Workforce Group is a Management Consulting and Outsourcing Professional Services Firm. Following its inception in July 2004, Workforce Management Centre Limited (Workforce) has built an enviable reputation as the leading indigenous management and professional services consulting firm in Nigeria. Drawing from its Deep Domain Expertise, in the area of organizational effectiveness and employee performance, the Company is positioned to assist businesses across diverse sectors of the economy in their quest to create sustainable value for their stakeholders.
We are recruiting to fill the position below:
Job Title: Head of Finance and Accounts
Location: Lagos, Nigeria
Employment Type: Full-time
The Head Finance and Accounts is responsible for the preparation of complete, timely and accurate financial accounts, reports, budgets and forecasts, in compliance with Nigerian GAAP, International Accounting Standards, regulatory practices, and company policy and procedure.
The ideal candidate will Superintend over all accounts functions, manage the expenses of the company, keep standard books of account, account for all financial transactions, be the liaison with external auditors ensuring value for money in all transactions and provide financial advice to management on funds.
Assist in the production of management accounts and reports both monthly and as needed, including and not limited to Income statements, Statements of Financial Position, Cash flow Statements, Monthly Closing and Cost Accounting Reports.
Compile and analyze financial information to prepare entries to account and produce relevant financial and management reports.
Analyze and review budgets and expenditures for businesses/projects.
Monitor and review accounting and related system reports for accuracy and completeness.
Analyze revenue and expenditure trends and assist in recommending appropriate budget levels, and ensure expenditure control.
Resolve accounting discrepancies. Assist in resolving accounting and financial problems and/or issues.
Monitor and ensure comparability of actual costs and expenses with both Financial and operating Costs models; and reporting variances as they occur.
Interact with external auditors in completing audits. Ensure maintenance of effective internal controls to assure safeguarding of assets and reliability of financial statements.
Analyze and reconcile expenditure and revenue accounts; balance sheet accounts.
Setting up and maintaining branch/cost centers’ reporting systems.
Timely and accurate financial reports and forecasts.
Accurate financial reports presented in the most usable and friendly manner – Misallocations and wrong postings/Errors in the Financial Statements are minimized
Monthly and periodic Budgetary Control Reports providing reasons and explanations for variances.
Budget variances not more than 10%; Budget alignment with corporate and Project Objectives
Ensure that expenditure levels are well within Budget; and pointing out variances early enough for corrective measures to be applied
Disagreement with Corporate Auditors minimized; Few Audit Adjustment Entries
Integration of Accounting Systems; Processes automation; Easy retrieval of accounting and related documents; Clear Audit trails; Innovative approach in resolving simple and complex issues
Timely and accurate financial information
Reconciling all total holds with back office figures and net revenue from various Locations with bank deposits for defined periods.
Taking ownership of revenue accounting and assurance: Processing of payables
Reconcile all withdrawals on bank statements for specific periods with capital expenditure, expenses, bank charges and available petty cash balance for all locations and departments.
Daily classification of all banking transactions including withdrawals and deposits
Researching accounting discrepancies, determining most appropriate methods to correct discrepancies and preparing corrections.
Gathering and analyzing data to ensure financial statements, bank reconciliations, Payroll and benefits/ deductions and other accounting related activities are statutorily and legally appropriate and within the guidelines of Generally Accepted Accounting Principles (GAAP) and Finance Procedures.
Assist in identifying and describing areas where problems and inefficiencies are systemic in nature;
Prepares schedules and reconciliations necessary to assist in preparing the audited financial statements, quarterly financial reports, schedules as required by the Finance Documents and Reporting and operating cash flow reports.
Monthly reconciliation reports; No aged items on reconciliation reports; reduction in overall operations risk; no surprising audit provisions
Clean reconciliation reports prepared regularly and monthly.
Collection of due Accounts Receivable. Average Days outstanding on Account Receivables not more than 2 Days after the active Period Closing exercise.
