Finance Officer – Management Accounting And Budgetary Control At I&M Bank

Finance Officer – Management Accounting and Budgetary Control at I&M Bank

Job Purpose:

To prepare and circulating accurate internal reports to management for decision making and other various stakeholders on a timely basis and in the agreed formats.

Key Responsibilities/Tasks

Management Accounting:

Process corrective entries in the system from various branch and HR staff such as reversal of entries, correction of errors
Ensure accuracy and completeness of the adjusting entries booked in the system
Payments Processing: Staff claims (travel assistance, per diem, expense claims), Branch petty cash replenishments: Suppliers/Vendors Payments, Maintain Tiss & TT register
Preparation of LPO’s upon request from different departments
Responding to branch & HQ queries regarding payments/claims
Incorporating the post month end entries and adjustments and ensure expense accruals are correctly captured and reconciled & prepayment amortization is properly done and submitted as per agreed TAT
Perform regular nostro reconciliations and submit the report to the owner departments for clearance of outstanding items
Perform regular review of finance related suspense accounts (for both suspense debit & suspense credit) and branch suspense accounts and ensure the entries are cleared within 30days period
Controlling financial resources and ensuring that all financial transactions, systems and procedures comply with regulations, accounting principles, and standards
Financial analysis and reporting, taxation, accounts payable and receivable, inventory and costs control, and budgeting and forecasting
Advising management on financial matters and the impact of laws and regulations on the organization
Work with finance analysts to develop budgets, understand financial reports, and manage day to day review of general ledgers
Review and monitoring of Cost centre budget and ensure monthly reports are shared with cost centre owners and arrange meeting with Business/Cost Centre owners to discuss variances noted in their report and instill cost conscious culture
Ensuring all tax returns, payments, and other required reports are submitted accurately and on time
Ensure timely processing of payment to suppliers and staff per agreed Turn around Time and ensure records are safely kept to allow auditing of payments.
Ensure all queries and complaints are timely attended as per the agreed Turn around Time including attending internal and external auditors
Close follow up on receivables accounts (Intercompany) to clear outstanding items on time to avoid provision for loss.
Review and process accounting adjustments/reversals in the Core Banking System initiated by the business units
General maintenance of the General ledger and ensure successful period end closure of the GL
Work closely with Managers in monitoring Finance Risk register to ensure the controls are effective.
Work closely with Managers to ensure compliance with Finance processes/ procedures / policies.
Fully be available for any other duties related to finance and control as may be assigned from time to time by bank’s management.
Ensure Fixed Assets register and IFRS 16 model register are updated timely for any additions, disposal, deletion, adjustments/modifications, depreciation and asset code. Ensure physical verification of Banks assets is done once per year

Budgetary Control:

Assisting in the preparation of annual budgets which includes:

a) Collating information from Branches and departments for inclusion in the budget; and

b) Analyzing the historical expenses data for incremental budgeting.

Reconciliation:

Review and approve NOSTRO reconciliation on a day-to-day basis

Risk Management:

Ensure effective adoption and utilization of risk management tools
Drive remediation of risk management exceptions identified during audit or risk reviews
Promote risk management culture

Payments and Month-end adjustments:

Ensure timely processing of payment to suppliers and staff, branch petty cash replenishments per agreed Turn around Time and ensure records are safely kept to allow auditing of payments. This includes: Preparing Dr Vouchers for each invoice, Maintain Tiss & TT register, Getting approvals from Finance Manager/Head, COO & CEO, Posting in Fin 10 and sending Tiss(For vendors with no a/c with I&M)
Preparation of LPO’S upon request from different departments
Ensure all queries and complaints are timely attended as per the agreed Turn around Time including attending internal and external auditors
Review and process accounting adjustments/reversals in the Core Banking System initiated by the business units
Preparation of LPO’S upon request from different departments
Preparation of journal entries of month-end posting including correcting entries, Provisions, monthly amortization of prepayments, accruals and depreciations

Audit Compliance: