Head of Finance and Accounts at Workforce Group
Suitably qualified applicants are welcome to Workforce Group for the vacant position of a Head Of Finance And Accounts. Check below for the full details of the position:
Job Title: Head Of Finance And Accounts
- Employment Type: Full-Time
- Location: Lagos
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At Workforce Group, we go beyond narrowly defined client issues, beyond conventional wisdom, beyond the expected, to create opportunities for our clients, candidates, colleagues, collaborators, and community.
Through a network of diversified but highly complementary lines of businesses we have helped some of the most important and exciting organizations on the continent find the critical talent, access cutting edge advice and get innovative support they require to grow in a challenging market.
We support businesses and organizations of varying size, structure and maturity across diverse sectors such as Technology, Telecoms, Oil & Gas, Financial Services, Third Sector, FMCG etc. to enhance business performance, optimise for growth and achieve exceptional results. Our ground-breaking Zone Tech Park offers startups and established companies that the cutting-edge facilities, technology and business expertise they need to break out and thrive.
- The Head Finance and Accounts is responsible for the preparation of complete, timely and accurate financial accounts, reports, budgets and forecasts, in compliance with Nigerian GAAP, International Accounting Standards, regulatory practices, and company policy and procedure.
- The ideal candidate will Superintend over all accounts functions, manage the expenses of the company, keep standard books of account, account for all financial transactions, be the liaison with external auditors ensuring value for money in all transactions and provide financial advice to management on funds.
- Assist in the production of management accounts and reports both monthly and as needed, including and not limited to Income statements, Statements of Financial Position, Cash flow Statements, Monthly Closing and Cost Accounting Reports.
- Compile and analyze financial information to prepare entries to account and produce relevant financial and management reports.
- Analyze and review budgets and expenditures for businesses/projects.
- Monitor and review accounting and related system reports for accuracy and completeness.
- Analyze revenue and expenditure trends and assist in recommending appropriate budget levels, and ensure expenditure control.
- Resolve accounting discrepancies. Assist in resolving accounting and financial problems and/or issues.
- Monitor and ensure comparability of actual costs and expenses with both Financial and operating Costs models; and reporting variances as they occur.
- Interact with external auditors in completing audits. Ensure maintenance of effective internal controls to assure safeguarding of assets and reliability of financial statements.
- Analyze and reconcile expenditure and revenue accounts; balance sheet accounts.
- Setting up and maintaining branch/cost centers’ reporting systems.
- Timely and accurate financial reports and forecasts.
- Accurate financial reports presented in the most usable and friendly manner – Misallocations and wrong postings/Errors in the Financial Statements are minimized
- Monthly and periodic Budgetary Control Reports providing reasons and explanations for variances.
- Budget variances not more than 10%; Budget alignment with corporate and Project Objectives
- Ensure that expenditure levels are well within Budget; and pointing out variances early enough for corrective measures to be applied
- Disagreement with Corporate Auditors minimized; Few Audit Adjustment Entries
- Integration of Accounting Systems; Processes automation; Easy retrieval of accounting and related documents; Clear Audit trails; Innovative approach in resolving simple and complex issues
- Timely and accurate financial information
- Reconciling all total holds with back office figures and net revenue from various Locations with bank deposits for defined periods.
- Taking ownership of revenue accounting and assurance: Processing of payables
- Reconcile all withdrawals on bank statements for specific periods with capital expenditure, expenses, bank charges and available petty cash balance for all locations and departments.
- Daily classification of all banking transactions including withdrawals and deposits
- Researching accounting discrepancies, determining most appropriate methods to correct discrepancies and preparing corrections.
- Gathering and analyzing data to ensure financial statements, bank reconciliations, Payroll and benefits/ deductions and other accounting related activities are statutorily and legally appropriate and within the guidelines of Generally Accepted Accounting Principles (GAAP) and Finance Procedures.
- Assist in identifying and describing areas where problems and inefficiencies are systemic in nature;
- Prepares schedules and reconciliations necessary to assist in preparing the audited financial statements, quarterly financial reports, schedules as required by the Finance Documents and Reporting and operating cash flow reports.
- Monthly reconciliation reports; No aged items on reconciliation reports; reduction in overall operations risk; no surprising audit provisions
- No sanctions/penalties
- Clean reconciliation reports prepared regularly and monthly.
