Role Overview:
The Finance Manager is responsible for overseeing the financial health of the Sacco through effective planning, budgeting, reporting, and financial control. This role ensures compliance, supports strategic decision-making, and promotes sustainability and growth through prudent financial management. The ideal candidate will be analytical, detail-oriented, and proactive in improving financial systems and processes.
Key Responsibilities:
Financial Planning & Budgeting
- Develop annual budgets in collaboration with department heads and ensure alignment with strategic goals.
- Monitor budget execution and provide regular variance analysis.
- Lead mid-year reviews and reforecasting activities to ensure financial alignment.
Financial Reporting & Analysis
- Prepare timely and accurate financial statements in compliance with regulatory and accounting standards.
- Present monthly, quarterly, and annual financial reports to management and the board.
- Conduct financial analysis to support decision-making, risk management, and strategic planning.
Cash Flow & Liquidity Management
- Monitor daily cash flow and ensure adequate liquidity for operations and lending activities.
- Develop and implement strategies for optimal fund utilization.
- Maintain relationships with financial institutions for credit facilities and investment opportunities.
Cost Control & Expense Management
- Implement cost-saving initiatives without compromising operational effectiveness.
- Review procurement, supplier contracts, and operational costs to identify efficiencies.
- Track operational expenditures and ensure they remain within budgeted limits.
Compliance, Audit & Risk Management
- Ensure compliance with SACCO laws, tax obligations, and regulatory reporting.
- Coordinate both internal and external audits and address audit findings.
- Monitor financial risks and implement controls to safeguard assets and resources.
Investment Management
- Evaluate and recommend investment options aligned with the Sacco’s growth strategy.
- Monitor performance of investments and ensure adherence to investment policy guidelines.
- Collaborate with the board to make strategic investment decisions.
Financial Systems & Process Improvement
- Oversee the implementation and improvement of financial systems and software.
- Develop and enforce internal controls and standard operating procedures (SOPs).
- Automate financial processes to improve accuracy, timeliness, and efficiency.
Team Leadership & Development
- Lead and mentor the finance team to ensure high performance and continuous development.
- Provide guidance on complex financial matters and professional development opportunities.
- Build a culture of integrity, accountability, and service excellence within the department.
Stakeholder Engagement & Financial Advisory
- Collaborate with senior management to align financial strategies with organizational objectives.
- Advise on cost-benefit analyses, financial forecasts, and funding strategies.
- Represent finance in strategy meetings and cross-functional projects.
Performance Measurement & Reporting
- Track key financial performance indicators (KPIs) to assess organizational health.
- Provide insights on financial trends and benchmarking against industry standards.
- Recommend actions based on performance data and financial forecasts.
Requirements
Qualifications & Skills:
- Bachelor’s degree in Finance, Accounting, Economics, or a related field.
- CPA (K), ACCA, or equivalent professional qualification.
- Minimum of 8 years of progressive financial management experience, with at least 3 years in a leadership role.
- Experience in the Sacco or financial services sector is an added advantage.
- Proficiency in accounting software and financial management systems.
- Strong knowledge of IFRS, tax laws, and regulatory requirements.
- Exceptional analytical, planning, and problem-solving skills.
- High integrity, attention to detail, and confidentiality.
Key Competencies & Skills
- Strategic financial thinking and sound judgment.
- Strong interpersonal and communication skills.
- Leadership and team-building abilities.
- Results-oriented and proactive in decision-making.
- Ability to manage multiple priorities and meet deadlines.
- High level of professionalism and ethical standards.
Gmail
Yahoomail