Position: CHIEF FINANCE OFFICER (CFO).
Deadline: 29 Feb 2024.
Date posted: 11 Feb 2024.
Location:Dar es Salaam.
On behalf of our client, we are looking for a Chief Finance Officer (CFO) who will be responsible for helping the company to achieve volume, expansion, profitability (cost savings and total revenue), and impact targets as defined by the Managing Director and in line with the company mission and objectives.
The Job Purpose of the Chief Finance Officer (CFO) is to ensure the business’s financial health and determine the financial business metrics to lead the company towards profitability. Specifically, to undertake all aspects of financial management, including accounting, regulatory and financial reporting, budget and forecasts preparation, development and implementation of internal control policies and procedures. Also, to provide ownership and execution on all administrative issues.
Duties & Responsibilities
Invoicing & Revenue Collection
- Prepare all invoices (franchise network fees, supply of products to franchises (bottles) and other income/receivables) in the accounting software (QuickBooks)
- Lead the communication with Franchisees regarding all invoices, arrears, discounts, etc.
- Oversee the Accounts Receivables management enforcing the AR policy to ensure that all accounts are current.
Budgeting & Financial Planning
- Lead and facilitate the annual budgeting process, coordinating input from across all departments and providing input to the company’s business plan.
- Prepare and monitor performance against forecasts and budgets.
- Execute monthly cash-flow planning (account receivable collections, accounts payables and payments/disbursements)
- Oversee and maintain budgetary control to ensure effective revenue management, cost management (value for money) and providing financial advice and commercial insights to the Country Director and Executive team.
- Lead financial planning, board reporting and building of business pro-forma/financial projections.
- Support the franchisees in key aspects of financial management and training.
- Assist on initiative and thought leadership in developing the company business model, including looking for opportunities to develop the service offering to the social entrepreneurship sector.
- Participate in long-term organizational strategy creation and planning, quarterly and annual. Undertake ad-hoc financial analysis to support Board and Exec strategic decision-making. Will be expected to provide meaningful insight and challenge to the Exec with strong contributions to strategic decisions.
- Assist with ensuring correct resources are in place for the organization to grow – programs, HR and fundraising strategies.
- Serve as a local point-of-contact for institutional contract reviews, including billing, contract execution, etc.
Financial Control & Accounting
- Responsible for timely monthly/quarterly/annual closing of all accounts
- Ensure timely and accurate posting, balancing and reconciliations of the general ledger.
- Ensure monthly reconciliation of bank accounts, cash, sales and all inventories.
- Ensure that all proper procedures have been followed approvals have been obtained for financial transactions.
- Ensure all cash/credit sales transactions are timely recorded in the accounting system.
- Manage all aspects of cost accounting (including landed cost accounting) and inventory control support for both company Franchises and company owned stores.
- Develop, implement and review business processes, procedures and accounting policies to maintain and strengthen internal controls over cash/bank, inventory, intercompany transactions, accounts receivables, accounts payables, payments and reporting.
Reporting & Audit Management
- Produce monthly & quarterly financial reports providing variance analysis and in-depth understanding of the key drivers of the business performance.
- Leading and coordinating the annual external audit to meet reporting deadlines.
- Research technical accounting issues for compliance (IFRS, IAS standards)
Compliance & Banking
- Manage relationships with the Company's banks and ensure needs are met on a timely basis.
- Liaison for all investor relations regarding debt management with banks and BOT and other regulators
- Accountable for full tax and regulatory compliance of the business (Statutory returns, Corporate Tax, PAYE, NSSF, VAT, EXCISE TAX, WHT, etc.)
Minimum Experience Requirements
- 5+ years of experience in the Finance department in a similar role in Tanzania/EA with a for-profit business which operates in multiple locations and in several currencies.
- Degree in Accounting or Finance
- Required professional qualification CPA, ACCA, CIMA or equivalent.
- Thorough knowledge of accounting principles and procedures including IFRS and IASs.
- Demonstrable experience with preparing financial statements, management accounting (costing, unit economics)
- Demonstrated experience with complex budgets and forecasts prepared in Excel and daily and monthly monitoring of actual vs. budget.
- High levels of proficiency in Excel, Word, PowerPoint and Google Suite
- Excellent accounting software experience in Quickbooks
- Strong focus on controls and processes and high attention to detail
- Strong communication skills for engaging with business partners and ensuring processes are being followed.
- Strong people manager who can evidence experience in leading, mentoring, and providing clear guidance to junior finance staff.
- Confidence to challenge senior opinions and maintain positive working relationships.
- Able to build systems while ensuring focus on the details.
- Successfully managed people at all levels and from varied backgrounds and cultures
- Proven track record developing successful managers and ensuring all team members are effective contributors to the business.
- Strong business management experience: operations focus preferred.
- Minimum of 5 years’ experience working in business in an emerging market context
- Cultural knowledge and experience working or living in a developed market context.
- Fluent English skills
- Experience working in Tanzania.
- Experience working at FMCG (Fast Moving Consumer Goods) company.
- Experience working a multi-unit business environment a plus.
- Experience working in start-up / growth environment.
- Franchise experience.