schedule and deadlines are met, by advising parents, prospective students and students on the bursaries, loans and scholarships available as a result of counter, telephonic or written enquiry.
• Supervise application entry process
• Controls the awarding of all undergraduate Scholarships and Merit Awards
• Supervising and monitoring of bursaries and/or loans awarded, all follow-up action in making amendments, additions and reductions on an ongoing basis
• Supervises the monitoring of the checking of fee accounts or students receiving internal bursaries and loans on a regular basis to ensure that the amount of the University bursary or loan is the correct percentage of the fee charged
• Training of new staff
• Performs any other tasks/activities which fall within the general functioning of the Department as requested by the Chairperson of the Committee, the Executive Director: Finance and the Manager (Financial Aid & Scholarships)
• Manage 2016 Registration project
• Manage and authorise reconciliations of donor funds between the funds accounts and the GL

• Responsible for the full financial function
• Prepare and compile management reports that accurately reflect the financial status of the business
• Provide detailed analysis on all cost and value drivers and its impact on the business
• Operational system improvement
• Budget preparation
• Coordinating and guiding management accounting function in the rest of the organisation
• Ensure procurement for related services is in line with preferential procurements objectives
• Ensuring the integrity of the financial data on the general ledger
• Compilation of monthly subsidiary packs
• Manage the Finance Department
• Prepare and submit tax reports as required by SARS
• Manage foreign currency banking
• Liaise with external and internal Auditors and manage their requirements
• Present monthly and quarterly finance results to the business
• Manage and report cash flow – debtors and creditors
• Manage and prepare Capex including maintenance of fixed asset register
• Liaise with External Auditors
• Prepare Annual Financial Statements
• Manage year-end stock take process

• Supply chain support
• Cost saving initiatives
• Manufacturing variance review
• Budget update and review
• BOM update
• Identification of gabs internal controls - design and implement procedures
• Manage the financial involvement in the R&D projects

• Performed a forensic audit at Mabana Sports and Recreation Center at Mafikeng.
• Unveiled a series of non compliance actions by senior executives 
• Compiled audit report and presented to senior management 

• Overall responsibility of the complete financial aspects of the company
• Consolidation of financial performance of all fourteen branches across the country
• Prepare and present financial results in the Quarterly Board meeting
• Management and leading all Branch Managers, including task setting and performance management
• Review of individual branch performance, risk assessment including branch closures and new branch set-up
• Financial year-end audit
• Responsible for strategy setting and budget implementation
• Monitoring and assessment of plant performance in terms of stock management, logistics and planning
• Monitoring and assessment of key accounts agreements including rebates and discounts allowed

Responsible for procurement management with regards to:

• Supplier selection
• Risk assessment
• Contracts evaluation
• Price review
• Policy implementation
• Conduct internal audit to the various plants assess and implement new policies as and when required

• Overall responsibility of the complete financial aspects of the company.
• Responsibility for submission of cash flow, weekly and monthly forecast information.
• Responsibility to ensure all recons prepared on a monthly basis and reconciling items cleared
• Consolidation of financial performance of all four operations
• Prepare and present financial results in the Quarterly Board meeting.
• Management and leading the Finance Department, including task setting and review of work done / tasks completed
• Capex management and authorization
• Review of commercial sense of initiations by the operations.
• Financial yearend Audit
• Responsible for strategy setting and budget implementation
• Monitoring and assessment of plant performance in terms of stock management, logistics and planning
• Monitoring and assessment of key accounts agreements – including rebates and discounts allowed
• Responsible for procurement management with regards to:
• Supplier selection, risk assessment, contracts evaluation, price review and policy implementation.
• Conduct internal audit to the various plants assess and implement new policies as and when required.

• Overall responsibility for Buildings General Ledger
• Responsibility for submission of cash flow information, including updating on Packman and consolidation
• Monitoring of actual cash flows against forecast
• Responsibility to ensure all recons prepared on a monthly basis and reconciling items cleared
• Preparation of monthly accounts
• Preparation of financial section of Quarterly Board
• Management of the Building Finance Department, including task setting and review of work done, tasks completed
• Ensuring VAT compliance of building transactions
• Invoicing and updating of certificate schedule
• Financial year-end audit
• Preparation of monthly financial results reporting on variances
• Implementation and monitoring of internal controls
• Ensuring business units adhere to policies and procedures
• Financial analysis of contracts including completed contracts

