Financial Director (Manufacturing/electrical)

Minimum requirements:

  • Com (Hons) in Accounting / CIMA / [CA (SA) MUST
  • Manufacturing expereince
  • Minimum 5 years’ experience within a senior financial reporting role onto the executive board
  • Advanced Excel Knowledge
  • Moderate Word and Powerpoint skills

Strategy.

  • Provide strategic recommendations to the CEO and business MD’s based on financial analysis.
  • Participate in strategic planning processes as an integral member of the senior management team.
  • Identify areas to improve business performance and assist the CEO to optimise profitability and return on net operating assets.
  • Analyse strategies used by competitors and identify opportunities.

Commercial support.

  • Ensure appropriate legal review of contracts in conjunction with the appropriate management and or Hudaco.
  • Work with the Hudaco insurance department to ensure that the appropriate insurance cover is in place for the business at all times.
  • Ensure that the businesses meet their legal responsibilities and the group corporate governance requirements.
  • Provide support and guidance to management and staff.
  • Responsibility for the warehousing / logistics function at Powermite by ensuring effective stock control, floor planning and best practice business processes are implemented by the warehouse manager.
  • Be involved and take responsibility for certain aspects relating to acquisitions of additional businesses and streamlining of existing businesses.
  • Be involved with manufacturing businesses in calculation of machine/ labour rates, effective costing and measurement, business processes, efficient workflow and reporting.

Systems Development, implementation and control.

  • Take responsibility for the on-going improvement of financial, tax, HR, IT and operational systems at all operations. This will require gaining the respect and enlisting the assistance of persons not reporting directly to you and discussing proposed changes to operational systems with senior management and obtaining their agreement and support.
  • Take overall responsibility for the IT function, ensuring that it meets the operational efficiency requirements of the businesses to facilitate excellent customer service and that it and the surrounding processes provide the required internal controls necessary.
  • Responsibility for the upgrading of the manufacturing IT systems onto Microsoft AX.
  • Develop appropriate reporting systems, financial and operational to assist the management and staff to make better decisions. Mentor and coach others to see the benefits and utilize these reports.

 

Foreign Exchange Management.

  • Ensure that the processes and accounting methodologies are in place to properly control the management of foreign transactions, including forward cover management and correct costing of incoming goods in terms of the accounting standards adopted by the group.
  • Ensure that the necessary monthly reporting to Hudaco regarding foreign exchange transactions is done and that appropriate cover / hedging is done in line with the approved policy.

 

Budgets.

  • Oversee the preparation of operational budgets by the individual company financial managers for each of the branches or departments making up the division.
  • Preparation of a consolidated budget for the division, eliminating inter business sales, unearned profit on stock transfers, inter branch accounts etc and consisting of a detailed income statement and Balance sheet in the group format.
  • These budgets are prepared in September / October each year in respect of the year starting 1 December. They are revised in March / April of each year.

 

Monthly Financial Reporting. (MFR’s).

  • Supervision of the financial managers in each business and operational personnel to ensure that proper books of account are kept at a high standard.
  • Supervision of the financial managers in the preparation of operational MFR’s for each of the businesses making up the division.
  • Preparation of a consolidated MFR for the division, eliminating inter branch sales, unearned profit on stock transfers, inter branch accounts etc and consisting of a detailed income statement and Balance sheet in the group format, showing comparisons to the budget and the previous year.
  • The principle in the Hudaco Group is that the MFRs should be of the same standard as year-end audited numbers and should be capable of being audited on short notice and be compliant with IFRS. Each month end is in effect a normal financial year-end except external auditors are not present and stock takes do not necessarily take place.
  • The time limits are very tight. Consolidated results for the Division will need to be at Hudaco on the dates set out, which are about 7 working days after the month end.

Accounting Reconciliation’s.

  • Each and every month all balance sheet accounts have to be reconciled to ensure correctness and queries followed up and cleared during the following month. This would include reconciliations of the stock ledger, goods in transit, debtor’s ledgers, cashbooks and any other listings to the general ledger. Schedules explaining make up of all balance sheet accounts are also done.
  • The CFO is expected to review all of these monthly together with the financial manager responsible for that business, take appropriate action to correct problems, implement the necessary system or process changes to prevent the problem reoccurring and sign as evidence of having checked the recons.
  • Every month, the schedules required for the year-end financial statements are built up so as to facilitate the year-end audit process. These include financial details required by the Auditors or the Tax Authorities, such as break-ups of repairs and maintenance as well as information required for IFRS or stock exchange requirements, such as sales by industry segment, Black Economic Empowerment purchasing etc. The CFO is to ensure that business financial managers are doing this and is required to review these recons monthly.

Internal Controls and Compliance with Group Policies.

  • The CFO is responsible to ensure that proper systems of internal control operate in all areas of the various businesses. This includes proper division of duties and the operation of systems that enhance productivity and minimize the risk of error or misappropriation.
  • Full compliance with Group policies.
  • Ensure compliance with all legislation relevant to the business. (Competitions act, tax legislation, Vat, customs duty, PAYE etc.)
  • Ensure statutory returns are submitted on time.

please send cvs to joanne@abantusa.co.za or roslyn@abantusa.co.za