Financial Manager

Report to: Body Corporates/Finance Trustees

Direct Reports: Assistant Financial Manager, Office Manager, Functions Coordinator, Receptionists (x2), Post Clerk, Levy Administrators (x2)

Job Purpose:
To manage all financial aspects of the Company in accordance with the requirements of the Body Corporate Responsibilities, ensuring accurate reporting, compliance, and strategic financial planning.

Duties & Tasks:
Monthly Management Accounts: Prepare and report on monthly management accounts for four body corporates, ensuring accurate allocation of income and expenses per the Co-operation agreement. Provide high-level commentary to trustees, identify trends, assess potential risks, and implement corrective strategies.

Capital Projects Management: Oversee financial aspects of large/capital projects, ensuring timely closure and reporting. Present project deliverables, completion status, and financial performance (budget vs. actual costs) to trustees, highlighting significant budget variations and their reasons.

Services Accounts Reconciliation: Calculate and reconcile monthly services accounts (Electricity & Water) charged to residents and Body Corporate facilities, ensuring cost recovery and addressing discrepancies.

Annual Budget Preparation: Coordinate the preparation of annual budgets for the four body corporates, incorporating input from the

Estate and Care Centre. Research and forecast service increases, negotiate with suppliers, and manage levy increases for households.

Insurance Liaison: Work with the insurance broker to mitigate risks while controlling costs, ensuring compliance with statutory requirements and adequate coverage for estimated costs and inflation. Negotiate claim excess increases with insurers.

Reserve Fund Management: Oversee body corporates reserve funds, ensuring compliance with statutory requirements and planning for future funding needs in line with the 10-year maintenance plan.

Financial Reporting: Prepare and present the Mid-year finance report, Annual Budget, and AGM to residents of the four body corporates.

Payroll Management: Handle monthly payroll preparation and payment, including EMP returns and management of Group Provident fund entries and exits.

VAT Returns: Prepare and submit bi-monthly VAT returns, ensuring correct expense allocation between levy-funded and vatable expenditures in compliance with the VAT Act.

Tax Calculations: Prepare annual tax calculations utilizing optimal tax-saving structures.

Annual Financial Statements: Prepare Annual Financial Statements in compliance with regulatory frameworks and audit working paper files for the four body corporates. Coordinate audits and liaise with auditors to ensure timely completion and distribution to residents.

Staff Management: Recruit and manage staff, conducting bi-annual performance evaluations and implementing training for identified growth areas.

Risk Management: Identify potential risks and develop internal control and financial policies, ensuring compliance and effective oversight by management.

Contract Management: Maintain and negotiate terms for outsourced contract renewals.

Requirements:
• 3 to 5 years of experience in a similar management role.
• B.Com in Financial Accounting or equivalent (CA (SA) advantageous).
• Proficiency in Sage Pastel VIP Payroll.
• Strong foundations in Microsoft Excel.