Accountant at Mombo Sacco

An accountant at Mombo Sacco manages financial records and ensures transaction accuracy and compliance with regulations. They prepare financial reports, reconcile accounts, and support budgeting and financial planning. The accountant aids in decision-making, ensuring transparency and maintaining member trust through accurate reporting. This role demands a strong grasp of cooperative society regulations and financial best practices. Must be knowledgeable in QuickBooks software.

Duties and Responsibilities:

• Maintain the Sacco’s accounting records under procedures established by management as described in the Sacco’s policies and procedures. Maintain the highest degree of accuracy and knowledge of the Sacco’s records. Balance and summarize all cash, check disbursements, and journal transactions daily in preparation for posting totals to the general ledger.
• Daily ensure that the general ledger is in balance. All mistakes or errors made are to be corrected prior to leaving the Sacco after the close of business. NO EXCEPTIONS!
• Ensure that the member share, savings, and loan ledger cards balance with the general ledger totals.
• Prepare a subsidiary ledger (this ledger is made up of all the account activity) for each balance sheet account. On a monthly basis the subsidiary ledger is to be compared to the general ledger account to ensure that they balance. The two should always balance after reconciliation.
• Reconcile all bank, mobile money, and investment statements monthly to ensure that the Sacco book balance is the same as the statement balance upon reconciliation.
• Monitoring the company’s cash flow to ensure that expenditures do not exceed incoming revenues
• Managing a company’s accounting records, such as accounts payable and receivable records, cash flow forecasts, and general ledger entries
• Perform all month end entries such as depreciating the building, furniture, fixture, and equipment, amortizing the prepaid expenses, accruing for member interest/dividends, all entries to the allowance for loan loss account, etc.
• Prepare all bills and taxes for payment. Ensure that all bills are paid on time and take advantage of any discounts for early payment.
• Save all monthly reports in E-format for review by the supervisory committee and/or supervising authority.
• Prepare the balance sheet or statement of financial condition, the income statement, and the delinquent loan list for the month end by the 7th of the following month. Submit this information for management review.
• Every quarter, prepare a comparison of the actual financial results to the budgeted numbers so that the manager may present this information to the board.
•  Reviewing financial statements and recommending any necessary changes to management
• Prepare and present annual reports requested by the supervisory authority.
• Coordinating audits with external auditors to ensure that internal controls are effective.
• Continually develop a better understanding of Sacco’s history, philosophy, organization, bylaws, operational procedures, member services, and desires.