Finance Manager at Natural Extracts Industries

Finance Manager

Natural Extracts Industries Ltd

Accounting, Auditing & Finance

Arusha & Moshi|Full Time

Manufacturing & Warehousing

Job Summary

NEI is looking for a Finance Manager to oversee overall finance operations and liaising with senior stakeholders such as Board Directors

Minimum Qualification: Bachelor

Experience Level: Senior level

Experience Length: 6 years

Job Description

• Overall responsibility and accountability for the Finance Function, including the team, contractors and service providers who conduct financial accounting for the company, including branches and subsidiaries (both domestic and foreign), and complying with International Financial Reporting Standards (IFRS).
• Responsible for implementing and enhancing the internal organization processes of the finance team and how the team integrates with other teams.
• Oversees reporting and monitoring of organizational performance metrics;
• Manages the planning and implementation of finance activities which includes oversight of budgets, grants, operational plans, reporting, forecasting, and procedural and financial compliance.
• Ensures efficient management and utilization of resources in accordance with applicable NEI and donor policies and procedures, such as:
• Ensuring proper budgeting, expenditures tracking and audit of financial resources in accordance with investors/donors rules and regulations.
• Ensuring compliance with investors/donors rules, government regulations and policies, and international accounting standards, and internal corporate policies and procedures,  as regards to operational issues such as financial accounting and management, vendor selection, procurements, contracts and grants, inventory management, etc. This includes but is not limited to:
• Managing relationships with banks and the Tanzania Revenue Authority (TRA);
• Managing financial assets and Company investments;
• Managing payroll and consultant payments, and other regular payments including TRA (PAYE, WHT, SDL, VAT) and other regulatory bodies like NSSF, WCF, TBS, TMDA, OSHA, NEMC, District Councils, etc.
• Preparing monthly, quarterly and annual financial statements/reports (including those for the Board of Directors);
• Coordinating with the auditor to prepare annual statements and submitting the same to TRA;
• Managing and pre-empting corporate risk, inclusive of insurance;
• Staying abreast of updates on government policies and legislation, particularly monitoring publications on Tanzania’s Official Gazette and publications from prominent auditors;
• Improve the operational systems, processes and policies in support of the objectives of the company, including keeping updated manuals for financial policies & procedures and accounting.
• Manage day to day processing of all accounts (incl. receivables and payables); produces reports as requested. All recording shall be done on the company’s ERP system (KPI.com) and with physical (hardcopy) and scanned (softcopy) files of all relevant records;
• Oversees the management and coordination of all fiscal reporting activities for the company including company’s revenue/expense and balance sheet reports, taxation and statutory reports, reports to investors/donors, development and monitoring of organizational and contract/grant budgets.
• Develops and maintains systems of internal controls to safeguard financial assets of the company, including but not limited to:
• Ensuring value-for-money and cost-effectiveness, across all aspects of the company;
• Controlling of inventory and stocks, including raw materials and general inventory orders, record keeping and warehousing; and conducting monthly physical stock audits, explaining differences and accounting for these in the ERP system;
• Monthly bank account reconciliations;
• Monthly control account balance reconciliations (e.g., cash accounts, payables, receivables, payroll accounts, tax & statutory accounts, etc);
• Monthly reconciliation of customer sales accounts (invoices) and related VAT;
• Oversees all internal and external financial audits of the company; coordinates activities of independent auditors ensuring all compliance issues are met.
• Ensures that substantiating documentation is approved and available such that all transactions may pass internal and external audits.
• Oversees cash management processes, including liquidity management, recommendation of imprest levels, risk assessment, bank relationship management; timely accounting and reconciliation of all transactions, security for cash assets on site, etc.
• Routinely monitors financial exception reports for unusual activities, transactions, and investigates anomalies or unusual transactions.
• Coordinates responses to requests for financial information in a timely manner regarding company’s challenges, consultant, subcontractor or project issues, or changes to work plans or budgets.
• Oversees the maintenance of the registry of all fixed assets, assuring all are in accordance with regulations.
• Follow, without exception, all health/safety rules and quality control measures as per the Company’s Quality Management System, including all Standard Operating Procedures (SOPs);
• Furthering the company mission: to become a leading African manufacturer of premium natural flavour products for the global food markets, while providing sustainable, increased income for smallholder farmers;
• Adhering to and instituting the company values of Integrity, Passion, Creativity, Inclusivity and Sustainability;
• Any other duties as may be required from time to time by the management team or the Directors.

Desired Qualifications & Experience;

• Bachelor’s degree or equivalent in Finance and/or Accounting with deep knowledge of International Financial Accounting Standards (IFRS) and accounting in a manufacturing context.  A Master’s degree in business administration, finance, or accounting, will be desirable.
• A member of the National Board of Accountants and Auditors (NBAA) with CPA/ACPA certification.
• A minimum of 6 years of  experience in a senior/managerial finance role, with at least 4 years managing a finance team, and with experience liaising with senior stakeholders such as Board Directors and the CEO/MD; preferably within manufacturing and agribusiness companies.

Required Knowledge, Skills, Abilities

• Experience working with and managing foreign investors and/or donors would be an asset;
• Technical Competencies — Governance, Risk and Controlling, Accounting, Tax regulations, IFRS;
• Highly skilled (to an advanced level) in computer productivity packages such as Microsoft Office (particularly Excel and Word), Google G Suite and ERP systems;
• Demonstrated knowledge in financial planning and management, operational management  and with proven management skills;
• Demonstrated experience and skills in developing and managing budgets, managing compliance, and instituting and enforcing financial policies and procedures;
• A successful track record in setting priorities; keen analytics; organizational management; ability to work under pressure and meet tight deadlines; excellent report-writing, communication and problem-solving skills which support and enable sound decision making;
• Strong interpersonal and team-building skills with significant experience building strong host to other teams

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