The Change Accounting Team requires commercially minded individual to prepare and process Journals, Reconciliations, Management Accounts and Annual Financial statements to ensure accurate, timely and value adding reporting of Business Unit’s (BU) financial performance and position.
Self stater with the ability to work in a fast paced environment, multitask, add value and use initiative is key to being successful in this role.
Accountability : Month end accounting and reporting
Prepare and submit the monthly balance sheet and income statement for submission to Group Finance on a monthly basis, including submitting all over the top journals on the Analyst system
Perform checks and balances to ensure that the accounting and reporting process complies with Absa's Group financial policies and procedures e.
g. Absa Group Finance timelines
Prepare the quarterly supplementary and maturity schedules for submission to Group Finance in order for them to utilise the information for reporting externally
Validate the financial reporting pack and submit to Group Finance on a monthly basis in order to attest that the balance and income statement is correctly disclosed
Analyse and review preparation of the Bank Acceptance (BA) reports together with adjustments, variance analysis and commentary on a monthly basis and as required on a quarterly basis
Check monthly BA returns and compare them against income statements and balance sheets to ensure accuracy of information both monthly and on a quarterly basis
Prepare the BA attestations for sign off by Chief Operating Officer (COO) and Head of Business Unit (BU) for submission to Group Regulatory reporting on a monthly basis
Update disclosures to be in line with changes in accounting standards.
Oversee and manage the accounting process flow and work with the Administration team to ensure that the accounts are reconciled daily.
Follow up and ensure that all discrepancies and normal deposits shortages and surpluses procedures were followed.
Accountability : Financial Planning
Create the following budgets from a zero base : Revised Annual Forecast (RAF), Medium Term Plan (MTP), and Short Term Plan (STP).
Manage the planning processes to ensure that the budgeting process is planned and driven and in compliance with Absa and support business strategies
Meet with relevant stakeholders to prepare the relevant assumptions for the RAF, MTP and STP, this pertaining to forecasts and budgets
Prepare the assumption sheet to support the forecasts and budgets for the BU (RAF's, MTP's and STP)
Prepare comparative Income Statements between STP, RAF and MTP, forecasts based on historical information drawn from the Financial system or Management Information reports
Approve and submit financial planning documents in line with company deadlines
Accountability : Journals and Reconciliation
Prepare and process all accounting journals in accordance with the journal policy, checking that all journals have valid supporting documents
Keep copies of all journals processed, including journals processed at the central processing department and Over The Top (OTT) journals
Prepare reconciliations for all accounts on the General Ledger Control Framework (GLCF) attaching valid supporting documents e.
g. signed journals, remittance advice for payments made, calculations signed off by an authorised manager, amortisation schedule per the Effective Interest Rate (EIR) model, etc.
to each reconciliation
Agree reconciliations to the GL, investigate un-reconciled balances and discuss un-reconciled amounts with the Head of Finance for sign off
Accountability : People Management
Manage a team of Financial administrative assistants to ensure effective delivery accounting service
Develop a high performing team by embedding formal performance development and informal coaching. Encourage frequent knowledge sharing between team members.
Determine and analyse development needs for the team and ensure that identified training requirements are budgeted for and executed.
Establish and maintain a succession plan for the team.
Interview and recruit new members of the team, including determining appropriate compensation levels with input from Human Resources.
Create effective workforce and recruitment demand plans to ensure that current and future business requirements can be met.
Plans should be revised at least twice a year.
Review and update the department’s organisation structure and role description on at least an annual basis to ensure that they are fit for purpose and contain all the accountabilities of each team member.
Motivate to and obtain approval for any additional headcount for the team.
Approve leave requests for team members and create leave plans to ensure adequate coverage.
Monitor overtime and ensure that it is kept to a minimum. Report excessive overtime to management and create plans to address the issues.
When required, initiate disciplinary processes for team members calling on support from Human Resources when required.
Resolve grievances raised by team members and escalate only if required.
Address poor performance of any team member through the formal Performance Accelerator programme and ensure that continued poor performance is appropriately dealt with.
Motivate team members and ensure that their efforts are recognised.
Participate in the creation and implementation of Employee Opinion Survey (EOS) actions for the Cash Division
Coordinate all human resource related issues to ensure full compliance with all HR policies
Education and Experience Required
CA / CIMA required
3-5 years’ experience Accounting experience (Product Control / Financial Control or Group Functions are preferred)
Five (5) years’ experience in the reconciliation of accounts
Knowledge & Skills :
Analytical and troubleshooting skills
Attention to detail
Ability to work under pressure and adhere to strict deadlines
Persuading and influencing
Applying expertise and technology
Presenting and communicating information
Planning and organizing
Creating and innovating
Writing and reporting
Relating and networking