- Collection of due Accounts Receivable. Average Days outstanding on Account Receivables not more than 2 Days after the active Period Closing exercise.
- Demonstrable reduction in accounting discrepancies
- Minimize deviation from GAAP guidelines,Finance Procedures, statutory provisions and legal requirements;
- Early detection of errors in financial statements, bank reconciliations, payroll and benefits deduction or inappropriateness in other accounting related activities.
- General Ledger Reconciliations which should be ready before 12th day of active month preceding the preparation of financial statement. These include but not limited to-Account payables control reconciliation; Account receivables control reconciliations; Prepayment reconciliations.
- Responsible for preparation of global budget
- Request for inputs from the various Hot Fun Café locations and departments
- Periodic review and Reforecast
- Accurate Budgeting. Timely Budget preparation
- Completeness of Budget
- Timeliness of review
- Compliance with Management required standards/procedures
- Accurate and timely tax payment
- Sets up and retains tax records
- Payment of PAYE, VAT, Consumption tax and various levies (Radio & TV and Sale of Liquor license) to appropriate authorities- LIRS, FIRS and Local Government.
- Prepares related reports and contributes to the production of statutory accounts.
- Adheres to all federal, state, local, or international tax laws.
- Manages the retention and preparation of tax records, tax returns, and other required reports.
- Assesses the impact of the organization’s tax liability.
- Direct and indirect tax planning and compliance
- Strict adherence to relevant tax provisions
- Clean tax audits. No penalties and additional tax liabilities. No hidden taxes
- Elevated level of tax avoidance through effective tax planning. Very low effective tax rate.
Manage the Back-Office Project Accounting Process by:
- Performing new cost analysis
- Ensuring that benefits of expansion to new outweigh the cost implication- ensuring viability and feasibility of new outlets
- Analyzing diverse risks associated with, possible default risk on monthly dues by partners, legal exposure, security risks related to assets in new locations.
- Ensure project spending for expansion are in line with Business Model and project budget and preparing periodic reconciliations as required.
- Reviewing and ensuring that proposed new locations are based on dependable market Survey and focused on appropriate Customer segments.
- Preparing Project cash flow projections and analysis of cash reserve for new locations.
- Determining appropriate course of action: whether to negotiate based on profit sharing, pay rent if new location is projected to be viable or reject proposed new location/terminate contract due to poor location performance after predetermined period.
- Providing accounting support and training Partners’ Managers on proper cash management for effective management
Evaluating Location Performance by:
- Comparing period closing figures with set targets (projected at N150,000/slot machine monthly).
- Obtaining and assessing non-financial reports such as Management quality, Customer relationship management and consistency with thebrand image.
- Accurate and complete Job and Contract costs collation
- Excellent expansion cost management in spite of scope changes
- Budgetary Control Reports prepared and reviewed periodically. Red Flag is raised as appropriate
- No new location projects are delayed because of cash out.
- No Penalties; Risks mitigation. All insurances are in place
- Budgetary Control Procedures
- Monthly Variance reports: Actuals Vs Operating/Financial Model –as appropriate- Actuals Vs Budget etc.
- Periodic Project Monitoring Reports both to Executive Management and to Project Managers
- Active participation in the budgeting process
- Utilization requests reports and signoff
- Post Implementation Audit Reports
- CAPEX memo Reports
- Good IT Infrastructure
- Clean Projects Audit Reports
- Updated forecasts and budget. Periodic preparation of Latest Estimates
- Quarterly Project Risk Reports
- CAPEX Control Reports
- Active participation in the budgeting and CAPEX evaluation process
- Interacting with Partners and Back Office Finance to ensure an error-free and value-added assessment of total performance new Café Locations
- Facilitating corrective action meetings and workshops to address areas of financial risk that are a threat to the company’s image or its stated financial goals and objectives
- Providing feedback on the performance of financial risk mitigating strategies
- Ensuring the company applies its financial resources exclusively in pursuance of its objectives.
- Ensuring appropriate investment of idle funds giving due consideration to duration, effective interest rates and the availability of fund for appropriate maturity as at when fund is needed.
- Managing financial risk, especially during repatriation of funds to Shareholders in view of foreign exchange volatility through Hedging etc.
