Finance Officer

Finance Officer

About the job

Role Summary

Palo Seco Credit Union Co-operative Society Limited is seeking a highly skilled Finance Officer to oversee daily financial operations, ensure regulatory compliance, and provide strategic financial insights. Reporting to the Manager, Finance, this role involves financial reporting, budgeting, internal controls, and treasury management while working closely with the Management. The Finance Officer will play a critical role in strengthening financial processes, optimizing operational efficiency, and driving informed decision-making within the organization.

What Success Looks Like in This Role

• Accurate & Timely Financial Reporting: Ensuring financial statements comply with IFRS and are prepared within deadlines, providing valuable insights for decision-making.
• Effective Budgeting & Cost Management: Collaborating on budget planning, variance analysis, and cost-benefit evaluations to support financial efficiency.
• Regulatory Compliance & Risk Management: Maintaining strong internal controls, adhering to AML/CFT regulations, and ensuring accurate tax filings and financial reporting.
• Operational Efficiency & Team Leadership: Managing accounts payable, receivables, payroll, and cash flow while mentoring junior staff to enhance performance.
• Audit Readiness & Financial Integrity: Successfully managing internal and external audits, implementing recommendations, and upholding financial transparency.

Key Duties & Responsibilities

Financial Reporting & Strategic Management

• Prepare monthly, quarterly, and annual financial statements in accordance with IFRS.
• Support financial analysis and forecasting to aid strategic decision-making.
• Present financial results and insights to senior management

Budgeting & Financial Analysis

• Assist in developing, reviewing, and monitoring the annual budget.
• Analyze financial performance vs. budget, preparing variance reports and recommendations.
• Conduct cost-benefit analysis to improve operational efficiency.
• Provide analytical support through insightful analyses of cost/revenue streams and trends.

Compliance & Internal Controls

• Ensure compliance with IFRS, AML/CFT regulations, and statutory requirements.
• Strengthen internal controls, identifying risks and recommending corrective actions.
• Manage tax filings, statutory reports, and regulatory submissions.

Daily Operations & Team Leadership

• Oversee general ledger, payroll, accounts payable, and receivables.
• Provide mentorship to junior accounting staff, ensuring accuracy and efficiency.
• Assist in performance evaluations and skill development for finance team members.
• Supervise local accounting team responsible for treasury, payables and payroll.
• Liaise with auditors and assist with the annual audit exercise. Ensure documentations are prepared and accessible.
• Review and ensure filing of corporate and statutory tax submissions – monthly, quarterly and annually.
• Monitor payables for adherence to payables guidelines ensuring that approved invoices are processed.
• Monitor online payments ensuring accuracy of vendors data – banking details, invoices etc. are updated on the system.
• Ensures CUNA FIP reports, and system reports are matched and balanced monthly prior to payment. System reports to be processed by the 15th day of each month.
• Fixed Asset Register and safeguarding of company assets.
• Continuously review internal and operational control systems for improvements

Cash Flow & Treasury Management

• Monitor cash flow to meet organizational liquidity needs.
• Support investment portfolio management, aligning financial strategies with company goals.
• Review and approve bank reconciliations, addressing discrepancies promptly.

Audit & Compliance

• Prepare for internal and external audits, ensuring all requirements are met.
• Implement audit recommendations to enhance financial compliance and transparency.

Financial Systems & Technology

• Optimize the use of accounting software to improve financial accuracy.
• Identify and implement new financial tools or processes to drive operational efficiency.

Education & Work Experience

• ACCA qualified / Degree in Accounting
• Minimum of 5-7 years of experience in accounting, with at least 3 years in a supervisory or senior role.
• Strong knowledge of IFRS, AML/CFT regulations, and general accounting principles.
• Proficiency in accounting software and financial analysis tools.
• Experience in the financial services industry preferred
• Sound business acumen, technology savvy, with at least 5 years working at a senior level in accounting and finance.
• Sound finance and accounting knowledge with an appreciation for the synergy between operations.
• Strong inventory, cost accounting and analytical experience.
• The successful candidate must be highly confidential, trustworthy, dependable, and smart.

Other Personal Attributes

• Excellent analytical skills with the ability to collaborate effectively with all Internal and External Stakeholders.
• Strong leadership abilities with a proven track record in mentoring junior staff.
• High attention to detail, with the ability to meet strict deadlines and work under pressure.
• Strong ethics and professionalism, particularly in handling confidential financial information.