Finance Manager

Purpose of the Job

To implement the INSETA's financial strategy and operations by providing oversight and guidance in the execution of financial activities, managing working capital, assets and liabilities, and ensuring compliance with internal and external legislative and operational requirements.

• Maintain and implement effective and efficient management control systems to ensure sound financial management within INSETA.
• Oversee the execution of the full financial accounting and reporting cycle at INSETA.
• Ensure compliance with the organisational accounting systems, policies and procedures.
• Ensure prudent financial management, including financial planning, budgeting, and forecasting for both operational and capital expenditure needs.
• Maintain complete and proper records of income, expenditure, and liabilities and ensure the accuracy and integrity of financial information.
• Manage INSETA investments.
• Ensure accurate, complete and valid asset management, accounting and reconciliations.
• Oversee payroll processes and transaction recording.
• Deliver an effective management accounting service to INSETA.
• Manage the treasury function.
• Assume responsibility for risk management, including implementation of risk mitigation plans within the Finance Division.
• Report financial performance and position to the relevant internal and external governance structures.
• Perform all tasks related to the purpose of this role, as required and delegated.

• Financial strategy implementation and monitoring (10%)
  • Implement the financial management strategy / long term financial plan to ensure effective execution and continuity of full financial management services in INSETA and formulate and implement the consolidated finance functional operational plan, aligned to the roadmap.
  • Formulate financial management policies based on the financial strategy and conduct regular reviews to ensure adherence to best practice and certify compliance, including regular reviews of financial management delegations of authority.
  • Provide inputs to the measurement and review of performance and achievement of INSETA financial strategic and operational objectives (including causes of deviation).
  • Support the Chief Financial Officer in developing strategies to expand organisational revenue with new and diverse funding sources, researching and identifying and unlocking new and/or alternate funding opportunities.
• Financial Management (50%)
  • Develop or review and implement accounting policies in line with legislative guidelines and the relevant financial reporting framework.
  • Manage statutory compliance through submission of all periodic returns and reports to DHET & National Treasury by legislated dates.
  • Develop or review and implement financial policies.
  • Manage and lead the implementation and regular review and updates of financial standard operating procedures and processes.
  • Implement and maintain internal control systems and processes to safeguard financial assets and implement funding allocation of programmes and goods/services as per the financial strategy / long term financial plan and MTEF.
  • Provide inputs to financial process improvement initiatives and identify cost saving opportunities and implement processes to achieve efficiencies, best practice and standardisation.
  • Prepare interim and annual financial statements.
  • Perform daily, weekly, and monthly reviews of all accounting records.
  • Oversee effective document management processes.
  • Establish financial procedures and spearhead development, implementation and continuous optimisation of financial processes such as debt collection, budgeting, month-end closures, etc.
  • Actively identify opportunities, systems and processes to automate financial transactions.
  • Lead all initiatives to address internal control deficiencies identified by assurance providers including internal and external auditors.
• Expenditure and Payables management
  • Review all expenditure transactions ensuring payments are valid, accurate and complete.
  • Design processes and controls to ensure payments are made within reasonable time frames.
  • Review payments for correct classification among segments of administration, project administration, discretionary and mandatory grants and/or capital expenditure.
  • Approve supplier and creditor payments in line with approved delegations of authority.
  • Monthly review supplier reconciliations and weekly review aged listings to prevent transactions from ageing beyond thirty days payment period.
  • Review all expenditure and liability reconciliations to the accounting records.
  • Review updates to supplier master data.
  • Lead financial operational activities: account reconciliations, journal and general ledger processing, trial balances, monthly and annual system closures in accordance with accounting requirements.
  • Manage recovery of credit notes, disallowances and subsistence and travelling allowances.
  • Oversee management of petty cash and travel claims or advances.
  • Manage payment and reconciliation of all payroll related expenditures.
  • Monthly review…