Forex & Hedge Accounting Specialist

Optimal Growth Technologies; Gauteng; On-site; ZAR 600 000 - 800 000; Full time

Job summary

A financial services firm in Gauteng is seeking a Forex and Hedge Accounting Specialist for a 6-month contract. The role involves managing foreign transactions and ensuring compliance with IFRS 9 standards. Candidates should possess a BCom in Accounting and have at least 5 years of relevant experience. Strong analytical and problem-solving skills are crucial for this position, along with proficiency in MS Office and SAP ERP. The firm values effective communication and the ability to work under pressure.

Qualifications

• Minimum of 5+ years relevant experience with a strong background in financial reporting.
• Strong background in IFRS 9 knowledge.
• Working knowledge of accounting principles, especially IFRS 9.

Responsibilities

• Accountable for completeness and accuracy of accounting and reporting related to foreign exposure and hedge accounting in terms of IFRS 9.
• Handle daily and monthly activities: IFRS 9 accounting, processes, and reporting.
• Monitor sub-processes related to forex payments and receipts.

Skills

Analytical thinking

Problem solving

Strong written and verbal communication skills

Attention to detail

Innovative

Adaptability

Business leadership

Effective communication under pressure

Education

BCom: Accounting

Tools

MS Office (Advanced Excel)

SAP ERP

HFM

Job description

Role Purpose

Forex and Hedge Accounting Specialist Contract duration : 6 months Location : Midrand Role Purpose The Specialist : Forex and Hedge Accounting will be a member of the team managing the foreign transactions and accounting processes in a timely and accurate manner, in accordance with defined operating procedures, policies, SOX, compliance, IFRS 9 and business partnering.

The Specialist: Forex and Hedge Accounting is responsible for the accounting treatment of hedge accounting, ensuring timeous forex payments and dealing of forex receipts.

The individual will enjoy problem solving and striving to improve the metric of the operational process.

The incumbent will be a member of the wider FinOps teams.

They will be required to have excellent communication skills and to be able to interact with people from different environments, internal as well as external stakeholders. A culture of continuous process improvement will be essential to ensure world class operational performance.

Responsibilities

• Accountable for completeness and accuracy of accounting and reporting related to foreign exposure and hedge accounting in terms of IFRS 9
• Support the rest of all relevant stakeholders with forex related requests and queries
• Establish a close relationship with the other teams across Finance Operations, Finance Business Partners, Group Treasury, Transactional Cash Management team
• Interact with the Global Process members, peers in the Shared Services and cash management process team members; advise all relevant stakeholders on forex related transactions, IFRS 9 accounting, processes, and reporting; identify opportunities to optimize forex related cash flows and strive to streamline and improve processes
• Handle daily and monthly activities: IFRS 9 accounting, processes, and reporting, specifically month end reporting in accordance with the financial calendar
• Monitor sub-processes related to forex payments and receipts; handle applications to the South African Reserve Bank
• Perform monthly variance analysis and reports, providing valid reasons for identified variances
• Analyse reported data for key trends and anomalies; investigate exception reporting and resolve exceptions
• Work with other team members and key stakeholders across all business units to resolve all forex issues in a timely manner
• Ensure the accurate and complete accounting treatment of all forex related transactions by analysing financial transactions, identifying cost drivers and key vendors, and reporting on spend
• Establish adherence to the relevant Group policies and ensure compliance with SOX controls
• Work with other departments to resolve cross-department issues
• Handle interim and year end reporting, including responsibility for separate and consolidated statutory packs and other reporting requirements as part of the interim and year-end close process
• Be responsible for both the separate and consolidated interim and annual financial statements

Qualifications

• BCom: Accounting essential, minimum of 5+ years relevant experience with a strong background in financial reporting
• Strong background in IFRS 9 knowledge
• Analytical thinking
• Problem solving
• Innovative
• Adaptability
• Strong written and verbal communication skills
• Strong interpersonal and influencing skills
• Business leadership and transformation
• Effective communication ability to work under pressure
• Ownership and drive for impact
• Attention to detail, quality conscious
• Working knowledge of accounting principles, especially IFRS 9
• Experience in financial reporting and statutory reporting requirements
• Excellent working knowledge of MS Office, especially Advanced Excel, Word and PowerPoint
• Experience with SAP ERP and HFM
• SOX leadership competency
• Ability to engage effectively with management, business partners, auditors
• Manage deliverables from other departments
• Ability to train and manage resources on related activities
• Manage external relationships with key suppliers