Finance Manager (6 Months Contract)

SUMMARY:
JOB PURPOSE:

To implement the INSETA’s financial strategy and operations by providing oversight and guidance in the execution of financial 
activities INSETA by managing working capital, assets and liabilities, managing expenditure and revenue which comply with internal and external legislative and operational compliance requirements.

POSITION INFO:
EDUCATION,SKILLS AND EXPERIENCE:

Minimum Requirement:

• Grade 12 (or equivalent) and:
• NQF 7 Bachelor’s Degree in Financial Accounting or related field ( or equivalent)

• BCom Honours/ Post Graduate Diploma in Financial Accounting or equivalent similar qualification plus articles in accounting completed.

• Professional registration with an appropriate accounting body (e.g. CIMA ,SAICA,SAIPA,IRBA)

• A minimum of 5 years’ proven experience in Financial Management and Accounting at management level is required.
• A minimum of 5 years CaseWare experience.
• Applicable experience in the Public Sector environment including knowledge of PFMA and GRAP reporting framework.

• A minimum of 8 + years in financial management and financial accounting at management level is preferred.
• Applicable experience in the Public Sector environment including knowledge of PFMA and GRAP reporting framework.

• Computer literacy (Especially Excel)
• Knowledge of relevant legislation within the SETA environment
• Ability to do trend analysis and advice thereon
• Strong financial skill
• Good communication skill
• Ability to interpret data and convert data to management information
• Problem solving skill

• Implement the financial management strategy / long term financial plan to ensure the effective execution and continuity of full financial management services in INSETA and formulate and implement the consolidated finance functional operational plan, aligned to the roadmap.
• Formulate financial management policies based on the financial strategy and conduct regular reviews to ensure adherence to best practice and certify compliance, including regular reviews of financial management delegations of authority.
• Give inputs to the measurement and review of performance and achievement of INSETA financial strategic and operational objectives (including causes of deviation).
• Support the Chief Financial Officer in the development of strategies to expand organisational revenue with new and diverse funding sources i.e., through research and identify and unlock new and / or alternate funding opportunities.

• Develop or Review and implement accounting policies in line with the legislative guidelines and the relevant financial reporting framework.
• Manage statutory compliance through submission of all periodic returns and reports to DHET & National Treasury by the legislated dates.
• Development or Review and implementation of financial policies.
• Manage and lead the implementation and regular review and updates of financial standard operating procedures and processes.
• Implement and maintain internal control systems and processes to safeguard financial assets of the INSETA and implement funding allocation of programmes and goods/ services as per the financial strategy /long term financial plan and MTEF.
• Give inputs to financial process improvement initiatives and help identify cost saving opportunities and implement processes to achieve efficiencies, best practice and standardisation.
• Preparation of interim and annual financial statements
• Daily, weekly, and monthly review of all accounting records
• Oversee effective document management processes.
• Preparation of monthly payroll journals for recording of the payroll expenditure in the general ledger
• Establish financial procedures and spearhead the development, implementation and continuous optimisation of financial processes such as, but not limited to, debt collection, budgeting, month-end-closures, etc.
• Actively identify opportunities, systems and processes to automate financial transactions.
• Manage and lead all initiatives to address internal control deficiencies identified by assurance providers including internal and external auditors

• Review of all expenditure transactions ensuring that payments to be made are valid, accurate and complete.
• Designing processes and controls to ensure that payments are made within reasonable timeframes.
• Review of payments for correct classification of between the relevant segments of administration, project administration, discretionary and mandatory grants and/ or capital expenditure.
• Approve supplier and creditor payments in line with the approved delegations of authority.
• Monthly review of supplier reconciliations and weekly review of aged listing to prevent transactions from ageing beyond thirty days payment period.
• Review of all expenditure and liability reconciliation/s to the accounting records.
• Review of updates to supplier master data
• Lead the financial operational activities such account reconciliations, journal and General Ledger processing, trial balances, monthly and annual system closures in accordance with accounting requirements.
• Manage the recovery of credit notes, disallowances and subsistence and travelling allowances.
• Overseeing the management of petty cash and travel claims or advances.
• Manage the payment and reconciliation of all payroll related expenditures.
• Monthly review of payroll reports in preparation for salary payments

• Manage the effective and appropriate collection of all money due to the INSETA, reconcile and report on all sources of revenue
• Manage the allocation, reconciliation and banking of revenue
• Review of weekly bank reconciliations and petty cash count reconciliations
• Determining cashflow forecasts and projections requirements.

