Position: Senior Accountant - Treasury & Cash Management

Job Time: Full-Time

Job Type: Permanent

Place of Work: Addis Ababa, Addis Abeba - Ethiopia

Posted date: 7 hours ago

Deadline: October, 30/2024 (7 days left)

Role Purpose

• Efficient management of cash, funding, and financial risk across group companies in line with approved policies. This includes secure investment of cash resources as well as providing or securing the financial resources required by Safaricom and its subsidiaries to meet their business objectives in a timely, cost-efficient, and secure manner.

• Efficient management of all treasury operations including forex and cash management; ensuring the company has the best banking products and services for its operations; responsibility for all banking relationships; accurate cash flow forecast reporting.

Key Accountabilities and Decision Ownership:

• Review budgeted cash flow forecasts and monitor ongoing liquidity requirements across the organization and its companies

• Ensure preparation of daily bank reconciliation of all the bank accounts maintained by the company and implement auto bank reconciliations for all the bank accounts when availed.

• Ensure timely resolution of issues to do with the transmission of data between the bank and download into the Oracle application

• Ensure data on actual revenue cash receipts, revenue expenses, and capital expenditure are captured accurately to be utilized in the preparation of the cash flow actual for comparison to forecast

• Ensure timely and accurate monitoring of all payments made to the bank via the electronic payment solution and ensure charges levied are as per contract terms with the solution provider

• Explore techniques (available options) and potential sources of funding to finance business plans

• Ensure that funding sources are both diversified and compliant with regulatory and treasury policies; build and maintain relationships with banks and other lenders

• Ensure capital structure is aligned with both business and financial strategy.

• Provide information requirements needed to maintain good investor relationships

• Analyze and interpret all financial risks and employ measures to mitigate them. With a specific focus on:

• Interest Rate Risk

• Foreign Exchange Risk

• Counterparty Risk (Bank risk assessments)

• Carry out an annual review of group Treasury policy (a) to ensure full alignment with Safaricom group policy and (b) to strengthen or reformulate the policy if necessary (based on operating feedback)

• Ensure divisional/departmental policies and procedures, systems, and controls are always updated and aligned with group treasury policy

• Ensure that all treasury transactions are timely and accurately recorded.

• Liaise with business units and FBPs on (a)major funding issues (b). Manager and EHOD on critical projects (c) Relevant external stakeholders as required.

• Implement treasury policies that clearly define the Treasury operations namely for forex, cash management, banking procedures, and cash forecasting that conform with best practices within the Group

• Ensure and monitor the adherence to the laid down procedures for approval of the transactions, generation of payments, checking, and transfer of the electronic files are strictly adhered to, and report any breach of any part of the process to management. This should cover the application IT security policy requirements

• Preparation of cash forecast on an agreed periodic basis and approval by Financial Management

• Report variances and explain them between forecast and actual cash flow to measure the level of forecasting accuracy

• Identify treasury issues within M&A and other projects, recommending commercially and financially viable solutions

Core competencies and knowledge:

•  Knowledge of financial and regulatory environment and exchange control.

• Knowledge of company law- legal agreements, loans, bank facilities, share purchase agreements, etc.

• Ability to interpret treasury policies and financial statements

• Knowledge of investment portfolio strategy, banking, and financial instruments

• Knowledge of tax (Local and cross border)

• Knowledge of governance and compliance procedures.

• Understanding derivatives.

• Advanced analytical, organization, and interpersonal skills.

• Excellent collaboration, verbal, and written communication skills.

• Able to break down problems into meaningful parts and come to rational and well-thought-out conclusions.

• Demonstrated strong project management skills.

• Attention to detail and accuracy.

• Interested in process improvement.

• Willing to adapt quickly to quick changes in direction.

• Internally motivated to seek out answers, generate ideas, and develop new skills.

Job Requirement

Education & Experience:

• Qualified Accountant CPA /ACCA/CIMA/ACA and a member of a professional body with a finance or related Honors degree from a recognized university

• 3-5 years of accounting and treasury experience in a well-run company

• 1-2 years (s) at a senior staff level with extensive experience in treasury operations such as bank reconciliations, managing multiple bank accounts including retail collection accounts

Key Performance Indicators

• Monitor compliance and ensure nil incidents of non-compliance.

• Apply and enforce treasury controls, policies, and procedures.

• Ensure all monies received at the retail stores are banked intact at agreed times as stipulated by the company policy and are accounted for and reconciled in full to the source transaction documents.

• Ensure 100% accuracy for interest payable and receivable for all the cash owned by the company.

• Ensure auto bank reconciliations are done daily and completed for all company bank accounts and reviewed by management including the Executive Head and evidenced on a timely basis by the 5th working day of the month

• Ensuring all payments are supported 100% by documents required and approved by authorized personnel.

• Take an annual payment system certification process to ensure the necessary payment controls are in place.

• Support complying with the approval mandates as per approval of the board and the DOA for all payments, interbank, and intercompany fund transfers.

• Daily cash concentration is in line with the CPR requirements of the Treasury policy.

• Put in place a process to manage all bank fees, loans, and investments centrally.

• Support optimization of the banks, bank accounts, and payment and receivable systems to reduce the bank platforms in use.

• Support application and enforcement of loan covenants as per company regulatory and lender requirements.

• Support to prepare and issue to management a 12-month rolling forecast every month.

• Support to issue a weekly report by the end of Monday to the CFO, Financial Controller, and Business Planning Manager, comparing actual cash flow to forecast in the month

• Support to issue a monthly report by the end of 2nd working day of the month to the CFO, Financial Controller, and Business Planning Manager, comparing actual cash flow to the forecast in the month and coming quarter and 12 months

• Obtain at least 90% of information continuously on planned payments used in the cash forecast directly from Oracle in an integrated flow

• Monitor all bank charges levied by the banks for all forms of transactions and ensure the business obtains the best rates possible compared to rates charged by other banks

• Ensure manual written instructions to partnership banks are approved by the properly authorized persons as per policy and DOA.

• Monitor interest amount charged by the lending parties monthly by reconfirming interest computation against the contracted interest rates and issuing a report to the Financial Controller of such computations by 3rd working day of the month

• Ensure repayment of interest and principal amounts are done on time in line with borrowing terms as set in the contracts eliminating any penalties to the company.

• The company has defined its exposure limit in forex currency and adequate cover has been taken at an appropriate level (CFO) in line with the Group

• 100% compliance with company forex procedures and authorities are being followed for all transactions.

• Accurate quarterly report of new Forex exposure identified and remedial actions taken.

How to Apply

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