- Contributing actively to Executive Managements’ role in giving firm Financial direction to the organization
- Leading discussions on and providing guidance on Treasury initiatives and activities
- Liaising with company bankers and investors and maintaining positive, long-term working relationships;
- Ensuring an appropriate reserves policy
- Preparing and presenting Treasury financial reports to Executive Management,
- Ensuring that appropriate Treasury and Treasury accounting procedures and controls are in place
- Advising on the financial implications of the organization’s strategic plans
- Ensuring an appropriate investment policy and monitoring investment activity and ensuring its consistency with the organization’s policies and legal responsibilities and that there is no conflict between any investment held and the aims and objects of THE COMPANY
- Ensuring that the Treasury accounts are timeously prepared, disclosed and sent in the form required by all stakeholders
- Managing the various accounts in line with the various Facility Agreements. These accounts include Disbursement Account, Operations and Maintenance Account, Collection Accounts, Revenues Account, Insurance and Compensation Account, Rehabilitation Works Reserve Account, Distributions Account,
- Overseeing finances, ensuring a budget is set, accounts are properly kept and reconciled, and that Executive
- Quick resolution of conflicts
- No more than 10% variance with budget
- Good and Smooth relationship with various stakeholders
- No material breaches of Financing Documents
- No overdue payment of obligations
- Good visibility on various obligations
- Excellent reconciliation reports
- No cash-out
- Timely funding of various requests
- Excellent working relationship with all relevant parties
- Reduction of complex details to simple procedures
- No rates, currency and maturities mismatch
- Good cash and financing forecasts
- Up to date cash budgets
- Minimal variance between actual and forecast
- No cash squeeze
- Proper audit trails for a ll transactions
- Proper documentation and audit backup of all transactions
- Excellent long-term forecasts; appropriately balanced with short term Financial budgets
- Reconciliation with Operating and Financial Models
- Development of alternative funding sources
- Daily cash position
- Valuable information to Executive management and appropriate feedback mechanism
- Low bank charges
- Timely and accurate Treasury reports
- Management receives regular up to date and accurate financial information
- Ensuring that has enough money in the required currency to carry out its business, is financially viable, and not trading insolvently both in the present and near future
- Managing finances in such ways and manners that the various liquidity and financial ratios and objectives contained in the Financial Model are maintained
- Ensuring that there are adequate financial and treasury controls and procedures in place and that these are regularly reviewed with a view to minimizing risk
- Keeping up to date with changes in legislation which affect the organization financially e.g. accounting standards
- Taking the lead in appraising the financial risk of future/proposals and direct financial planning
- Delegating authority for receipt, disbursement, banking, protection and custody of funds, securities, and financial instruments.
- Perform other duties as assigned
- Minimized Treasury losses
- Treasury Standard Operating procedures
- Active participation in all Strategic Planning Sessions
- Minimized idle cash balances
- Good returns on idle balances
- Documented Investments policies
- Strict adherence to policies
- Accurate and Timely reports
- Good visibility on all “Red flag” areas
- Effective budgeting procedure
- Participation in budgeting process
- Reconciliation with Financial and Operating Budget
- Proper liquidity management
- Effective risks mitigation/hedging plans
- Active participation in Strategic planning
- Reduction in incidence of bad debts
- Periodic Debtors circularization
Education / Skills:
- B.Sc. / HND in Accounting, Finance. An MBA or M.Sc. in Finance is added advantage.
- Graduate with minimum of 7 years accounting post-qualification experience.
- Associate member of ICAN is a must: ACCA is added advantage
- Advanced knowledge of Nigerian GAAP, IAS, regulatory practices, and company policy.
- Excellent quantitative, analytical and problem-solving skills.
- Excellent planning, time management and organizing skills.
- Strong attention to detail.
- Demonstrated ability to present complex financials to executive leadership.
- Working knowledge of Microsoft Office products and advanced knowledge of spreadsheet and presentation software required.
- Knowledge and experience of financial ERP systems a plus.
- Experience with financial tracking and control aspects of project management.
- Familiarity with financial tracking and control tools and concepts
- Experience in Accounting unit in a Gaming firm is an added advantage.
Application Closing Date: Not Specified.