Financial Analyst – Finance Department - Johannesburg at Bowmans (Law Firm)

Purpose:

Responsible for business partnering as well as generating insightful reports summarising financial data for use by executives, partners, managers, and other stakeholders when making business decisions with a particular focus on our offices outside of South Africa.

Experience and Qualifications:

• Postgraduate degree in Finance or Management Accounting.
• 3 - 5 years in a similar role within a corporate or professional services environment.
• Must be able to communicate at an executive level.
• Must have Advanced skills in Excel, coming from a high-volume data environment.
• Must be able to produce insights using data to tell a story.
• PowerBI will be an added advantage.
• Working knowledge of the 3E system would be advantages.

Key Accountabilities

Financial Analysis:

• Prepare accurate and timely consolidated monthly reports including trend analysis and practice area Income statements
• Evaluate financial reports such as income, cash flow statements and balance sheets and advise the practice groups how the finances impact their business operations.
• Create tools or systems, including dashboards, databases and spreadsheets, to improve financial data analysis and reporting disciplines.
• Provide recommendations to senior management regarding financial and operations performance to meet expectations set forth in the budget and planning process, including supportive analytics and forecasting.
• Prepare accurate partner remuneration information and dashboards to support Partner Remuneration Committee (i.e. partner statements, historical view on earnings and KPIs)
• Collaborate with practice group heads to build and recommend through business cases, business scenarios and forecast to improve profitability.
• Quarterly profitability analytics by region, offices, departments, practice group and individual fee earner
• Review monthly actual vs budget with practice group heads to monitor variances
• Undertake initiatives to improve cost effectiveness
• Prepare budgets for costs and recoveries
• Monthly reporting on recoveries and the cost thereof.
• Implement new or enhance existing systems / processes to ensure complete and accurate tracking of costs vs budget during the year.
• Analyse revenue impact through gap analysis and provide reports to relevant stakeholders to ensure accuracy and to assist them in making informed business decisions.
• Prepare and analyse operating costs reports that are accurate, fit for purpose and supports informed decision making across multiple stakeholders
• Prepare and present budgets for costs and recoveries
• Provide Secondment costing to clients which includes profitability modelling
• Prepare accurate and timely consolidated monthly performance reports including firm metrics, trend and gap analysis as well as practice group Income statements.
• Present monthly financial performance in the Practice Group Meetings in collaboration with the CFO and FM.

Pricing and Profitability Reporting:          

• Prepare and support on matter and client pricing collaborating with the CFO, FM, partners and lawyers.
• Be actively involved in client and matter profitability analysis to influence decision making on new matters to improve practice group profitability
• Make use of live data to identify pricing gaps and opportunities through collaboration with key players
• Prepare and present cost rates and charge out rates per level
• Use benchmark data from global sources to monitor and track margin per practice group aligned with professional services global standards to unlock efficiencies
• Prepare and accrue rebate clients including calcs
• Develop a strong understanding of PTA code and matter types to efficiently prepare blended rate pricing opportunities
• Pricing: provide full analysis of work-related costing to develop pricing matrix and standard pricing guidelines
• Create and manage non-chargeable codes on a live matter via 3e system
• Prepare quarterly profitability reports with margins overview per practice group and geography
• Monitor and Track leverage per matter as required
• Prepare and track Utilisation, Realisation Ratio and Lock up cycle per Practice Group as set with PGH’s
• Assist with pricing and profitability performance reporting to identify trends and best practices
• Keep abreast of industry pricing practices, including for major competitors and assess key trends
• Assist lawyers create matter plans leading to improved profitability of the matter by effective pricing and management through matter alerts, and scope changes

Ad hoc Projects:

• Implement new or enhance existing systems / processes to ensure complete and accurate tracking of revenue and cost during the year.
• Undertake initiatives to improve cost effectiveness and realise efficiencies in cost and processed across the Firm
• Conduct analytical projects in support of process improvement across multiple teams and resources.
• Support the business as and when ad-hoc financial requests come in and provide information that is accurate, of a high standard and delivered within the required timeframe.
• Collaborate with the systems control specialists and 3e team to mitigate possible risks.

Team Reports and Dashboard

• Manage and/ or adjust fee budgets for new joiners, leavers, maternity and secondment.
• Maintain team structure changes across offices and track movement.
• Maintain and upload fee earner target on 3e and ensure that reports are accurate and up to date.
• Maintain partner dashboard parameters such as exchange rates and ensuring the correct database is linked. Testing new functionalities as we update the dashboard to change behaviour

Relationship Building:

• Develop relationships with Partners, senior managers and staff as a trusted advisor.
• Develop and maintain relationships with all levels of staff as a trusted advisor.
• Maintain strong working relationships with and have open and transparent communication between all members of the Finance team.
• Develop and maintain relationships with external vendors to ensure service delivery of high quality.

Competencies:

• Analytical Thinking
• Creativity and Innovation
• Interactive Communication
• Problem Solving
• Business Perspective
• Financial Systems, Processes and Technology
• Project Management
• Using Information Technology
• Being organised.