Financial Manager - Administration Department

SUMMARY:
Northern Suburbs Law firm based in Sandton seeks a Financial Manager for their Administration Department

POSITION INFO:

Job Description and Requirements:

Roles

The role of the Finance Manager is to ensure that business plans, goals and strategic objectives of the firm are supported with robust financial strategies and plans at strategic and operational level. It is to ensure that the firm complies with respective legal industry legislated and regulated requirements and practices in achieving business and financial objectives of the firm.

 A summary of duties and responsibilities is provided below as follows:

• Formulation and implementation of financial goals, budgets for the firm and the teams, setting annual charge-out rates for professionals, in line with strategic positioning of the firm and acceptable accounting practices;
• Provide strategic financial support and advice to the Management Committee and the practice manager to position the firm in the market and grow the business;
• Development of financial policies and procedures relating to financial management, budget, accounting, asset management and payroll functions;
• Ensure accounting and bookkeeping procedures are implemented on time in line with law firm accounting requirements;
• Ensure there are sufficient financial controls and governance on the firm’s financial transactions;
• Management of cashflows and ensuring that debtors and creditors are managed in line with the financial discipline policy of the firm;
• Ensure ongoing financial management and reporting in line with best practice, including preparation of management accounts (weekly and monthly financial updates) and financial statements and reports including annual reporting procedures;
• Review financial information with the Management Committee in order to address gaps as well as positioning in line with the firm’s strategies;
• Provide expertise to raise funding as and when required;
• Ensure cost control and provide ongoing feedback on the financial performance of the firm, ensure ongoing analysis and reporting on monthly fee earner, new matters and ability to make use of special financial tools to provide analysis on financial effectiveness of the firm, including but not limited cost of money;
• Ensuring that Client Trust Accounts are managed in line with Law Society Requirements as well as ensuring that  Professional Indemnity cover, professional registrations, and requirements for a functional legal firm are in place, tracked, and renewed on time to ensure smooth running of the firm;
• Management of investments entrusted to the firm in line with various prescripts and mandates associated with those investments;
• Ensure that that risk management and risk mitigation strategies including Insurance policies for the firm are in place and remain valid;
• Provide strategic financial advice on an adhoc basis on commercial negotiations with key clients or on matters as required;
• Ensuring that the regulatory requirements of all statutory bodies are met, including preparation and lodgement of Statutory returns such as VAT, PAYE and Income Tax;
• Directs the installation and maintenance of accounting records to show receipts and expenditures;
• Directs the maintenance of general and subsidiary ledgers, accounts receivable, revenue distribution, depreciation, cost, property, assets, inventory, payroll, operating expenses, and insurance records;
• Establish system controls for new financial systems and develop procedures to improve existing systems;
• Coordinate preparation of external audit materials and external financial reporting;
• Keep a close relationship with debtors ensuring that the debtors collection process is seamless, ensuring a healthy debtor’s book in line with the firm’s financial discipline policy; and
• Ensure sound relationship with banks, providing quick and accurate responses as and when required.

Experience and qualifications:

• Professional membership qualification (e.g. Professional Accountant PA(SA); Associate General Accountant AGS(SA); CIMA);
• B Com Accounting/Management Accounting/Bachelor of Accounting or Financial Accounting or similar qualification;
• 5+ years’ experience working for a Commercial Law Firm Experience working for a law firm and command a thorough knowledge of trust accounts, investment accounts, Legal Practice Act 28 of 2014 and Law Society rules;
• Experience working with Accounting software (Ghost Practice, Elite 4E, Ghost convey or other professional services accounting software);
• Monthly Management accounts, reporting, Financial statement preparation, Cash flow forecasting, budgeting, journals, reconciliations, tax returns and compliance;
• Strong on management of Debtors;
• Understanding of third-party obligations including but not limited to Advocates and Corresponding Attorneys;
• Advanced Microsoft excel skills; and
• Knowledge of Microsoft Office, Explorer internet software and Microsoft teams.
• Must be available to start immediately

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