Senior Specialist : Forex, Hedge Accounting & Cash Flow Position (Paternity Cover)

Tower Group South Africa (PTY) Ltd; Johannesburg; On-site; ZAR 500 000 - 700 000; Full time

Job summary

A leading South African company is looking for a Specialist: Forex and Hedge Accounting to manage foreign transactions and ensure compliance with IFRS 9. The ideal candidate should have at least 5 years of financial reporting experience and a strong understanding of forex-related processes. Responsibilities include month-end reporting, compliance with SOX controls, and collaborating with various finance teams.

Benefits

Enticing incentive programs

Retirement funds

Cell phone and data benefits

Qualifications

• Minimum 5+ years’ experience with a strong background in financial reporting.
• Knowledge of IFRS 9 essential.
• Experience in financial and statutory reporting requirements.

Responsibilities

• Responsible for IFRS 9 accounting and month-end reporting.
• Monitor forex payments and receipts.
• Establish adherence to Group policies and SOX controls.

Skills

Analytical thinking

Problem solving

Strong written and verbal communication skills

Attention to detail

Education

BCom: Accounting

Tools

MS Office (Advanced Excel)

SAP ERP

Job description

Role Purpose/Business Unit:

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 timely 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 to Vodacom as well as external stakeholders, e.g. Vodacom Business units, Vendors, Vodacom Subsidiaries and other Vodafone Markets.

A culture of continuous process improvement will be essential to ensure world class operational performance.

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.

Your responsibilities will include:

Daily and monthly activities

• IFRS 9 accounting, processes, and reporting specifically month end reporting in accordance with financial calendar
• Monitor sub-processes related to forex payments and receipts
• Applications to the South African Reserve Bank
• Perform monthly variance analysis and reports and provide valid reasons on variances identified.
• Analyse reported data for key trends and anomalies, except reporting to be investigated and resolution of exceptions
• Work with other team members and key stakeholders across all business units to ensure all forex issues are resolved in a timely manner. Such as ensuring the accurate and complete accounting treatment of all forexes-related transactions by analysing financial transactions, identifying cost drivers and key vendors, reporting on spending

Compliance and control

• Establishing adherence to the relevant Group policies
• Ensure compliance with SOX controls
• Ensure that all Vodacom and Vodafone compliance requirements are met
• Work with other departments to ensure all cross-department issues are resolved

Interim and Year End Reporting

• Responsible for separate and consolidated statutory packs and other reporting requirements as part of the interim and year-end close process
• Responsible for both the separate and consolidated interim and annual financial statements

The ideal candidate for this role will have:

• BCom: Accounting essential
• Minimum of 5+ years’ relevant experience with a strong background in financial reporting
• IFRS 9 knowledge

Job Related Skill:

• 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
• Planning and organizing
• Disciplined & Deadline driven

Job Knowledge:

• 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
• 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

We make an impact by offering:

• Enticing incentive programs and competitive benefit packages
• Retirement funds, risk benefits, and medical aid benefits
• Cell phone and data benefits, advantages fibre connection discounts, and exclusive staff discounts offered in collaboration with partner companies