Chief Financial Officer - N/A11288
Code/Reference:
N/A11288
Applications accepted until:
2021-01-15
Number of Openings
1

Company Overview

A subsidiary of Econet Global, Liquid Telecom is the leading independent data, voice and IP provider in eastern, central and southern Africa. It supplies fibre optic, satellite and international carrier services to Africa's largest mobile network operators, ISPs and businesses of all sizes. It also provides payment solutions to financial institutions and retailers, as well as award winning data storage and communication solutions to businesses across Africa and beyond. Put simply, we connect people.

We started out by questioning the way things are done and being single-minded in our determination to improve them. Everything we do is driven by a simple yet powerful belief that everyone in Africa has the right to be connected. Over the last decade, this vision has helped us change the face of communications in the region.

Our future-focused approach to new product development makes our services enduringly adaptable.

€œWe have to focus on services of the future and new revenue streams not as a side show to infrastructure but as the main show leveraging off the infrastructure which we have.€ - Nic Rudnick

Our flexible and dynamic business model keeps us at the forefront of telecoms innovation. And by listening to customers, we ensure that our solutions are constantly evolving to meet their needs. In June 2017, Liquid Telecom raised $700m in a bond and term-loan issue that will help Liquid Telecom refinance debt and provide a war chest for further acquisitions.

Our Beliefs

At the very core of our business is our belief that every individual on the continent has the right to be connected. We believe that the power of technology will create better and brighter lives for everyone.

We're for everyone - Being connected shouldn't just be for the privileged few. We believe it's for everyone and this was recognised at the AfricaCom Awards 2013 when we won an award for Best Cost Efficiency Solution. The sense of doing the right thing runs through every aspect of our business.

Integrity - Having integrity in everything we do has made us what we are today. We are all encouraged to play our part and take responsibility for doing things right €“ and doing the right thing.

Only The Best Will Do - We're constantly striving to deliver the best communications technology to everyone €“ from the smallest communities to the biggest businesses in the region.

Don€™t Talk Do - We listen carefully to our customers, then we deliver beyond their expectations. This €˜can do' attitude is key to our success.

In It For The Long Run - We've invested heavily in our own network and technology. We created the largest single fibre network in the region, which stretches over 18,000km across borders to connect people locally, nationally and internationally. We're not stopping there €“ we're continuing to invest so we can connect people all over Africa.

Location

Johannesburg

Job Purpose:

As a key member of the Executive Management team, the Chief Financial Officer assume a strategic role in the overall management of the company. The CFO is responsible for planning, implementing, managing and controlling all financial-related activities of the company and developing the finance organisational strategies by contributing financial and accounting information, analysis, and recommendations to strategic thinking and direction; establishing functional objectives in line with organisational objectives.

This includes direct responsibility for accounting, finance, forecasting, strategic planning, financial and statutory reporting, supply chain management, revenue assurance, and credit management together with building a sustainable learning finance organisation.

Minimum Requirements of Job

Formal Qualifications Required

  • CA, ACCA, CIMA
  • Masters Degree in Finance or Administration or similar from a globally recognised leading institution

Job Related Experience Required

  • Financial management and control, reporting and treasury experience including a minimum of 12 years€™ experience in a similar C-Suite Executive Management position of a $250m+ company within the Telcom/ICT sectors

Job Related Knowledge Required

  • Strategic management and planning
  • Financial reporting and compliance
  • Taxation and Treasury
  • Planning and budgetary control
  • Corporate and statutory reporting
  • Business risk and compliance

Job Related Skills Required

  • Excellent verbal and written communication and ability to present complex situations
  • Ability to plan and organise 3 to 5 years ahead
  • Ability to analyse and solve complex problems to achieve the correct outcomes
  • Ability to negotiate, interact and achieve targets locally, regionally and internationally
  • Ability to lead, manage and develop staff and employees

Key Outputs:

Financial Strategy and Business Planning

  • In conjunction with the LTSA Executive Management team, leads the formulation of the 18 month Financial Strategy and Business Plan by
  • receiving Departments CAPEX and OPEX requirements from the relevant C-Suite HoD€™s with the necessary justifications
  • critically reviewing the justifications, estimating, forecasting and prioritising the finance required
  • developing the Business Plan (which includes the 5 year financial forecast), and ensuring that the final draft is in line with the Group expectations for LTSA
  • selling the Business Plan to the Board which highlights the Strategic Intent and/or anticipated changes to the Strategy (for example change from ...)
  • Maintains awareness of Industry forces and provides support to identify the options available for LTSA to be well positioned to take advantage of them
  • Aligns the evolving financial short and medium term goals and objectives for LTSA with the Business Plan, and adjusts the plan where necessary (such as market forces)
  • Ensures, through the management and application of financial strategies, that LTSA achieves target profitability on schedule and with sustainable practices

Financial Budget

  • Oversees the preparation of the annual and quarterly budgets and approves these prior to submission to the CEO
  • Manages the budget control from the various Line Managers, requests justification on variances or non adherence to targets, and decides on appropriate action

Corporate Reporting

  • Ensures that Management Accounts (monthly, quarterly and bi-annual) are prepared and circulated to Exco in compliance with LTSA Financial Management Accounting Policy and IFRS

Business Case Analysis (Product profitability)

  • Reviews all Business Cases to ensure that these are in line with the Financial objectives of the Company
  • Liaises with the relevant xxx through GM €¦.. to ensure corrective action is taken (such as re-costing)

Operating Expenditure

  • Oversees the cost management structure of the company and ensures that all expenditure is within Budgets and Approved Forecasts
  • Defines the depreciation policy of the company, including residual values and impairment of assets for the company and submits to the CEO
  • Approves the total overspend of more than xx% of annual operating expenditure based on the total of the Commercial Direct Expenditure, Network Operating Expenditure and Admin Overhead Expenditure

Capital Expenditure

  • Ensures that all Capital Expenditure is approved by the Board
  • Defines the asset disposal policy of the Company, including the residual values
  • Oversees and approves the Fixed Assets of the Company and the scrapping and sale of assets
  • Approves Capital Expenditure below XX and Capital Expenditure above XX
  • Ensures, through the xxx, the final acceptance for all CAPEX projects are completed after the equipment is utilized in the network for the first time in line with LTSA Financial CAPEX Policy

Payroll

  • Ensures, through the HR that the payroll is processed and paid on due date, following final approval by the CEO and in compliance with the LTSA Payroll Financial Policies

Statutory Reporting

  • Ensures that the Financial Statements (monthly, annual and ad-hoc) are prepared and circulated to the Shareholders and Regulatory Authorities in compliance with LTSA Corporate and Statutory Reporting Policies and Licence requirements

General Ledger Accounting

  • Manages all operations relating to financial management and reporting of LTSA in line with the annual business and financial strategy
  • Ensures that the Company assets are correctly and adequately insured, claims are followed up and adequate provision is made for write down of any inventory/stock
  • Oversees the analysis of Withholding, PAYE and VAT Tax Legislation(s) and requirements for LTSA, and monitors compliance through the relevant General Managers
  • Reviews weekly and monthly general ledger reconciliations and takes appropriate action where necessary
  • Provides reports and recommendations to the Chief Executive Officer regarding the financial stability and viability of LTSA

Management of the Tax and Audit Functions

  • Oversees the tax activities and payments by LTSA in compliance with the Tax Act
  • Recommends the appointment and remuneration for External Auditors, agrees the scope of audits with the external auditors and ensures that Internal and External Auditors€™ recommendations have been correctly addressed

Revenue Accounting

  • Reviews processed revenue and direct expenditure transactions for reasonability and ensures any mis-postings and anomalies are promptly corrected
  • Ensures that all products and services are invoiced and the relevant expense accounted for in the correct period