Demonstrable reduction in accounting discrepancies
Minimize deviation from GAAP guidelines,Finance Procedures, statutory provisions and legal requirements;
Early detection of errors in financial statements, bank reconciliations, payroll and benefits deduction or inappropriateness in other accounting related activities.
General Ledger Reconciliations which should be ready before 12th day of active month preceding the preparation of financial statement. These include but not limited to-Account payables control reconciliation; Account receivables control reconciliations; Prepayment reconciliations.
Responsible for preparation of global budget
Request for inputs from the various Hot Fun Café locations and departments
Periodic review and Reforecast
Accurate Budgeting. Timely Budget preparation
Completeness of Budget
Timeliness of review
Compliance with Management required standards/procedures
Accurate and timely tax payment
Sets up and retains tax records
Payment of PAYE, VAT, Consumption tax and various levies (Radio & TV and Sale of Liquor license) to appropriate authorities- LIRS, FIRS and Local Government.
Prepares related reports and contributes to the production of statutory accounts.
Adheres to all federal, state, local, or international tax laws.
Manages the retention and preparation of tax records, tax returns, and other required reports.
Assesses the impact of the organization's tax liability.
Direct and indirect tax planning and compliance
Strict adherence to relevant tax provisions
Clean tax audits. No penalties and additional tax liabilities. No hidden taxes
Elevated level of tax avoidance through effective tax planning. Very low effective tax rate.
Manage the Back-Office Project Accounting Process by:
Performing new cost analysis
Ensuring that benefits of expansion to new outweigh the cost implication- ensuring viability and feasibility of new outlets
Analyzing diverse risks associated with, possible default risk on monthly dues by partners, legal exposure, security risks related to assets in new locations.
Ensure project spending for expansion are in line with Business Model and project budget and preparing periodic reconciliations as required.
Reviewing and ensuring that proposed new locations are based on dependable market Survey and focused on appropriate Customer segments.
Preparing Project cash flow projections and analysis of cash reserve for new locations.
Determining appropriate course of action: whether to negotiate based on profit sharing, pay rent if new location is projected to be viable or reject proposed new location/terminate contract due to poor location performance after predetermined period.
Providing accounting support and training Partners’ Managers on proper cash management for effective management
Evaluating Location Performance by:
Comparing period closing figures with set targets (projected at N150,000/slot machine monthly).
Obtaining and assessing non-financial reports such as Management quality, Customer relationship management and consistency with thebrand image.
Accurate and complete Job and Contract costs collation
Excellent expansion cost management in spite of scope changes
Budgetary Control Reports prepared and reviewed periodically. Red Flag is raised as appropriate
No new location projects are delayed because of cash out.
No Penalties; Risks mitigation. All insurances are in place
Budgetary Control Procedures
Monthly Variance reports: Actuals Vs Operating/Financial Model –as appropriate- Actuals Vs Budget etc.
Periodic Project Monitoring Reports both to Executive Management and to Project Managers
Active participation in the budgeting process
Utilization requests reports and signoff
Post Implementation Audit Reports
CAPEX memo Reports
Good IT Infrastructure
Clean Projects Audit Reports
Updated forecasts and budget. Periodic preparation of Latest Estimates
Quarterly Project Risk Reports
CAPEX Control Reports
Active participation in the budgeting and CAPEX evaluation process
Interacting with Partners and Back Office Finance to ensure an error-free and value-added assessment of total performance new Café Locations
Facilitating corrective action meetings and workshops to address areas of financial risk that are a threat to the company's image or its stated financial goals and objectives
Providing feedback on the performance of financial risk mitigating strategies
Ensuring the company applies its financial resources exclusively in pursuance of its objectives.
Ensuring appropriate investment of idle funds giving due consideration to duration, effective interest rates and the availability of fund for appropriate maturity as at when fund is needed.
Managing financial risk, especially during repatriation of funds to Shareholders in view of foreign exchange volatility through Hedging etc.
