Main purpose/ objective
This position will provide proactive support to the Financial discipline and
CFO on ensuring delivery of objectives combined across the areas of Financial Accounting and Treasury, Payroll, Assets Management, Financial statements preparation, tax compliance and external audit. This position will manage longer and shorter-term financial projects with responsibility for planning, overseeing and leading projects from idea through to completion. The position will manage progress of responsibilities flowing from the annual reporting calendar together with the CFO. The position will provide support for financial policies and procedures. The position will identify and grow third stream income opportunities, financial stewardship and sustainability within the South African Higher Education sector. Finally, the position will lead in the financial governance renewal components of the 2022-2026 strategy, with a focus on financial governance processes and controls.
Key job functions
- Group financial reporting/external auditing
- Key financial operational and statutory reports prepared namely annual report, mid-year report, annual performance plan, governance reports to the CFO, Management Executive Committee (MEC), Audit and Risk Committee and Information technology Committee (ARITC), Finance and Procurement Committee (FAPC) and Council.
- Management of annual financial statements and consolidation processes, manage relationships with auditors, bankers, DHET, donors and other relevant external stakeholders.
- External audit findings are responded to appropriately, that mitigating controls are implemented in the following year and that the incidence of repeat findings is decreased.
- Ensure University responses to External Auditors findings are coordinated and completed within appropriate timeframes. Utilise the knowledge base to make management aware of opportunities and risks.
- Ensure that the Annual Financial Statements are prepared, audited with an unqualified report and are submitted to the DHET within agreed deadlines on an annual basis or ad-hoc basis.
- Ensure that all aspects of the financial reporting responsibilities for the University are properly planned, coordinated, managed and executed to meet expectations and deadlines.
- Well-developed, appropriate and evolving system for reporting and forecasting.
- Attend group entities audit committees, management committees and board meetings to ensure financial accounting/reporting and risk matters are properly addressed from the group position.
- Corporate financing, financial analysis and modelling
- Compile key business metrics and report them to senior management;
- Review/ analyse the Income Statement and Balance Sheet on a regular basis to identify any anomalies and ensure investigated and corrected;
- Provide objective and comprehensive analysis of financing/investing alternatives for consideration by CFO, senior management and FAPC;
- Funding models- financing evaluation models to compare the best financial institution for financing of a huge capital expenditure projects for the University.
- Financing/debt compliance- carry out financial analysis to ensure that new funds raised do not breach the statutory debt levels and that appropriate approvals are obtained. Monitor debt covenants to avoid any adverse financing costs;
- Manage the raising of external long- term borrowings and gap finance for short term needs;
- Ensure loans are repaid on time per the funding schedules to minimise interest cost to University;
- Prepare loan proposals documents for new financing requirements for presentations to internal governance structures and funders/bankers; and
- Ensure loan/instalment sale agreements are signed and updated accordingly and implemented.
- Support and work with the Financial Accounting and Treasury Manager Accounting to ensure the section delivers on its objectives and is appropriately supported in its work.
- Support and work with the Assets Manager to ensure the section delivers on its objectives and is appropriately supported in its work.
- Support and work with the Payroll Manager to ensure the section delivers on its objectives and is appropriately supported in its work.
- Support and work with the Deputy Director Finance to ensure the section delivers on its objectives and is appropriately supported in its work.
- Review monthly Key Performance Indicators (KPIs), ensure policies and processes are appropriate and reviewed on a regular basis and monitor all ratios.
- Ensure that all creditors and payment requests are paid on time.
- Ensure that all creditors reconciliations are completed monthly and that all queries are resolved timeously.
- Approve some payment batches for suppliers and payment requests, by reviewing and test checking for overall accuracy and integrity.
- Ensure that all bank accounts are reconciled timeously and that outstanding queries are resolved within a reasonable time period.
- Ensuring that at all times the cash needs of the University are met, that creditors and salaries are paid on time.
- Safekeeping and control of the University assets and to ensure proper record keeping of the assets. To ensure that all university leases are accounted for in accordance with IFRS standards.
