Chief Finance Officer (CFO)

at Tanzania Maji Jibu Company Ltd.
Location Dar es Salaam, Tanzania, United Republic of
Date Posted May 15, 2021
Category Accounting
Audit
Finance
Job Type Full-time
Currency TZS

Description

Description

Founded in 2017, Jibu Tanzania is pioneering a powerful new model that provides opportunities for entrepreneurs to own businesses that ensure access to basic human necessities in underserved, emerging market communities. Jibu has scaled a network of locally owned, economically independent franchises that provide safe drinking water to their communities while offering life-changing training and employment.

Empowered by a belief in the ability of eye-to-eye partnership to unleash latent entrepreneurial talent, Jibu is transforming the challenge of addressing basic human needs into an expansive opportunity that allows thousands of young entrepreneurs to build lasting solutions, one neighbourhood at a time. The company’s ultimate vision is to train, finance, and grow a network of co-invested business owners who will revolutionize the way critical resources participate in emerging markets. For additional information, please visit: https://jibuco.com/tz/

Jibu is looking for a Chief Finance Officer (CFO) who will be responsible for helping Jibu to achieve volume, expansion, profitability (cost savings and total revenue), and impact targets as defined by the Managing Director and in line with the Jibu mission and objectives.
The Job Purpose of the Chief Finance Officer (CFO) is to ensure financial health of the business and determine the financial business metrics to lead the company towards profitability. Specifically, to undertake all aspects of financial management, including accounting, regulatory and financial reporting, budget and forecasts preparation, development and implementation of internal control policies and procedures.

Duties & Responsibilities:
Invoicing and Revenue Collection
● Prepare all invoices (franchise network fees, supply of products to franchises (bottles) and other income/receivables) in the accounting software (Quickbooks)
● Lead the communication with Franchisees regarding all invoices, arrears, discounts, etc.
● Oversee the Accounts Receivables management enforcing the AR policy to ensure that all accounts are current

Budgeting and Financial Planning
● Lead and facilitate the annual budgeting process, coordinating input from across all departments and provide input to the business plan of the company
● Prepare and monitor performance against forecasts and budgets
● Execute monthly cash-flow planning (account receivable collections, accounts payables and payments/disbursements)
● Oversee and maintain budgetary control to ensure effective revenue management, cost management (value for money) and providing financial advice and commercial insights to the Country Director and Executive team
● Lead financial planning, board reporting and building of business pro-forma/financial projections
● Support the franchisees in key aspects of financial management and training
● Assist on initiative and thought leadership in developing the Jibu business model, including looking for opportunities to develop the service offering to the social entrepreneurship sector
● Participate in long-term organizational strategy creation and planning, quarterly and annual. Undertake ad-hoc financial analysis to support Board and Exec strategic decision making. Will be expected to provide meaningful insight and challenge to the Exec with strong contributions to strategic decisions.
● Assist with ensuring correct resources are in place for the organization to grow – programs, HR and fundraising strategies.
● Serve as a local point-of-contact for institutional contracts reviews, including billing, contract execution, etc.

Financial control and Accounting
● Responsible for timely monthly/quarterly/annual closing of all accounts
● Ensure timely and accurate posting, balancing and reconciliations of the general ledger
● Ensure monthly reconciliation of bank accounts, cash, sales and all inventories
● Ensure that all proper procedures have been followed approvals have been obtained for financial transactions
● Ensure all cash/credit sales transactions are timely recorded in the accounting system
● Manage all aspects of cost accounting (including landed cost accounting) and inventory control support for both Jibu Franchises and company owned stores
● Develop, implement and review business processes, procedures and accounting policies to maintain and strengthen internal controls over cash/bank, inventory, intercompany transactions, accounts receivables, accounts payables, payments and reporting

Reporting and Audit Management
● Produce monthly & quarterly financial reports providing variance analysis and in-depth understanding of the key drivers of the business performance.
● Leading and coordinating the annual external audit to meet reporting deadlines
● Research technical accounting issues for compliance (IFRS, IAS standards)

Compliance and Banking
● Manage relationships with the Company's banks and ensure needs are met on a timely basis
● Liaison for all investor relations regarding debt management with banks and BOT and other regulators
● Accountable for full tax and regulatory compliance of the business (Statutory returns, Corporate Tax, PAYE, NSSF, VAT, EXCISE TAX, WHT, etc.)

Organizational Needs
● Measure effectiveness and efficiency of commercial operational processes both internally and externally and find ways to improve processes
● Improve day to day accountability against operations and strategy across Jibu in close coordination with Managing Director, Franchise Director and other executive team members.
● Design and revise external partner commercial operating toolkits and manuals for both the individual franchise owners
● Support financial planning efforts, including budgeting, forecasting and P&L analysis alongside the Finance Manager, Franchising Director and MD.
● Lead the pricing strategy and input costings
● Assist the MD in developing and overseeing long-term business strategies
● Assess and manage the principal risks of the business
● Hire and setup the Human Resources of the Jibu team
● Support senior leadership team in business development efforts (loan applications, financial modelling, grant writing) to secure funding to grow the company.

Minimum Experience Requirements:
• 5+ years of experience in the Finance department in a similar role in Uganda with a for-profit business which operates in multiple locations and in several currencies.
• Degree in Accounting or Finance
• Required professional qualification CPA, ACCA, CIMA or equivalent
• Thorough knowledge of accounting principles and procedures including IFRS and IASs.
• Demonstrable experience with preparing financial statements, management accounting (costing, unit economics)
• Demonstrated experience with complex budgets and forecasts prepared in Excel and daily and monthly monitoring of actual vs. budget.
• High levels of proficiency in Excel, Word, PowerPoint and Google Suite
• Excellent accounting software experience in Quickbooks
• Strong focus on controls and processes and high attention to detail
• Strong communication skills for engaging with business partners and ensuring processes are being followed
• Strong people manager who can evidence experience in leading, mentoring, and providing clear guidance to junior finance staff
• Confidence to challenge senior opinions and maintain positive working relationships.
• Able to build systems while ensuring focus on the details
• Successfully managed people at all levels and from varied backgrounds and cultures
• Proven track record developing successful managers and ensuring all team members are effective contributors to the business
• Strong business management experience; operations focus preferred
• Minimum of 5 years’ experience working in business in an emerging market context
• Cultural knowledge and experience working or living in a developed market context
• Fluent English skills
• Experience working in Tanzania

Preferred Experience Requirements
• Experience working at FMCG (Fast Moving Consumer Goods) company
• Experience working a multi-unit business environment a plus
• Experience working in start-up / growth environment
• Franchise experience
Required Skills:
• Street smarts to navigate both formal and informal components of the business
• The ability to design and build innovative, solid systems while ensuring buy-in and ownership
• An energetic self-starter, a proven problem-solver and someone willing to “roll up their sleeves” to do what it takes to get tough jobs done
• Very good with people, a confident but empathetic results-oriented person who plays to win but strives for mutual benefit
• Ability to work strategically, creatively, flexibly and persistently to solve gnarly challenges
• Ability to coordinate a cross-functional team, from different disciplines and locations, and ensure effectiveness and efficiency through the role and responsibilities
• Proven interpersonal, relationship and people management skills
• A team player with a sense of adventure wanting to make a difference
• Personality profile: practical, persistent, likeable, resourceful, organizer, likes challenges