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VFD Group is an alternative financial services holding company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian.
VFD Group was founded by highly skilled professionals with diverse experiences, qualifications and professional backgrounds, ...
JOB DESCRIPTION
JOB TITLE
Finance Manager
JOB SUMMARY
Responsible for accurate financial reporting, management accounting, and finance activities of VFD Tech that support the achievement of the Company’s objectives.
DEPARTMENT
Finance ( VFD Tech)
REPORTING RELATIONSHIPS
Report to: ED, Finance
Supervises: To be determined
KEY TASK
- Financial/Management reporting
- Budget and budgetary control
- Performance Management
- Tax management
- Data analytics
STRATEGIC TASKS
- To ensure timely preparation of financial information which provides a complete and accurate picture of VFD Tech’s financial position
- To co-ordinate the analysis and synthesis of VFD Tech’s financial and non-financial information, which provides a basis for sound business decisions by executive management
- To protect VFD Tech’s interest by ensuring that relevant statutory or regulatory reports/returns regarding VFD Tech’s financial affairs are generated on a timely basis.
TIMELINES
- Monthly management account on or before the 3rd day of the new month
- Weekly management report to be sent before 8:00am on Mondays
- Remittance of PAYE and pension on or before 7th of the new month
- WHT and VAT remittance on or before 20th of the new month
- Filing of CIT returns and CAC returns on or before 28 June
- Submission of audited financial statement by 28 February, annually
- Weekly variance analysis of business performance
- Weekly reporting on operational metrics and data analytics
OPERATIONAL RESPONSIBILITIES
- Implementation of VFD Tech’s goals, objectives, policies and operating procedure.
- Actively contribute to the implementation of VFD Tech’s corporate strategy
- Identify, communicate and monitor critical interdependencies across the business sectors and forge effective organizational linkage to ensure a concerted/seamless implementation of the Group’s overall business strategy
- Daily evaluation of business performance via data analytics
Financial/Management reporting
- Ensure integrity and accuracy of accounting records by performing daily reconciliations
- Ensure timely reporting of Financial/management accounts of all the entities latest by the 3rd of every month.
- Execution of month-end procedures and process
- Implementation of the accounting software
- Research technical accounting issues for compliance
- Monitoring and enforcing internal controls over financial transactions and financial reporting.
Budget and Budgetary control
- Engages all stakeholders in the preparation of the business’ budgeting and budgetary control document to achieve the agreed corporate objectives
- Monitors the implementation of budgetary mechanisms to proactively identify and manage budget/ performance variances by the business sectors
- Tracks and reports on the implement robust cost optimisation strategies to monitor and control cost for the asset management business
- Periodically review key the Business activity and performance reports and makes recommendations to the CFO and the Board.
Performance Management
- Ensure key business performance analyses and reports are generated and circulated to the product managers and business development team
- Monitoring of performance for the business and staff
- Suggest strategic guidance where necessary
Tax Management
- Ensures compliance with local, state and federal government reporting requirements and tax filings.
- Supervise the asset management finance team to ensure complete documentation of relevant supports and proof of tax remittance
- Develop and maintain relationships with appropriate personnel in relevant tax authorities
- Researches on future legislation that impacts taxation and operations, including future risks
- Ensure 100% remittance of all tax and statutory obligations
Others
- Create, coordinate and evaluate financial programs and supporting information system for the company to include budgeting, tax planning, and conservation of assets
- Initiate and facilitate finance meetings to define and agree on targets and work plans, consistent with the business’ strategy and plans
- Participate in the recruitment, selection, training, professional development, and performance evaluation of staff in line with the Company’s Human Capital policies
- Serve on committees or cross-functional teams and perform other duties as assigned by the CFO or the Board
KEY PERFORMANCE INDICATORS (KPI)
FINANCIAL TARGET (NON-CORE)
Achievement of at least 75%-80% of business targets in FX, FDs, Loans, Mutual Funds, Cross-Selling and Special Products
KPI: 90 DAY DELIVERABLES
- Developing robust template for monitoring operational metrics for various products especially Vbank app. This is to be presented at weekly MANCO meetings
- Deploy effective structure for preparation of daily reconciliations for bank statements and intercompany balances.
- Automation of data gathering process for budget preparation and monitoring.
- Implementation of automated budget and cot control system for the company.
KPI: NON-FINANCIAL
- 80% accuracy in cash-flow estimates
- 80% accuracy of average budget variances – Actual vs. Plan
- 80% accuracy of variances in expense accounts- Actual vs. Plan
- 100% performance in external audit examinations
- Zero non-compliant cases raised by the regulatory bodies
- Quality of financial advice provided to the company
- Accuracy and timeliness of management information and reports
- Internal customer satisfaction levels
COMPETENCE REQUIREMENTS
- Core Skills
- In-depth understanding of the organization’s business.
- Good communication skills.
- Attention to details.
- Good Management abilities.
- Knowledge of GAAP/ IFRS
- Knowledge of finance, accounting, budgeting, and cost control principles
- Ability to analyze financial data and prepare financial reports, statements, and projections
- Excellent communication & presentation skills
Negotiation
Working knowledge of Microsoft Office Suite and other relevant accounting tools