- Ensure the proper insurance practices are followed for all university assets. To ensure proper recording and disclosure of assets into the annual financial statements.
- Financial compliance/governance/risk management
- Ensure that new processes are rolled-out to all affected areas and ensure that the change management imperatives are addressed in line with the University’s standing orders and the relevant compliance legislation.
- Financial risk is managed and exposure at appropriate agreed levels is maintained and understood by the Finance team.
- Ensure that financial policies and procedures are compiled and implemented within an acceptable corporate governance framework.
- Review all financial policies and procedures prior to recommendation for approval.
- Ensure that new processes are rolled-out to all affected areas and ensure that the change management imperatives are addressed in line with the universities standing orders and the relevant compliance legislation
- Ensure implementation and reporting of the key reports: Finance Turnaround Plans forming part of Institutional Turnaround Plan, Close out Reports Tracking Templates on Governance, Audit and Finance and EY Governance Reports.
- Designing a Finance risk register and risk mitigation plan.
- Specific Finance assignments/project management
- Overseeing CFO identified projects and monitoring plans to ensure deadlines are met ensuring projects stay within budget and work is up to standard.
- Manages both longer and shorter-term projects
- Leading of identified project planning sessions
- Coordinating staff and internal resources on projects
- Managing project progress and adapt work as required
- Ensuring projects meets deadlines
- Managing relationships with clients and stakeholders identified by the project
- Development of project dashboards to enable tracking and actioning thereof.
- Finance capacity development and automation
- Lead the process of filling vacancies in own area and training and development of the finance talent.
- Develop a finance resourcing and succession planning to enable at all times the Unit is resourced with capable and well-trained staff members.
- Continuous liaison with the CFO office and finance units on the development of the finance training needs and strategy and reporting on the actual performance against targets.
- Responsible for overseeing the implementation, maintenance, and review of financial systems and also provide support in the automation, development, and optimisation of financial application systems.
Minimum Requirements
Qualifications and experience
- BCOM Honours (finance/accounting related degree), CA (SA) or Masters in Accounting /MCOMPT
- Minimum of 10 years’ working experience in Finance/Audit/Tax environment in a large and complex organisation.
- Proven 3 Years’ experience working as a Financial Accountant/Manager or in a commercial /technical accounting environment.
Skills and competencies – The following are additional skills and competencies for the position:
- Public Sector or Higher education experience an added advantage.
- Relevant Enterprise Resource Planning (ERP) systems
- Expert knowledge in the use of financial software ERP applications, databases, spreadsheets, and/or word processing. Packages include: Microsoft Outlook, Excel and Word.
- In-depth knowledge of financial accounting, IFRS, financial regulations, compliance and financial reporting.
- Ability to work in a complex environment with multiple tasks, tight deadlines and intense pressure to perform.
- Excellent oral and written communications skills.
- Strong leadership skills, as well as skills in facilitation, team building and coordination
- Ability to coach, mentor and develop technical financial capacity
- Experience managing a team and motivating team members.
- Understanding of management principles and how to create a sense of a team.
CLOSING DATE: 7 March 2022
To apply: Interested applicants who meet the criteria are invited to:
- Upload your application with COVERING LETTER CLEARLY INDICATING THE POSITION YOU ARE APPLYING FOR, with a complete CV, proof of remuneration and three work-related referees
- No faxes or walk-ins (hard copies) will be accepted.
- Applicants are urged to ensure that their applications reach the Human Resources Department before the closing date. Late applications will not be considered
- Failure to comply with the above directions will result in the application being disqualified.
Note: Correspondence will be conducted with short-listed candidates only. Foreign qualifications must be accompanied by an evaluation certificate from SAQA.
Queries can be directed to Ms. A Sonjica on and The University reserves the right NOT to make a permanent appointment at this stage. University of Fort Hare is an equal opportunity and affirmative action employer. Pursuant to complying with the Employment Equity Act No.55 of 1998, when appointing preference will be given to applicants from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile.
