Finance Executive at Rapid Rentals Limited

Job Objective

The Finance Executive provides back-up support to the Financial Controller by way of updating the payment and vendor management section of the general ledger, initiating payments to various beneficiaries including internal and external stakeholders, accurately maintain the costs, expenses, payable and liability aspects of the business, reconcile and keep them up to date, monitor aging of payable, manage month end account closure, carry out financial analysis, review the entire general ledger, prepare the management account, ensure compliance with relevant financial regulation, and every other job assigned. This role involves maintaining vendor relationships, reconciling payable, and ensuring timely payments, and providing insightful financial information to support business decision-making.

Duties and responsibilities

Processing of Vendor Invoices:

• Receive and review quotations/invoices from vendors, ensuring accuracy and completeness and obtain necessary approvals for payment.

  Payment Processing:

• Verify payment documentation and ensure compliance with company policies and procedures.
• Maintain and update self on the online payment system on the bank websites as designed.
• Initiate payments on the online payment platforms.
• Remit statutory remittances such as PAYE, VAT, WHT, pension, etc.
• Monitor payments made to vendors, taking note of agreed payment terms.
• Maintain the imprest system; Petty Cash Vouchers and retirements, ensure complete authorisation process is duly followed and post same into the general ledger.
• Prepare cheque for appropriate authorisation.
• Run banking transactions/operations.

Vendor Management:

• Maintain positive relationships with vendors, addressing inquiries and resolving discrepancies promptly. Communicate effectively to resolve billing issues and negotiate payment terms when necessary.
• Liaise with the purchasing officers and user units to resolve queries that may arise.

Financial Reporting and Analysis:

• Assist in the preparation of expense reports and analysis as required. Compile data and generate reports to support decision-making processes.
• Escalate to the Financial Controller, all issues proving difficult for resolution.
• Prepare monthly, quarterly, and annual financial reports.
• Conduct variance analysis to compare actual results with budgeted figures.

Cost Management:

• Analyze and control operational costs.
• Implement cost-saving initiatives and monitor their impact.

 Compliance and Audit:

• Ensure all vendors’ invoices have all the necessary authorisations as laid down by the company before they are paid.
• Match suppliers’ invoices with the delivery notes and goods received notes to ensure harmony between our order and the items/services received from the vendors.
• Stay updated on relevant statutory regulations and compliance requirements.
• Ensure compliance to internal control, company policies, financial regulations, accounting standards.
• Liaise with external auditors on audit and other related processes.

Record Keeping:

• Maintain a database of credit periods and credit limits agreed with suppliers to ensure that payments are effected within the dates mutually agreed.
• Maintain the ledger accounts of trade vendors, other payables, liabilities, and expenditures and reconcile their accounts.
• Maintain accounts of charges and taxes (VAT, WHT etc) and monitor the balances in the accounts created for them in the general ledger.
• Maintain a list of IOUs/cash advances and monitor the settlement.
• Write Bank Letters and submit for appropriate approvals.
• Maintain the Asset register, investment account, and accounting for projects.
• Maintain organized and up-to-date records of accounts payable transactions, including invoices, payments, and correspondence with vendors. Ensure documentation is readily accessible for audits and inquiries.

 Accounting Application and Reconciliation:

• Capture all the required inputs for settling the company’s vendors from all sources, ensuring that no item is missed.
• Conduct weekly reconciliation of accounts payable transactions to ensure accuracy and completeness of records. Investigate and resolve discrepancies in a timely manner.
• Manage month end account closure.
• Carry out thorough review of the general ledger.
• Perform other duties as assigned by management.

Qualifications

• B.Sc./HND Accounting or any other numerate discipline
• Professional accounting qualification (e.g.,ACA, CPA, ACCA, CIMA, or actively writing the professional qualification examination).
• Strong knowledge of accounting principles and financial regulations.

Work Experience

• Minimum of 5 years of work experience in related accounting functions.

Other Skills/Abilities

• Good verbal and written communication skills
• Good interpersonal relationship skills
• Good organizational and time management skills
• Excellent IT skills and knowledge
• Ability to work independently and collaboratively within a team environment.
• Familiarity with accounting principles and regulations.
• The ability to work under pressure
• Must be detailed oriented and organized
• Ability to make sound operational decisions in challenging situations
• Highly motivated with strong analytical and problem-solving skills.
• Knowledge and hands-on experience of accounting packages
• Good work attendance and work performance
• Proficiency in Microsoft Office Products (Word, Excel, PowerPoint)
• Experience within professional services or corporate environment
• Strong attention to detail and accuracy in data entry and analysis. 

NOTE:  This job description is not intended to be an exhaustive list. Other duties may be assigned as necessary to meet business needs of the organization.