Treasury Management

  • Oversees the Treasury function and ensures the management of all banking operations and the necessary cash flow daily
  • Decides the funding requirements for the Company and sources of financing based on the most critical requirements, risk factors and optimum cost benefit
  • Decides on the optimum investment (for example money market), for the excess funds, based on the risk and return
  • Decides on the structure of the debt in the balance sheet with the aim of strengthening the balance sheet
  • Monitors on a monthly basis, and improves the working capital by transferring funds between the short term and long term

Operational Treasury

  • Monitors, and approves the daily transactions carried out by the xxxwhich would impact the Company
  • Ensures that the day to day financial requirements of the company are met through adequate financing and appropriate deployment of funds
  • Manages all company payments

Corporate Treasury

  • Approves the appointment of commercial bankers, credit facilities limits, cheque and payment signatories and appointment of brokers, insurance agents and termination of insurance
  • Builds and maintains business/funding relationships with local, regional and international banks and investors by
  • making presentations to existing and potential investors on company performance and strategy
  • responding to planned and ad hoc investors€™ enquiries
  • maintaining on-going communication with banks and investors (worldwide) via telephone, email and physical correspondence

Insurance

  • Manages the insurance activities of the company

Procurement

  • Develops and updates the Procurement Policy of the Company in line with changes required within the Business and submits to the CEO and Board for final approval
  • Oversees the Procurement function for the Company and manages the Procurement section in the Finance Department on a daily basis
  • Receives daily, weekly and monthly reports from the Procurement Manager and checks authenticity, identifies procurement issues or problems, and addresses these
  • Approves the appointment of Suppliers based on the due diligence, and submits to the CEO and Board of Directors for final approval
  • Approves all purchase orders for the Company exceeding R20-40m

Billing Services

  • Manages billing processes and procedures to ensure accurate and timely billing of all products and services
  • Oversees the implementation, customisation and configuration of tariffs on all Billing and related platforms to suit Business requirements
  • Approves and ensures, through the Billing Manager that new products and services have been configured in the Billing System (such as tariffs, business rules, so on)
  • Reviews, approves and distributes to Exco the traffic, revenue and subscriber reports from Billing systems
  • Reviews and approves reports required by the Regulator to monitor LTSA compliance to such regulations as Numbering Plan, Anti-Money Laundering

Collections and Credit Management

  • Analyses and approves requests for customer vetting based on the LTSA Credit Management & Vetting policy
  • Reviews, maintains and implements credit policies and controls that enhances the collection capabilities
  • Monitors and reviews the Company€™s debtor book and ensures that the average monthly sales value outstanding for more than 60 days are in line with set budget targets
  • Ensures adherences to Credit Management policies and procedures and collections are within stipulated periods
  • Reviews and approves Accounting adjustments in line with LTSA Financial Policies and procedures

Management of the Finance Department

  • Overviews, updates and aligns the Finance organisation structure
  • Develops the necessary plan/s to ensure that the Department meets its agreed goals and objectives, meets staff on a regular basis, identifies and agrees key performance areas, key objectives/tasks and action plans
  • Carries out evaluation of the finance team, identifies performance strengths and deficiencies, and arranges for necessary action (for example further on the job training)
  • Provides support to ensures the enablement, and implementation of the requisite Company Risk and Compliance policies and processes and the maintenance of good Corporate Governance

Key Decisions

  • Decides whether LTSA is in a position to provide sufficient return on investment to the Shareholder
  • Decides whether LTSA is adhering to the required Corporate Governance and Reporting
  • Decides whether LTSA is financially viable and stable to achieve the agreed long, medium and short term strategic targets
  • Decides the overall finance structure and resources required to ensure the achievement of the Financial Group€™s strategic objectives

Accountable For

  • The financial viability and stability of Liquid Telecom South African Operations
  • Group financial reporting for LTSA
  • Statutory Reporting & Statutory Audit
  • Stakeholder Management
  • The financial management and control for LTSA