Financial reporting

• Ensure Location results reported to Atlanta Timely
• Ensure Location results reported to Atlanta Accurately
• Maintain and ensure that all accounts are classified to cable code correctly
• Prepare and submit all Daccars forms, per FSC submission matrix
• Prepare and submit quarterly and yearly forms accurately and timely
• Review cables for abnormal activity prior to submission
• Run and review all Daccars feedbacks to ensure reporting is accurate
• Prepare Vouchers when required Analysis of income and expenditure and other relevant data to determine taxable income
• Computation and preparation of corporate and personal tax returns
• Compliance with requirements of various legislations
• Communications with tax authorities

Balance Sheet Management

• Complete all Balance Sheet reconciliations per matrix
• Maintain Balance Sheet Matrix
• Ensure Balance sheets are approved monthly by FSC Manager responsible
• Ensure Balance Sheets are reviewed and Approved by Location Clients quarterly
• Balance Sheets completed 1 week after reporting close on quarter ends
• Balance Sheets completed 2 weeks after reporting close on non-quarter ends
• Maintain and supply a monthly Balance Sheet action report to clients
• All Balance sheet and Income Statement information updated timely on the Client Lotus Notes databases within two weeks of reporting.
• Maintain documentation on all balance sheet accounts, and ensure that recons are accurate and appropriately supported
• Prepare quarterly management balance sheet narratives and submit to Atlanta .Preparation of master, capital, cash and subsidiary budgets
• Developing and interpreting the specific company’s budget guideline
• Comparing and monitoring budgets against actual performance
• Reconciliation of budgeted profit to actual profit
• Investigating the variances of budgeted to actual results and making relevant recommendations for improvement
• Identifying unusual or unexpected results and bringing these to the attention of management
• Applying different capital budgeting techniques and making recommendations to management
• Presenting forecasts in a clear, easily understood format including relevant explanations of assumptions, projections and adjustments
• Monitoring forecasts against actual performance and making relevant adjustments and re-projections
• Utilizing the techniques of forecasting to produce meaningful information when required

Financial Accounting

• Allocate Operating Capital by Mau
• Prepare and submit Actual Cash Flow
• Prepare and submit RE Cash flow
• Maintain accurate Division Accounting records Local and US requirements
• Assist clients in obtaining reports required for management reporting
• Maintain a monthly closing checklist
• Comply with all dates set out in the FSC Month End checklist (Depreciation, Translations)
• Ensure that contents of all Balance Sheets account are in time with the SAC, SPP, RAB requirements
• Prepare all Fees and Commissions requirements timely per Atlanta requirements
• Ensure all Journals are processed with the requirements per SLA
• Ensure all Journals are marked complete in the FSC Database prior to month end close and reporting
• Review the Income statement monthly for misallocations and query unusual activity
• Submit Income statements to clients by Mau for approval prior to submission
• Manage the GR, IR account analysis and review with all relevant SAP Coordinators
• Prepare monthly Risks and opportunities schedules for Clients

Capital Management

• Perform capital Budgeting within SAP
• Record and update fixed assets Register in SAP
• Record all Additions, Disposals or Write Offs
• Prepare yearly Impairment analysis of all assets
• Capitalize all fixed assets within a period of 1 month in arrears
• Prepare monthly capital status reports for each client location
• Assist with yearly
• Physical Asset counts

Internal Control Compliance

• Review and Compliance with all company AICs
• Prepare and help Clients understand all requirements of AICs
• Review and assist with Local Chart of Authority compliance
• Implement and manage a monthly management report on accounting risks
• Assist clients during external audits
• Assist clients during internal audits

Internal, External Customer Interface and Support

• Prepare a monthly monitoring system for Service Level Agreement review
• Assess client satisfaction levels quarterly
• Prepare and report monthly performance metrics
• Manage the process of being a primary point of contact for the location clients
• Liaise with all FSC departments and Facilitate between FSC and Clients
• Manage the client location SLAs IE Processes and Procedures
• Escalate and manage client exceptional issues
• Prepare quarterly presentations for Client Locations
• Facilitate quarterly meetings with clients
• Prepare and maintain meeting minutes of all client meetings
• Share best practices with all ASMs
• Ensure that clients are always kept up to date with transactions that are posted that were initiated by FSC

Statutory Reporting And Taxation

• Assist in preparation of all statutory accounts for all legal entities
• Calculate all Taxation provisions
• Calculate all Deferred Tax provisions
• Ensure all local VAT requirements are complied with
• Prepare and submit all quarterly tax forms to Atlanta
• Assist in the yearly preparation of all unconsolidated tax forms
• Ensure that all statutory forms are completed and submitted timely (Local Tax, Government forms)

