Financial Accountant at Insurance Sector Education and Training Authority - INSETA

Financial Accounting 60%

General

• Implement accounting policies in line with the legislative guidelines and the relevant financial reporting framework.
• Prepare all periodic returns and reports to DHET & National Treasury for review and submission by the legislated dates
• Implement approved finance policies and operating procedures.
• Monitor the financial administrator’s compliance with approved financial policies and procedures.
• Support the review of all accounting records monthly
• Adhere to document management processes
• Expenditure and Payables management
• Support the review of all expenditure transactions ensuring that payments to be made are valid, accurate, complete.
• Implement and execute processes and controls to ensure that payments are made within fifteen days.
• Monitor preparation of the administration expenditure supplier invoice register to ensure its completeness and accuracy
• Follow up and resolve queries on delayed invoice payments.
• First level review of supplier invoices for validity, accuracy and occurrence before payment
• Classification of administration and capital expenditure according to the chart of accounts
• Review of supplier reconciliations
• First level review of updates to supplier master data
• Maintain a schedule of administration related liabilities
• Revenue, receivables and cash management
• Review of weekly bank reconciliations
• Maintain a schedule of prepaid expenses, staff receivables and other administration related receivables
• Maintain a schedule of interest received and other administration related income
• Identify potential cash surpluses or shortfalls
• Other assets & liabilities management
• Lead periodic fixed asset verification/s
• Maintain an up-to-date fixed assets register
• Prepare depreciation calculations and relevant journals
• Reconcile Assets register against TB and GL

Budgeting and Reporting 30%

• Provide input regarding expected administration expenditure and income for future periods as part of the seta wide budget process
• Implement appropriate reporting practices in line with GRAP and PFMA regulations.
• Assist with the reporting on Financial Performance to the CFO
• Compilation and collation of monthly management reporting supporting information
• Report on monthly administrative expenditure against budgets
• Prepare and submit information required by National Treasury annually (information on bank accounts, financial statements accuracy, surplus requests)
• Respond to ad hoc requests from parliament (parliamentary questions)
• Compilation and submission of annual financial statements, interim financial statements and related schedules to relevant stakeholders.
• Assist the finance manager/senior finance specialist to provide financial information for inclusion in the annual report.
• Progress reporting on action plans against reported internal/ external audit findings
• Updating of the operational commitment register monthly.

People Management 10%

• Develop and monitor division staff KPA’s and performance management, coaching and mentoring initiatives.
• Identification of required skills and competency gaps
• Train and develop individual staff members in terms of the performance improvement plans.
• Manage disciplinary and grievance procedures/ escalation of incidents involving immediate subordinates.
• Plan and manage immediate subordinates’ activities to achieve efficiency in meeting all reporting requirements timeously.

REQUIRED QUALIFICATIONS AND EXPERIENCE

Qualifications

• Minimum Requirement: Grade 12 and NQF level 6 qualification in Financial Accounting, Auditing or equivalent
• Preferred Requirement: NQF level 7 qualification Accounting or equivalent plus completed articles and a Professional registration with an appropriate accounting body (e.g. CIMA, SAICA, SAIPA, IRBA)

Experience

Minimum Requirement:  

• A minimum of 3 years’ experience in Financial Accounting and Reporting is required.
• Knowledge of preparation of Annual Financial Statements.
• CaseWare  experience (A minimum of 2 -3  years’ experience)
• Applicable experience in the Public Sector environment including knowledge of PFMA and GRAP.
• Preferred Requirement: A minimum of 3 years in financial accounting and reporting environment.
• Experience and knowledge in dealing with Auditors (both internal and external).
• Experience and knowledge in dealing with internal and external stakeholders as well conflict resolution.
• Experience and knowledge of accounting system (SAGE will be an added advantage)