Accounting Officer

Accounting Officer is responsible for analyzing financial information, preparing budgets, monitoring costs, and providing accurate financial insights to assist in the decision-making process.

JOB PURPOSE

Under the direct supervision of the Financial Controller (FC), the Accounting Officer is responsible for analyzing financial information, preparing budgets, monitoring costs, and providing accurate financial insights to assist in the decision-making process. The ideal candidate should possess strong analytical abilities, exceptional organizational skills, and a deep understanding of cost accounting principles. He/she is also responsible for the management budget process and the timely submission of accurate and complete monthly, quarterly and annual financial statements as well as product costing analysis to the FC. The incumbent is also responsible for the independent analysis and review of all expenditure incurred and the supervision of all monitoring and compliance activities ensuring that the objectives are achieved.

PERFORMANCE STANDARDS 

• The Company’s accounts, summaries of expenditure and Financial Statements and reports prepared in keeping with the IAS, IFRS and GAAPs. 
• Problems contributing to the delay in submission of financial statements identified and corrected in a timely manner. 
• Financial performance meets or exceeds set targets within the set time. 
• Risk areas identified, brought to FC attention and addressed within the specified timeframe.
• Operational/Work Plans developed within specified timeframe and in accordance with stipulated guidelines.
• Timely product costing.
• Accurate inventory control.
• Weekly salesman balancing.
• Monthly reports and explanations of variances.
• Margin analysis, constraint analysis and inventory valuation.

KEY RESPONSIBILITIES

• Maintain the accounting and financial records for Management and Final accounts
• Analyze and evaluate the cost structure of the organization, including product costs, production costs, and overhead expenses. Identify areas for cost reduction, efficiency improvement, and profit maximization 
• Assist in the preparation and maintenance of budgets, ensuring alignment with organizational goals. Monitor actual expenses against budgeted amounts, investigate variances, and provide recommendations for corrective action 
• Perform detailed financial analysis, including profitability analysis, margin analysis, and cost-volume-profit analysis. Provide insights and recommendations to improve financial performance and optimize resource allocation. 
• Develop and implement cost accounting systems, policies, and procedures to accurately track and report costs. Maintain cost records, analyze cost variances, and ensure compliance with relevant accounting standards.
• Oversee inventory valuation, including inventory control, reconciliation, and periodic physical counts. Collaborate with the procurement and operations teams to optimize inventory levels and minimize carrying costs. 
• Prepare accurate financial forecasts, projections, and reports for management, highlighting key performance indicators, cost trends, and potential risks. Contribute to the development of financial models and dashboards for effective decision-making.
• Collaborate with cross-functional teams to identify and implement cost-saving initiatives. Recommend process improvements, operational efficiencies, and cost control measures to enhance profitability and competitiveness.
• Provide advice to Heads of Departments on whether the targets and objectives are being achieved.
• Ensure adherence to relevant accounting standards, tax regulations, and internal controls. Assist in internal and external audits by providing necessary documentation, explanations, and support.
• Stay updated on industry best practices, cost accounting trends, and emerging technologies. Propose and implement process enhancements to streamline operations, increase accuracy, and reduce costs.
• Provide guidance to departmental staff on the preparation of specific reports through effective communication, training, and coaching 
• Establish and maintain a system that fosters a culture of teamwork, employee empowerment and commitment to the Department’s and Company’s goals.
• Develop and submit operational procedures to the FC to improve efficiency and effectiveness
• Participate in the development of necessary Work Plans for the Finance & Accounts Department.

REQUIRED COMPETENCIES 

• Excellent analytical and decision making skills
• Problem-solving skills and good customer relations skills
• Excellent oral/written communication skills. 
• Excellent planning and organizing skills
• Ability to work in teams and to foster a cooperative work environment.
• Knowledge of organizational structure, workflow, and operating procedures 
• Ability to supervise and train employees, to include organizing, prioritizing and scheduling work assignments.
• Excellent knowledge of the stipulations of the IAS, IFRS and GAAPs.
• Proficiency in the relevant Microsoft Office 
• Working knowledge of ACCPAC Accounting software.

MINIMUM REQUIRED EDUCATION AND EXPERIENCE

• BSc Degree in Accounting or Management Studies with Accounting Major or any equivalent relevant qualification from a recognized tertiary institution
• At least two (2) years  experience in a similar position
• At least five (5) years experience in Accounting. 
• Experience in management accounting and maintenance of General Ledger