This comprehensive job description reflects the expanded responsibilities and qualifications for the Finance Officer role in Nairobi, focusing on payments, balance sheet management, bank reconciliations, cash flow, risk management, VAT management, and archive management of financial documents, aligned with the operational needs of the LWF Kenya-Somalia Program.
Position Title: Finance Officer – Nairobi (Payments and Balance Sheet Management)
Location: Nairobi, Kenya
Program:Lutheran World Federation (LWF) Kenya-Somalia Program
Reports to:Deputy Finance Manager (DFM)
Supervises:Assistant Finance Officer (AFO), Finance Assistants as required
Job Purpose:
The Finance Officer (FO) – Nairobi will be responsible for managing the payments and balance sheet accounts for the LWF Kenya-Somalia Program. This role will focus on ensuring timely and accurate payment processing, maintaining robust internal controls, overseeing balance sheet management, managing VAT on payments according to the Host Country Agreement and donor guidelines, and ensuring timely passing of journal entries for tax exemptions granted by the government and repayment to vendors where exemptions are not granted. Additionally, the FO will manage cash flow, financial risks, bank reconciliations, staff advance account reconciliation and management, and the archiving of finance-related documents.
Key Responsibilities:
A: Payments Management:
- Oversee and manage the entire payment process, ensuring all transactions are accurately recorded, authorized, and compliant with organizational policies.
- Verify payment requests for accuracy, proper authorization, and adherence to budgetary limits before processing.
- Coordinate with the procurement and program teams to ensure timely processing of supplier payments and staff reimbursements.
- Maintain and update payment records in the SAGE Accounting software, ensuring that all entries are correctly coded and reconciled.
- Manage VAT on payments according to the Host Country Agreement and donor guidelines, ensuring timely passing of journal entries for tax exemptions granted by the government and repayment to vendors where exemptions are not granted.
B: Balance Sheet Management:
- Monitor and manage all balance sheet accounts, with a focus on payables, accruals, prepayments, and staff advance accounts.
- Ensure that all balance sheet accounts, including staff advance accounts, are reconciled monthly, and discrepancies are promptly identified and addressed.
- Work closely with the Deputy Finance Manager (DFM) to implement best practices for balance sheet management and reporting.
- Support the annual audit process by providing necessary documentation and reconciliations related to balance sheet accounts.
C: Cash Flow and Bank Reconciliation Management:
- Develop and maintain cash flow forecasts to ensure adequate liquidity for operations.
- Coordinate with project managers to anticipate future cash needs and plan accordingly.
- Manage relationships with banks and other financial institutions to ensure efficient cash management and optimal banking arrangements.
- Ensure timely and accurate bank reconciliations are performed monthly, identifying and resolving any discrepancies in a timely manner.
D: Risk Management:
- Identify and assess financial risks related to payments, balance sheet management, and bank reconciliations.
- Develop and implement risk mitigation strategies in collaboration with senior management.
- Monitor exchange rate fluctuations and advise on forex risk management strategies to minimize financial risks.
E: Sub-Ledger Management:
- Oversee the implementation and management of Sub-ledger modules in the SAGE Accounting software, ensuring accurate recording and reporting of financial transactions.
- Provide training and support to Finance Assistants and other relevant staff on the use of Sub-ledger modules.
F: Internal Controls and Compliance:
- Maintain strong internal controls to safeguard the organization’s assets, particularly in the areas of payments, balance sheet management, and bank reconciliations.
- Ensure compliance with LWF’s financial policies, donor regulations, and relevant laws and regulations.
- Assist in the development and updating of financial policies and procedures to enhance internal controls and efficiency.
G: Technology and Process Improvement:
- Continuously evaluate and recommend improvements to financial processes and systems.
- Stay updated on advancements in financial technology and suggest implementations to enhance efficiency.
- Lead the implementation of new financial modules or software upgrades as needed.
H: Reporting and Analysis:
- Prepare monthly, quarterly, and annual financial reports related to payments, balance sheet accounts, and bank reconciliations for review by the DFM.
- Conduct regular analysis of payables, staff advances, and other balance sheet accounts to identify trends, risks, and opportunities for improvement.
- Assist in the preparation of financial statements and management reports for internal and external stakeholders.
I: Archive Management of Finance Documents:
- Manage the archiving of all finance-related documents, ensuring that records are organized, secure, and easily retrievable.
- Ensure that all financial documents, including contracts, invoices, receipts, and reports, are accurately filed and maintained in compliance with organizational and donor requirements.
- Implement and maintain an efficient archiving system that supports both physical and digital records, ensuring that documents are preserved according to retention policies.
- Regularly audit the archive to ensure that all documents are up to date and accessible to authorized personnel.
J: Team Collaboration and Support:
- Provide guidance and support to the Assistant Finance Officer (AFO) and Finance Assistants in managing daily finance operations.
- Collaborate with other Finance Officers in Kakuma, Dadaab, and Kismayo to ensure consistency and accuracy in financial reporting across all locations.
- Act as a key point of contact for finance-related queries in Nairobi, providing timely and accurate responses to internal and external stakeholders.
Qualifications and Experience:
- Education: Bachelor’s degree in Finance, Accounting, or a related field. A professional qualification (e.g., CPA, ACCA) is highly desirable.
- Experience: Minimum of 5 years of experience in finance and accounting, with a strong focus on payments, balance sheet management, bank reconciliations, and cash flow management. Experience in an NGO or international development organization is an advantage.
- Technical Skills:
- Proficiency in SAGE Accounting software or similar financial management systems.
- Advanced Excel skills and experience with financial modeling.
- Knowledge of data visualization tools (e.g., Power BI, Tableau) for financial reporting.
- Experience with multi-currency transactions and forex management.
- Familiarity with ERP systems and integration with financial modules.
- Knowledge of International Financial Reporting Standards (IFRS) and donor reporting requirements (e.g., USAID, EU, UN agencies).
- Understanding of VAT management in the context of Host Country Agreements and donor guidelines.
Soft Skills:
- Analytical Skills: Excellent analytical skills with the ability to interpret financial data, identify issues, and recommend solutions.
- Communication: Strong written and verbal communication skills. Ability to present financial information clearly to non-financial stakeholders.
- Teamwork: Demonstrated ability to work collaboratively in a multicultural environment, providing guidance and support to team members.
- Attention to Detail: High level of accuracy and attention to detail, particularly in financial record-keeping, reporting, and reconciliations.
