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Job

Financial Controller

  • Location

    Nairobi, Kenya

  • Sector:

    Manufacturing

  • Job type:

    Permanent

  • Contact:

    Sehar Neky

  • Job ref:

    129

  • Published:

    3 months ago

  • Expiry date:

    2018-05-28

  • Startdate:

    1522296000000

  • Consultant:

    #

Modern Ways manufacture and distribute nutritional and other animal health products for both livestock and companion animals.

Their mission is to continuously strive to raise the standard for animal health and wellbeing and to optimize livestock production in Kenya. The company develops thriving relationships built on trust and reliability through education, training and provision of quality products. Their vision over the next 3 years is to be East Africa’s most effective and reliable partner for optimizing animal health and wellbeing.

Core Values

Behind this vision is the belief that Modern Ways can make a dramatic impact on the quality of lives of thousands of farmers in the region.

Quality & Expertise

They understand that the quality of their products, their advice and their customer service is paramount to their success.

Integrity

They believe in exhibiting integrity and ethics in every aspect of their brand. It’s ingrained in their family founded business practices. It’s part of who they are.

Wellbeing

In the same manner that they strive to elevate the standards of wellbeing for the animals of Kenya, they also strive to foster a fun, relaxed and collaborative atmosphere for their team. Wellbeing is at the core of all they do.

Fostering Relationships

They believe relationships provide the foundation for any successful brand. This company was built on them. It’s not just an ethical commitment; it is part of their overall brand strategy.

Company Context

Over the last few years, the company has grown rapidly in revenue, EBITDA and brand awareness. This growth is set to continue and over the next year, the CEO has set ambitious growth objectives in 6 key areas:

Vital in the Dairy Sector

Over the next year, Vital will continue to consolidate its position as the premium brand in the Dairy Sector. Growth in the "Vital" range will continue, with the continued growth of Vital’s flagship product, Maziwa, supported by a renewed focus on expanding the market segments for other lesser known mineral products - Ndama, Joto and Dry. This year will also see the launch of new products in the Dairy sector -Vital Calf Starter as well as Vitalsorb.

Vital Fodder

Modern Ways is introducing new “animal fodder” products delivered through a partnership with a large international commodity company, most likely through a joint venture. This partnership is likely to double or even triple revenue over the next two years.

Vital in the Pastoral Sector

In 2018, Vital will expand into the Pastoral sector, a market that they have largely neglected as they have rightly concentrated on the higher revenue Dairy sector. However, this is an interesting market with plenty of potential. They have four mineral products already developed for this market.

Vital in the Pig Sector

Modern Ways has a partnership with Devenish Nutrition that will involve them selling a Devenish piglet feed to Farmers Choice, the main pig producer and processor in Kenya. The Company’s plan is to use this pipeline to re-bag the product under the Vital brand, couple it with a branded, on-farm pig feed premix from Devenish and sell it directly to independent pig farms in the sector directly from head office.  This sales channel will also be supported by the sale of specific Bayer products appropriate to the sector.

Budget Brand

Modern Ways will also be launching a new budget brand, Juu’go, which will be accounted for as a separate business division and will be run as a franchise business.

Regional Expansion into Ethiopia or Uganda

Modern Ways will at the very least complete the business planning for the expansion of business and operations regionally.


To support these 6 objectives, they have identified 6 capacity building projects:

  1. Move into new factory and office premises to expand production capacity and efficiency.
  2. Improve financial planning to allow accurate forecasting and budgeting.
  3. Improve individual and team performance across the company.
  4. Consolidate partnerships with suppliers (Calf Starter and Fodder).
  5. Underpin process performance with proper systems, technology and procedures.
  6. Restructure Modern Ways and put in place proper corporate governance processes.

Over the next year the CEO will be focused on driving performance on the 6 growth objectives, while the COO will be largely responsible for delivering the 6 capacity building objectives.