• Monitor and manage INSETA’s investments in a manner that complies with the applicable legislative prescripts and organisational policies, to ensure optimal return on investments, including: Identification of excess financial resources
• Analysis of available investment options and selection of the most
• Review month-end financial closure, reconciliations and related analysis of all accounts and verify the submission and monthly reconciliations of any statutory returns. investment option and institutions
• Reporting against investment performance
• Making recommendations to enable optimal investment management appropriate
• Monitor and manage the achievement of asset and inventory management objectives.
• Asset accounting treatment adheres to the generally recognised accounting practices (GRAP), considering principles such as the identification, recognition and measurement of assets, the determination of their carrying amounts and the depreciation charges to be recognised in relation to them, as well as calculating recoverable amounts where impairment test is carried out.
• Accounting for the disposal of assets is accurate.
• Ensuring that the fixed assets verification and update of fixed assets register is undertaken on a regular basis as per the finance procedures.
• Ensuring monthly inventory counts are undertaken.

• Responsible for development of the INSETA long term financial plan and medium-term revenue and expenditure budget, cash flow forecasts for both operational and capital expenditure requirements in support of the organisational Annual Performance and Strategic plans
• Responsible for the annual INSETA budgeting process, managing alignment of the budgets to the financial strategy and objectives of INSETA
• Oversee the preparation of the INSETA original and revised budget as part of the organisational strategic planning process.
• Manage and report on budget allocations at an organisational and departmental level, together with relevant commentary, explanations and recommendations.
• Responsible for monitoring and reporting on utilisation of administration budgets through the administration budget variance analysis report submitted as part of monthly financial management report

• Analyse monthly and quarterly expenditure reports for all accounts and Divisions and submit information to the relevant Divisions.
• Review any financial reports and statements for financial analysis, forecasting, trending and results analysis, including supporting schedules.
• Manage compilation of the monthly and quarterly financial reports.
• Manage preparation of the interim and annual financial statements in accordance with generally recognised accounting practices (GRAP) and the PFMA, including notes and supporting schedules and submit to the Chief Financial Officer on time.
• Ensure all statutory financial reports and submissions are made on time and accurately.
• Manage and report on levy income.
• Manage and report on all other sources of revenue.
• Manage the audit process through effective coordination and preparation for financial audits and prepare reports regarding audit findings, outlining discrepancies and recommending corrective actions
• Implement appropriate reporting practices in line with GRAP and PFMA regulations.
• Support the analysis and interpretation of financial results
• Report on Financial Performance to the CFO through reparation and submission of monthly management accounts
• Report on monthly administrative expenditure against approved budgets
• Timeous progress reporting on action plans against reported internal/ external audit
  findings
• Review the quarterly financial performance reports to National Treasury and DHET and any other ad hoc financial reports requested from Inseta
• Maintain effective relationships with internal and external stakeholders, to drive the
  provision (including responsibility) of financial information and support to all relevant
  stakeholders.
• Give input to the development of proposals to obtain strategic partnerships and support the Chief Financial Officer in managing existing agreements with external entities such as industry, government, universities, and international partnerships.
• Responsible for resolution of stakeholders concerns and queries relating to any financial
  management, reporting and accountability matters.
• Build INSETA’s credibility and reputation in the sector.
• Ensuring stakeholder satisfaction on service delivery related matters
• Lead and develop staff within the context of the Labour
• Relations Act, Employment Equity Act, Basic Conditions of Employment Act and the Skills Development Act.
• Unite employees around the INSETA values and personally demonstrate the values in everyday behaviour.
• Ensure that the correct number, appropriately competent people are timeously appointed to meet the Division’s objectives.
• Build and maintain a positive, empowering, performance-driven culture within the Division:
• Ensure all employees in the Division are clear on their own role, and the expectations of successfully fulfilling the role.
• Ensure that each employee has a line of sight as to how they personally contribute to the INSETA’s and the Division’s mandate, purpose, vision, and mission.
• Ensure all employees in the Division have a mutually agreed, signed performance contract.
• Monitor staff performance and provide regular feedback.
• Conduct regular performance discussions with subordinates.
• Coach and support staff where necessary to achieve set objectives.
• Motivate and inspire employees to deliver on and exceed expectations.
• Ensure all employees in the Division have access to the information, equipment, job aids, tools, processes, SOPs, policies and other resources to successfully fulfil their role.
• Promote cross-divisional support and teamwork to break down silos and to harness multidisciplinary knowledge, insights and skills.
• Manage staff activities, ensuring service levels are met and protocols are adhered to, e.g.,
• Manage staff leave and general time management issues in line with organisational deliverables and standards.
• Lead Divisional project management teams to achieve functional objectives.
• Manage and deliver on succession plans to enable the development of a future generation
  of leaders and specialists and ensure optimal turnover and retention levels are maintained.
• Ensure that all employees in the Division have an active, needs-driven PDP supported by the INSETA and champion staff training and development through the utilisation of
  available training opportunities or contributing to the development of new training solutions.
• Maintain optimal employment relations in area of responsibility and follow labour relations policies and procedures to ensure fairness.
• Lead the team towards meeting the strategy and targets through regular communication and utilisation of the full organisational talent management tool set:
• Establish regular (at least monthly) team and one-on-one meetings (between self and direct reports, and managers and their direct reports) within the Division to provide
  feedback, share information and build morale.