A leading pharmaceutical company has a vacancy for a Working Capital Manager.
- Lead, direct and manage the Working Capital function for SA Commercial.
- Drive optimal working capital investment for the organisation by ensuring lowest DSO’s, best procurement practices and maximum accounts payable balances.
- Attract, develop, and retain high quality team members
- Lead the team as a role model who demonstrates values, inspires, motivates, and coaches team members to maximise the quality of their output
- Drive ownership, accountability innovation and efficient processes
- Provide continuous feedback and ensure performance management reviews are performed
Accounts Receivable management
- Set the target days at budget and forecasts by customer channel. Ensure target days are met and maintained at optimal levels.
- Review forecast and budget calculations for accounts receivable balances.
- Build relationships with Commercial team, customers and distributors to ensure optimal cash collections.
- Review debtors’ book monthly and identify risks and areas for improvement.
- Ensure plans are in place for improvements identified and those are executed and tracked.
- Review all relevant GL recons and ensure reconciling items are maintained at current.
- Drive collections and ensure best processes are followed. Ensure processes required by State are followed.
- Approve blocked orders after assessing credit risk but also consider business in achieving targets.
- Manage requests for extended payments terms.
- Assess provisions to ensure they are adequate as per IFRS requirements
- Approve credit notes and bad debt write-offs as per Approvals Framework.
- Engage with the company's Legal regarding all default accounts.
- Ensure accurate maintenance of logistic fees.
- Manage UPD sundry accounts to ensure lowest deductions from UPD.
- Ensure credit insurance is in place as and when required and manage relationship with insurance company as well as broker.
- Ensure compliance with all Reserve Bank and SARS regulations regarding export sales, foreign currency inflows and VAT.
- Ensure optimal payment terms from suppliers.
- Ensure optimal procure to pay process is followed. This will ensure efficiencies and best cash flow management.
- Accounts Payable management (trade and non-trade).
- Ensure compliance with all VAT regulations when invoices are processed and involve Group Tax if required.
- Review forecast and budget calculations for accounts payable (trade and non trade) balances.
- Release orders and bank files as per SOP and limits of authority as and when required.
Financial Reporting and Management
- Manage budget, forecast and five-year plan processes related to working capital.
- Review monthly stock provision and stock adjustments.
- Prepare monthly working capital analyses with commentary and identify risks.
- Ensure any new acquisitions are accurately accounted for.
- Ensure all employees are paid accurately and timely every month.
- Assist with payroll costing for budgets.
- Consolidate annual increase workings and present to executives.
- Prepare annual incentive and deferred incentive calculations. Obtain relevant approval and ensure incentives are paid.
- Ensure accurate submission of bi-annual employees tax information and distribution of annual IRP5’s.
- Ensure timely submission of Workmen’s Compensation returns.
- Assist in creating packages for all new employees obtained from acquisitions.
Compliance and Risk Management
- Prepare and submit the annual insurance declaration as distributed by the Group Risk team on timeline as communicated. Ensure all claims due to stock loss from theft, hi-jack, damage etc. are concluded.
- Ensure compliance with policies and procedures and drive accountability throughout the organization.
- Take full responsibility for the Approvals Framework and ensure that it is adhered to and continually updated. Ensure SAP configuration is aligned to Approvals Framework.
- Maintain risk register.
- Perform designated approval function.
- Identify risks and opportunities which impact the business.
- Ensure that contractual agreements are adhered to.
- Ensuring that all accounting transactions are in line with the principles of IFRS and other regulations.
- Ensure that SOP’s relevant to the area of responsibility are in place and regularly updated.
- Ensure that all matters pertaining to internal and external audit from a Working Capital perspective are dealt with timeously and accurately.
Qualifications & Experience
- Identify cost saving initiatives in the areas under responsibility.
- Identify processes for improvement and successfully implement systems enhancements.
- Projects: Provide the necessary leadership & financial insights by leading & participating in key strategic project teams (acquisitions, divestments, etc.)
- Relationships: Establish a high level of credibility and manage strong working relationships with both external parties and internal parties.
Skills and Attributes:
- Grade 12 / Matric
- CA (SA)
- At least 5 years post article experience in a finance environment.
- Detailed and up to date knowledge of IFRS and tax (VAT, income tax and PAYE).
- Computer literate – advanced in MS Excel, MS Word, MS PowerPoint, SAP, TM1
- People management experience
- Experience in the pharmaceutical/FMCG industry is preferred
- Experience in Accounts Receivable and Procure to Payment cycle is preferred
- Payroll experience is preferred.
- Exemplary leadership skills, people manager
- Ability to work under pressure
- Confident individual with strong interpersonal skills not afraid of challenging the status-quo
- Highly numerate with strong analytical abilities
- Must be diligent, commercially astute, with a focus on attention to detail, high sense of urgency and deadline driven.
- Mature, resilient, assertive, someone with unquestionable integrity
- Energetic, enquiring mind, self-motivated, with good problem-solving skills, initiative and a passion for service excellence
- Good communication skills (verbal & written)
Candidates that meet the criteria may submit their applications via this portal or via vacancy link on www.mnarecruitment.comShould you receive no feedback within 7 days, please accept your application as unsuccessful.
- Financial Accounting (IFRS)
- VAT Act and Reserve Bank regulations
- MS Office
- Advanced Excel
- SAP and TM