Group Financial Director
Kwazulu Natal Market Related
Sector: Financial / Accounting Services
Posted: Monday, 30 May 2022
A leading FMCG exporter is currently looking for an experienced and dynamic Group Financial Director to join the team. This position will be responsible for the accounting and financial teams based in SA, as well as subsidiary businesses abroad.
We are looking for a qualified CA who has experience in working in a FMCG logistics / distribution or exporting company, having had experience both locally and internationally. Key requirements of the position would include managing risk and enforcing controls within the export environment.
DUTIES & RESPONSIBILITIES, NOT LIMITED TO:
Financial Reporting for all companies under group control:
- Set deadlines for both monthly management accounts and year-end financial statements.
- Oversee all accounting and review management accounts with the Financial Manager and review, in meetings, the subsidiary company accounts prepared by Neville/Eugene's team.
- Board packs: Ensure that they are prepared well and on time
Monitoring cash flows:
- Monitor availability of cash versus projections for cash requirements, to plan creditor payments.
- Initiate applications for facilities when necessary.
Funding and facility negotiation:
- Propose and agree required facilities with MD.
- Negotiate general banking and trade finance facilities.
- Ensure that facility conditions are adhered to.
- Cost control: Monitor interest rates and all bank charges closely – oppose undue increases.
- Guidelines/controls: Issue/amend and circulate guidelines as required.
- Costing and Checklist Approval: Approve costings and checklists that are outside of policy norms (i.e. margins, credit limits, cash flow).
- Credit Control:
- Monitor credit limits and cash flow implications.
- Get approval for all new or amended credit limits.
- Review debtors report weekly to ensure adequate follow up and follow up directly with BDMs as required.
- Supervise legal follow up.
- Forward cover:
- Ensure that FECS are reconciled to the Debtors ledger and Bank schedule.
- Ensure bulk cover levels are maintained.
- Assist with decisions on cancelled cover.
- Credit Insurance: Oversee operation of policy as security for the bank facilities and input for internal credit limit applications.
- Short term insurance: Oversee policy reviews (i.e. adequate sums insured; premium rates) and claims.
- Marine insurance: Oversee rates used for costing; operation of contingency fund; claims. Annually, negotiate rates and premium sharing vs annual deductible. Ensure declarations submitted on time
Agreements & Legal matters:
- Trade credit applications.
- Review distribution contracts and JV trading agreements.
- Handed-over debtors.
- Review all legal agreements for management (e.g. changes to Standard terms of Business; shareholder agreements).
- Board minutes.
- Exchange Control applications.
- Induction of BDMs and ECs: Explanation (broadly) of the company’s financial controls and the contractual terms used for trading.
- Implementation and explanation of details of financial and trading risk controls and instruments (e.g. FEC’s; LC’s; bills of exchange).
- Regular reinforcement of guidelines.
- Must have 10 years’ experience in a Financial Manager / Financial Director role
- Must be a qualified CA
- Ideally experience in an FMCG, logistics/ distribution or export company
- Experience in dealing with Foreign Currency and controls
- Experience in overseeing the Financial departments for a group of companies based both locally in South Africa and abroad.
- Strong financial acumen
- Good understanding of SA tax laws and ideally Mauritian and Seychelles taxation laws too.
- Excellent Management skills
- Ability to make tough decisions
- Quick to understand new concepts
- Able to think outside the box
- Good team player
- Determined and motivated
- Sense of urgency and adherence to deadlines
- Solution Driven
- Creative and Dynamic