Contributing actively to Executive Managements’ role in giving firm Financial direction to the organization
Leading discussions on and providing guidance on Treasury initiatives and activities
Liaising with company bankers and investors and maintaining positive, long-term working relationships;
Ensuring an appropriate reserves policy
Preparing and presenting Treasury financial reports to Executive Management,
Ensuring that appropriate Treasury and Treasury accounting procedures and controls are in place
Advising on the financial implications of the organization’s strategic plans
Ensuring an appropriate investment policy and monitoring investment activity and ensuring its consistency with the organization's policies and legal responsibilities and that there is no conflict between any investment held and the aims and objects of THE COMPANY
Ensuring that the Treasury accounts are timeously prepared, disclosed and sent in the form required by all stakeholders
Managing the various accounts in line with the various Facility Agreements. These accounts include Disbursement Account, Operations and Maintenance Account, Collection Accounts, Revenues Account, Insurance and Compensation Account, Rehabilitation Works Reserve Account, Distributions Account,
Overseeing finances, ensuring a budget is set, accounts are properly kept and reconciled, and that Executive
Quick resolution of conflicts
No more than 10% variance with budget
Good and Smooth relationship with various stakeholders
No material breaches of Financing Documents
No overdue payment of obligations
Good visibility on various obligations
Excellent reconciliation reports
Timely funding of various requests
Excellent working relationship with all relevant parties
Reduction of complex details to simple procedures
No rates, currency and maturities mismatch
Good cash and financing forecasts
Up to date cash budgets
Minimal variance between actual and forecast
No cash squeeze
Proper audit trails for a ll transactions
Proper documentation and audit backup of all transactions
Excellent long-term forecasts; appropriately balanced with short term Financial budgets
Reconciliation with Operating and Financial Models
Development of alternative funding sources
Daily cash position
Valuable information to Executive management and appropriate feedback mechanism
Low bank charges
Timely and accurate Treasury reports
Management receives regular up to date and accurate financial information
Ensuring that has enough money in the required currency to carry out its business, is financially viable, and not trading insolvently both in the present and near future
Managing finances in such ways and manners that the various liquidity and financial ratios and objectives contained in the Financial Model are maintained
Ensuring that there are adequate financial and treasury controls and procedures in place and that these are regularly reviewed with a view to minimizing risk
Keeping up to date with changes in legislation which affect the organization financially e.g. accounting standards
Taking the lead in appraising the financial risk of future/proposals and direct financial planning
Delegating authority for receipt, disbursement, banking, protection and custody of funds, securities, and financial instruments.
Perform other duties as assigned
Minimized Treasury losses
Treasury Standard Operating procedures
Active participation in all Strategic Planning Sessions
Minimized idle cash balances
Good returns on idle balances
Documented Investments policies
Strict adherence to policies
Accurate and Timely reports
Good visibility on all “Red flag” areas
Effective budgeting procedure
Participation in budgeting process
Reconciliation with Financial and Operating Budget
Proper liquidity management
Effective risks mitigation/hedging plans
Active participation in Strategic planning
Reduction in incidence of bad debts
Periodic Debtors circularization
Education / Skills:
B.Sc. / HND in Accounting, Finance. An MBA or M.Sc. in Finance is added advantage.
Graduate with minimum of 7 years accounting post-qualification experience.
Associate member of ICAN is a must: ACCA is added advantage
Advanced knowledge of Nigerian GAAP, IAS, regulatory practices, and company policy.
Excellent quantitative, analytical and problem-solving skills.
Excellent planning, time management and organizing skills.
Strong attention to detail.
Demonstrated ability to present complex financials to executive leadership.
Working knowledge of Microsoft Office products and advanced knowledge of spreadsheet and presentation software required.
Knowledge and experience of financial ERP systems a plus.
Experience with financial tracking and control aspects of project management.
Familiarity with financial tracking and control tools and concepts
Experience in Accounting unit in a Gaming firm is an added advantage.
Application Closing Date
Method of Application
Interested and qualified candidates should:
Click here to apply online
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