Chief Accountant

The Real Estate Board invites applications from suitably qualified persons to fill the following post that is to be assigned to the upcoming Real Estate Authority of Jamaica (REAJ):

Chief Accountant (Level 8)

Period of Employment: Three Year Contractual

Salary Range: $5,198,035.00 - $6,990,799.00 per annum

Job Purpose:

Reporting to the Director Finance and Accounting, the Chief Accountant, manages the day-to-day operations of the Finance and Accounts branch ensuring the effective, efficient, and economical use of the organization’s funds in the fulfilment of its corporate objectives. The incumbent oversees and assists in the implementation of the budget, ensuring a high standard of probity, propriety, regularity, transparency, accountability, the company’s assets, and value for money.

Key Outputs:

• Budget and cash flow prepared and submitted for review and approval.

• Cash and other assets and resources management.
• Complete monthly and annual financial statements for review and approval.
• Manage monthly payroll and the attendant statutory payments.
• Develop daily cash requirements of the efficient running of the organisation.
• Assists with the control of all levels of expenditure.
• Probity, accountability, transparency, and value for money achieved in management of the finances.
• Reviews monthly bank reconciliations ensuring that all reconciling items are cleared.
• Develop work plans for employees under supervision and administer performance reviews.
• Administer development plan for employees under supervision.
• Assist in developing operation plans for the finance and accounting division.

Key Responsibility Areas:

Technical Responsibilities

• Prepares and submits the budgets and cash flows in line with the guidelines of the Ministry of Finance and the Public Service as well as in accordance with the organization’s corporate plan, policy priorities and resource availability for review with the Director of Finance and Accounts for submission for approval.
• Assists with analysing the budget requests from the Divisions to determine that they reflect the level of allocations and guidelines established by the senior management team and are supported by realistic implementation plans where applicable.
• Assists in guiding the division in the preparation of the narrative in support of the budgetary allocations to ensure that it conforms with the specific purposes and performance indicators in the Corporate Plan.
• Supervises the preparation of payroll monthly.
• Manages the administration of monthly statutory payments and complete various annual returns.
• Ensures validity of the estimates of revenue considering the reasonableness of the existing rates relative to current costs, trends of actual collection and any special factors that will affect future trends etc.
• Prepares annual Estimates of Miscellaneous Revenues and/or Appropriations-in-Aid in the format stipulated by the Financial Secretary.
• Assists with the overall responsibility for cash management including:

• • Allocating the monthly and quarterly warrants in accordance with agreed priorities.
  • Implementing and maintain an effective mechanism for containing expenditures within the warrant limits through a system of commitment planning and control and communication.
  • Ensuring that appropriations-in-aid, if any, are fully realized.

• Monitors expenditure against approved budget and warrant allocation and implement mechanism to manage statutory and other approved deductions to prevent diversion of departmental revenue.
• Reviews on an on-going basis all bank accounts to ensure that there are no large idle cash balances.
• Review and approve monthly bank reconciliation for all operational bank accounts.
• Authorizes and approves all bills, claims and invoices ensuring the legitimacy and accuracy of all payments.
• Recommends cost-saving measures, and control systems for the operational use, maintenance, and security of all assets under the control of the organization.
• Supervises the implementation of a system for the maintenance of proper records of the organization’s financial affairs, the preparation of monthly accounts, financial reports, and annual appropriation accounts in accordance with the requirement of the Ministry of Finance and the Public Service and in keeping with the Financial Administration Audit Act.
• Assist with the implementation of a sound system of management accounting and reporting to meet operational requirements of the organization.
• Ensures the establishment of adequate systems necessary for efficient accounting and control and the legitimacy and accuracy of all payments.
• Attends from time-to-time discussions called by the Finance committee of the Board of Directors, the Office of the Prime Minister, the parent ministry, Finance Committee of Parliament regarding the budget.
• Leads in the preparation of appropriate schedules for the control of expenditure under various items approved.
• Oversees the accurate and correct application of the system of coding of accounts and ensures that all expenditure is checked, approved and recorded on the appropriate schedule, that the expenditure is in accordance with Real Estate Board Policy, that payment is issued promptly, and the balance of unspent funds recorded.
• Ensures that goods and services ordered are appropriate when received and represent value for money to the organization.
• Guides the implementation of the systems for the prompt and efficient collection of all revenues due to the Real Estate Board and other functionalities of the organization.
• Monitors payments from developers, strata corporations and other bodies to ensure that the correct amounts are received and on a timely basis.
• Ensures the maintenance of a value book on a current basis and in accordance with the regulations.
• Undertakes regular inspection and review of revenue and expenditure schedules.
• Ensures monthly reconciliation of various accounts and schedules to ensure that the accounts remain in balance and represents a true and fair position of the values in the financial reports.
• Oversees the proper inventory of furniture and equipment and the maintenance of an asset register.
• Ensures that all invoices for payments are dealt with promptly and avoids any accumulation of debts.
• Ensures the timely preparation of annual returns of statutory payments and related statements.
• Prepares annual accounts including statements of deposits and advances for submission to the Board of Directors and the Internal and External Auditors.
• Ensures that contracts for the supply of goods and services are effected with optimum benefit to the Real Estate Board