The Role

The company’s vision is to be recognized as Africa's most effective, trusted and reliable partner for improving animal health and well-being. Behind this vision is the belief that they can make a dramatic impact on the quality of lives of thousands of farmers in the region.

To support these growth objectives, Modern Ways is looking for an experienced financial controller, undertaking all aspects of financial management, including corporate accounting, regulatory and financial reporting, budget and forecasts preparation, as well as the development of internal control policies and procedures.

As well as meeting the job­specific and professional requirements of the role, the applicant will be evaluated on their attitude and their fit with the company. They are looking for someone who will share their passion for what the company represents.

Key Responsibilities

Objective

You will be required to manage all finance and accounting operations. This will include meeting all statutory and regulatory requirements, directing the preparation of the budget and financial forecasts and reporting variances, and preparing monthly financial statements.

Management and Control

You will oversee the personnel and operations of the accounting staff as well as outsourced activities.

Personnel

  • You will manage the personnel in the accounting department.
  • You will conduct regular performance reviews and set quarterly team and individual targets.
  • You will assess individual training and development needs.

Operations

  • Ensure routine accounting tasks are carried out smoothly.
  • Manage projects and communication using the standard company tools.
  • Oversee the accounting operations of any subsidiary or related companies.
  • Maintain a system of accounting policies and procedures.
  • Oversee the activities of any supplier functions.

Planning

  • Coordinate the creation of an annual budget and test it for achievability.
  • Calculate variances between the actual and budgeted results and report the reasons for the variances to management.

Transactions

You will ensure that your team processes all transactions correctly, this includes supplier invoices, billing to customers, payroll and cash receipts and disbursements. You will also ensure that proper controls are in place to ensure transactions are properly processed, recorded and archived.

Accounts Receivable

  • Issue invoices to customers when goods have been sold and ensure there are adequate stocks in inventory.
  • Collect accounts receivable promptly and ensure proper management of debtors.
  • Record and deposit cash receipts promptly.

Accounts Payable

  • Process payroll information with the minimal of errors and issue compensation payments to employees by scheduled pay dates.
  • Ensure that supplier invoices are paid and properly recorded for tax purposes on the designated date. Where it benefits the company and where possible take advantage of early payment discounts.
  • Make scheduled debt payments as needed.

Controls and Systems

  • Maintain a comprehensive system of controls over all accounting functions.
  • Maintain a chart of accounts that fulfils the record keeping needs of the business.
  • Complete bank reconciliations for all bank accounts at regular intervals.
  • Maintain an orderly filing system for all paper­based accounting records including a system of document archiving and document destruction.
  • Maintain and operate an adequate accounting package.

Reporting and Compliance

You will ensure that management reporting and financial analysis for the Senior Management team is out in an accurate and timely manner. You will also ensure that the company complies with Government reports, debt covenants and accounting standards.

Management Reporting

  • Compile and issue accurate financial statements on a timely basis.
  • Measure the financial and operational performance of the business and report this information in ongoing reports.
  • Where necessary, use data analytic techniques, including dashboard and data visualisation to present complex data sets.
  • Prepare financial analysis for the Senior Management.

Financial Reporting

  • Assist in the preparation of the company’s annual report.
  • Provide information needed by outside auditors to examine the company’s financial statements and accounting system.
  • Manage all KRA and Government enquiries or investigations into their accounts.

Compliance

  • Comply with all tax filing, VAT and reporting payments requirements.
  • Monitor the company’s compliance with debt covenants and warn management of any breaches.
  • Comply with GAAP and other relevant standards.

Key Relationships

Reports to: CFO / CEO

Supervises: Accounts Supervisor (and accounting team)

Requirements

  • Proven working experience as a Financial controller
  • 5+ years of overall combined accounting and finance experience
  • Advanced degree in Accounting
  • CPA or CMA preferred
  • Thorough knowledge of accounting principles and procedures
  • Experience with creating financial statements
  • Experience with general ledger functions and the month­end/year­end close process
  • Excellent accounting software user and administration skills
  • Sound management skills