Departmental Accountant
Flash Reporting
Budgets
Year-ends
Performed journal entries, uploads and downloads from SAP
Std Finance Journal - Audit fees transferred accrued monthly DR cc & CR Accrual (COF)
Bank charges entries from SSC to Central Office Finance, Treasury and Export
Reallocation of Durban Quay costs
Prompack costs to Debtors account
Import paper costs & recoveries to data take-on stock account
Sanlam premiums to Divisional Finance Made provisions for monthly Audit fees for: Central Office Finance, Auditing  Department & Divisional Finance
Released accruals to relevant income statement accounts - recruitment costs, etc
This involves ensuring that the costs incurred are real / genuine costs, they are in correct accounts and they were budgeted for.  Obtain explanations of variances whether they are favourable or adverse, Ensure that unbudgeted costs are funded from other savings
Analyse controllable fixed costs for the Commercial & Finance Departments
This involves ensuring that the costs incurred are real / genuine costs, they are in correct accounts and they were budgeted for.  Obtain explanations of variances whether they are favourable or adverse, Ensure that unbudgeted costs are funded from other savings
Train new secretaries - This is a process where she would take a new secretary through the basic accounting principles i.e.. What are dods? Impact of incorrect allocations and make them understand the commitment report.
Compile month-end management reports on variances
The reports are based on variances against budget and forecast , commentaries on the variances , trend analysis where last year is compared to current year & future projects where will the company be if continue at that trend by the end of the Financial year. 

 Management Accounting
Preparation of master, capital, cash and subsidiary budgets
Developing and interpreting the specific company's budget guideline
Comparing and monitoring budgets against actual performance
Reconciliation of budgeted profit to actual profit
Investigating the variances of budgeted to actual results and making relevant recommendations for improvement
Identifying unusual or unexpected results and bringing these to the attention of management
Applying different capital budgeting techniques and making recommendations to management
Presenting forecasts in a clear, easily understood format including relevant explanations of assumptions, projections and adjustments
Monitoring forecasts against actual performance and making relevant adjustments and re-projections
Utilising the techniques of forecasting to produce meaningful information when required

Trainee Accountant
During her training contract, as part of her rotational plan, she was exposed to the following core areas

Financial Accounting
Her responsibilities included, amongst other things
Preparation of Consolidated
Financial Statements
Analysis and Interpretation of Financial Statements
Accounting Management Information and Control Systems
Financial Transactions
Preparation of Financial Statements
Budgets

Information Technology
Her responsibilities included, amongst other things
Controls
Information Technology
Disaster recovery and contingency planning
Information technology and systems (Including hardware / software / databases/ networks/ and communication links)
Training
Design and implementation of a computer system 

Internal auditing
Her responsibilities included, amongst other things
Planning, controlling and recording
Review financial statements
Accounting Information Systems (AIS)
Internal Control
Audit Reports

Taxation
Responsibilities included, amongst other things:
Analysis of income and expenditure and other relevant data to determine taxable income
Computation and preparation of corporate/personal tax returns
Compliance with requirements of various legislations
Communications with tax authorities

Promoted to Costing Manager (SA) within nine months after joining the 
Company Initially joined the company as Regional Supply Chain Support Manager
Invited to the Global supply Chain Conference in Germany to share experiences on ensuring quality reports are sent to HQ
Ensure that the standard costs in the system are updated - Std costs are updated in the system by the cost analysts. At the end of each week she would then do a cost rollup to ensure that the bill of materials are updated by the new costs 
Manage And Optimise Transfer Pricing Policy Within Region 
The company exports to Middle East Africa, she would ensure that the countries receive a copy of the transfer price of all the products we sell. 
This price list will be in accordance to the Global transfer price policy. As and when new products are launched the price list will be updated. 
Undertake Project Analysis and Capital Allocation Decisions to Maximise Shareholder Return
This involves an analysis of all projects that the company is planning to launch, she would prepare a P&L and advise marketing whether they can go ahead with project or whether the price should be increased. To eventually come to the decision, she would have meetings with purchasing who will provide the best price from suppliers on their packaging as well as raw materials. 
She would also discuss with research and development (R&D) to find out if the formulation is complete and any costs savings they might do like reducing the perfume for instance. Finally she would meet with the factory to discuss the labour STDs and wage rates and any capital requirements. Marketing and Sales would advise the selling price as well as trade discounts.
Compile Key Performance Indicators - This is a management report that shows summary of variances for the business. The actual production versus planned, Purchase price variance of raw materials, packaging and bought out items, material usage variances, direct labour costs variances, Indirect absorption variances, Freight out costs as a % of Net Revenue, 
Customer service; pack fill rates and order fill rates against plan, freight out costs per case shipped, warehousing costs as a % of Net Revenue and the capital expenditure against plan. 
Undertake Analysis Of These Indicators And Provide Commentary To Management 
All the elements of the KPI report must be presented to management and a summary commentary report compiled. The comments will be based on feedback from the departmental heads.
Prepare and evaluate monthly costing management reports:
Usage variance reports - based on bill of material changes, stock write offs, stock revaluations.
Labour efficiency, Wage rate and Idle time 
These are based on weekly reports generated which show actual hours versus STD versus production, overtime. Since these are calculated outside the system, she sets up the reports, and delegated the task of updating them and meeting the line supervisors to the cost analyst.
Net working capital - A report showing average weeks stock cover, creditors payment days, debtors receivable days. This report also gives a summary of stock on hand, creditors value as well as debtors value year on year.
Stock reports - details of STD value of stock and the adjustments to bring it to actual. 
General cost of goods sold reports - Reconciliation of std cogs by item sold and all variances added to bring it to actual. 
Compile and Present category profit and loss statements to the marketing category managers.
Present Management Reports to the local Supply Chain Team - Once month-end has closed and reported to HQ, she would then do a presentation to the Supply Chain management.
Validate Assumptions Used By Finance Support In New Product Development And Existing Product Development Proposals , Including Costing - This is where she would advise marketing whether a product should be manufactured in-house, co-packed or imported based on the gross margins generated by the product when analysed. 
Regional Product Category Support - Where a country in the region wants to launch a product they will receive from them, give them the best price. 
Including performing product costing exercises for Marketing 
Perform 80/20 Analysis Of Major Variances Affecting Regional Performance. 
Prepare and present the annual Plan - Volumes, raw material costs, packaging costs , labour standards, wage rates , Capex, NWC, Profit and Loss, KPIs, Cogs, and so on. 
Prepare year-end procedures - This is the closing off of the books which involved stock revaluations, overheads in stock calculations, provisions , disclosures
Capital Expenditure Reporting - Monitor actual expenditure versus plan and ensuring they are within the plan.
Report the costing results of the business to HQ (UK)
Head and control the costing Department
Supervise two costing assistants - this involves ensuring that there is team spirit in the department, evaluating performance, ensuring they receive proper training on various aspects of their jobs

Co-ordination, Assessment And Analysis Of Management Reports - She prepared in conjunction with the Financial Manager the Financial reports of the business which are
Income Statement
Stock Report
Capital Expenditure Report
Cash Flow Report 
MIDP Claim Control And Submission - Motor Industry and Development programmed initiated by the government to encourage exports. This report once compiled has to be audited by independent auditors and submitted to Trade & Industry.
Calculating And Setting Of Operational Costing Parameters For Cost Rates And Accuracy Of Bill Of Materials
Maintaining The Fixed Asset Register - Calculating depreciation, write offs, additions 
Auditing Of Stock Procedures And Variances Of Stock Take
Monthly Analysis Of Cost Of Sales Variance Accounts - Analysis of the variances of bringing std cost of sales to actual
Controlling & Managing Sale Of Scrap Metal scrap which brought on average R800,000 to the business.
Calculating Productivity- For Different Plants - Actual productions versus plan
Analysing Productive Hours Vs Actual Paid Hours - Direct labour costs variances
Perform Job Closures And Posting To General Ledger
Updating Of Std Prices On Impact
Comparing Actual Unit Costs Vs Std Costs 
Ensuring proper communication channels between plant and finance

• Plant costing for abrasives and scotch brite – ensuring that the bill of materials is updated, the component costs are updated
• Analyse factory cost accounts
• Review and analyse manf. variance report - the usage variance, price variance, labour efficiency, wage rates, production
• Monthly business presentations to divisions on profitability studies - landed costs analysis, project analysis for marketing
• Provide factory measurements and related accounting functions to business units
• Waste measurements and waste allocation on products
• Unit cost of top sellers
• Stock reconciliation with regard to inventories , forecast vs. demand vs. actual
• Fifo calculations - stock reconciliations of finished goods, raw materials, work in progress, semi-finished as well as obsolete stock
• Preparation and analysis of profit & loss statement for the division
• General postings to the general ledger
• Special projects on the analysis of non-profitable business units and recommendations
• Identification of automatable processes

• Supervision of two Costing Clerks
• Provide monthly reagent variances to the plant
• Assisting with budgets
• General ledger updates
• Comparison and analysis of the plants budgets vs. set std and actual