Management/Administrative Responsibilities

• Provides advice on accounting policies and procedures so that there is a high level of compliance at all levels with best practice and statutory requirements.
• Assists in the development and updating of the strategic and operational of the organisation.
• Participates in the quarterly/periodic evaluation of employees in an effort to achieving the strategic and operational objectives.
• Advises the Director Finance and Accounting and the Chief Executive Officer on the financial performance of the organization.
• Provides expert advice and specialist assistance to line managers as required.
• Prepares Progress, Annual, Special, and other reports as necessitate.
• Represents the organization at meetings, conferences, workshops, and seminars as required.

Human Resource Responsibilities

• Supervises the performance of the branch/department and its staff, including transferring skills, motivating staff, setting performance targets, monitoring performance, providing feedback to staff, recommending training and other social interventions.
• Contributes to the development and implementation of succession planning framework in collaboration with the Director of Finance and Accounting  through the developmental framework and documentation.
• Ensures that the department’s staff has sufficient and appropriate resources to enable them to undertake their duties efficiently and effectively;
• Maintains effective working relationships with external and internal stakeholders and clients, ensuring that the department provides a consistently high level of service.
• Participates in job rotation strategy for the division in collaboration with the Human Resources Management Unit.
• Prepares and conducts presentations on the role of the department for the orientation programme.
• Contributes to the motivation of direct reports by coaching and mentoring.

Other Responsibilities

• Performs other related duties as assigned by the Director, Finance and Accounts.

Performance Standards:

• Annual Budget prepared for review within the agreed time frame and in accordance with the guidelines stipulated by the Ministry of Finance and Public Service and the organization.
• Expenditure completed in accordance with legislation established procedures and guidelines.
• Revenues collected in accordance to established standards and procedures.
• Accounting records up to date and accurate.
• Financial statements and operating reports are accurate and prepared within agreed time frame.
• Systems for efficient accounting and control maintained in accordance with established standards and procedures.
• Planned and actual revenue, public expenditure reported accurately, transparently and in keeping with timeline for scrutiny by the Board of Directors, Auditor General, the Financial Secretary and Parliament.
• Assists with the control over the level of public expenditure, and high standards of performance, value for money achieved in the management of public finances in accordance to agreed timeframes and approved budgetary allocations.
• High standards of probity, accountability, transparency, and value for money achieved in management of authority’s finances.
• Provide sound advice that reflects the actual guidelines of the Government of Jamaica
• Develop work plans which conforms to established procedures and implement according to established rules.
• Staff performance appraisals are completed within the allotted timeframe and in accordance with sound performance management principles.
• Confidentiality, integrity, and professionalism displayed in the delivery of duties and interaction with staff and other stakeholder.

Authority:

To keep expenditure within approved budget.

Competencies:

• Excellent oral and written communication skills.
• Strong analytical and problem-solving skills.
• Ability to work through people.
• Strong leadership skills.
• Comprehensive knowledge of computer applications and accounting software.
• Training in financial systems and budget preparation.
• Ability to manage the preparation of final accounts.
• Excellent working knowledge of investment markets and portfolio management
• Sound knowledge of financial and accounting principles and practices including the FAA Act, Public Bodies Management Act and Regulations
• Ability to work with minimum supervision.

Minimum Education & Experience:

• First Degree in Accounting or Management from a recognized tertiary institution and;
• A minimum of five (5) years post-graduation experience in accounting at a Senior Level

or

• ACCA Level 2 and
• A minimum of five (5) years post-graduation experience in accounting at a Senior Level

Deadline for Applications:

Applications accompanied by résumés should be submitted no later than Friday, May 24, 2024

We thank all applicants for their interest. However, only short-listed candidates will be contacted.