Retail Financial Executive

6 days ago

Johannesburg, South Africa Adele Wint & Associates Full time

This role will oversee the functions and operations of the finance department, debtors, creditors, banking processes, cash flows. Responsible for the overall reporting.

KEY RESPONSIBILITIES & ACCOUNTABILITIES

Functions and operations of the finance department the incumbent will lead a team to oversee the following:
Debtors/ Accounts receivable function
- Monitor the collection of receivables
- Authorisation of credits to be passed
- Month end review of the deposits/receipts against cash/eft as banked by franchisees
- Maintain relationships with all Insurance companies and manage the Insurance department as a whole which includes oversight of all Insurance invoicing and collection of debts.
Creditors/Accounts payable
- Review of suppliers accounts on a monthly basis
- Managing and monitoring import payments against favourable foreign exchange rates and calculation of Forex gain and loss.
- Checking of all creditors reconciliation at month end and effecting payment thereof
- Overseeing the reconciliation of expenditure and deposits as paid to overseas suppliers and in particular paying attention to the prepaid deposits.
Banking
- Daily review of the main cashbook prior to it being posted onto the accounting system in order to detect any capturing and allocation errors
- Authorisation of weekly and monthly payments via the eft system
- Monthly analysis of cash and reconciliations of all tender types received by stores. (Cash, EFT, Credit card payments)
Financial accounting and reporting
Financial reports - Division of the Group
- Preparation of monthly income statements, balance sheet, cash flow statements.
- Reviewing of financial information and reporting to the CEO and Finance Director the reasons for the variances against budgets.
- Submission of management pack / financial reports / Exco pack & Board finance packs for regular management meetings
- Ensure financial reporting in line with internal company deadlines and annual SARS deadlines
Budgets (Income, expenses, capital expenditure, cash flows)
Preparation and submission of yearly budgets - Division of the group
- Oversee the capturing of the budgets per division on the accounting system
- All orders except for stock purchases are raised by the creditors department, thus communicating with accounts staff the importance of tracking and controlling expenditure against budget, this includes managing the monthly OTB allocations per department to ensure accurate cash management.
Forecasts
- Preparation and submission of income, expense and cash flow forecasts as required by CEO and Finance Director.
- Tracking on a monthly basis the actual results against the forecasts and effecting adjustments in line with changes in the retail buying patterns.
Accounting records and reconciliations
- Responsible for the maintenance of accounting records
- Responsible for the calculation, submission and payment of VAT via e filing
- Responsible for the calculation of provisional and final income tax and following up with auditors regarding submission of the returns. Checking all income tax assessments against submissions and querying any discrepancies as raised with the auditors.
- Daily preparation of cash flow and monitoring of main bank account balance in line with overdraft facility that is available
- Responsible for preparing special reports as required by statutory authorities e.g. Statistics SA
- Fixed asset register
- Responsible for the full maintenance of the fixed asset register
- Addition and disposals of fixed assets
- Additions of new categories, locations, depreciation methods
- Reconciliation on a monthly basis of the fixed asset against the accounting system
- Reviewing the manufacturing purchases of gold against the gold register to ascertain completeness
- Human resource
- Review of capturing of the payroll information onto the accounting system due to sensitivity of this information
- Review of the leave pay provision
- Reconciling staff loans against deductions, ensuring that staff loans as advanced have been captured by HR dept
- Reviewing all medical aid, provident fund, garnishee, casual wages and salary disbursements
- Reviewing PAYE submissions and effecting payment on e-filing
- Stock
- Assisting buyers with complex cost calculations on certain jewellery items
- Reviewing the purchase orders against budgets and cash flow availability
- Authorisation of all stock adjustments and stock write offs
- Track and monitor import payments as and when due against foreign exchange rates.
- Review GP percentages and follow up with merchandising head.
- Assisting in the planning and execution of stock takes, reviewing variances if any.
- Year-end audit (AK and Group)
- Preparation of the audit pack for auditors
- Direct involvement and feedback to the auditors
- Reporting disclosures in line with Accounting standards and statements

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