Master Power Systems Ltd

Group Chief Financial Officer (CFO)

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Job Summary

Ensure efficient and value add operations from the finance functions across the organizations

  • Minimum Qualification: Bachelor
  • Experience Level: Executive level
  • Experience Length: 15 years

Job Description

Designation: Chief Financial Officer

Reporting to: CEOs, Board of Directors / M.D. 

Location: Nairobi, Kenya

Start Date: Immediate


We have a group of companies as listed below: -

  • Master Power Systems Ltd – Over 18 years in the Electrical Installations with divisions as below: -
    • Electrical Installation works 
    • Substation and Transmission Lines works
    • Mechanical and Plumbing works
    • HVAC  
    • Lift Installation - (Average Annual Turnover of USD 45 Million for all divisions)
  • Parklane Construction Ltd – One of the Top 10 construction company with divisions as below: -
    • Building Construction 
    • Fit out and Interior
    • Civil and Road works
    • Water and Sewerage works – (Average Annual Turnover of USD 45 Million for all divisions)
  • Master Technologies Ltd - A leading ICT Engineering Company with divisions as follows: -
    • ICT Installations Works.
    • Home Automation
    • Access Control
    • Intelligent Building Management Systems
    • PA Systems – (Average Annual Turnover of USD 10 Million for all divisions)
  • Hirani Quarries Ltd – A Stone Mining Company in operation for over 10 years and supplies Building Stones of various sizes to Leading Building Construction Companies throughout Kenya (Average Annual Turnover of USD 15 Million)
  • Pipe Masters and Plastics Ltd - A PVC Pipe Manufacturing Company which has started operations in 2018 (Annual Turnover of USD 20 Million - 2018)


Job Description.

A - Ensure efficient and value add operations from the finance functions across the organizations:

  1. Direct and oversee all aspects of the Finance & Accounting functions of the organization on a daily basis.
  2. Review, refine and create new financial policies and procedures of the company.
  3. Establishing internal financial control processes interlinking the entire spectrum of enterprise operations.
  4. To ensure accuracy, completeness and relevance of accounting records at all times.
  5. To establish processes for managing cash flows, ensuring smooth business operations and adequate liquidity.
  6. Undertake regular reviews to determine areas for cost savings across the businesses.
  7. Undertake regular reviews to determine areas for revenue leakages across the businesses.
  8. Design and implement an effective payroll management system in order disburse salary wages, incentives, commissions, and rewards to all the employees on time.
  9. Ensure the creation of systems and processes relating to accounts payable, creation of book of accounts, balance sheet, P & L, and other financial statements, in line with the latest accounting practices.
  10. Implement the best practices in Finance & Accounts department.
  11. Implement an effective inventory and assets management software to create an automated inventory system, in order to save money, save time, increase inventory accuracy and production.
  12. Create an effective vendor management & procurement management system with the help of inventory management software.
  13. Implement effective Finance & Accounting management software to create an automated finance & accounting reports for efficiency and accuracy.
  14. Implement effective project management software in order to maximize the profitability by controlling the work budget (planned versus actual), so the work can be completed within the budgets.
  15. Create an effective debtors management system with the help of Finance & Accounting management software for the better cash flow.
  16. Incubate an internal audit capability within the business at a group level that will ensure independent assurance on controls effectiveness and risk mitigation.
  17. Investigate cost-effective benefit plans and other fringe benefits which the organization may offer employees and potential employees with the goal of attracting and retaining qualified individuals.
  18. Conduct monthly surprise audit within the Finance & Accounts departments and share your findings and methodology for eliminating the errors with the senior management.
  19. Create an effective logistics monitoring system in order to achieve most efficient and cost effective performance.

B – Business Operations Analysis across the businesses:

  1. Understand and analysis all the companies business operations by participating actively (visiting sites or factory) in order to identify Key Performance Indicators and Rick Indicators share your recommendations with the senior management.
  2. Study our market brand value, our products market share and provide your recommendations to the senior managements.
  3. Review the production and operational activities of all the businesses and share your recommendations with the senior management in order to maximize the profitability.

C – Business Strategies & Business Planning.

  1. Evaluate all the companies’ business activities and prepare a list of Key Result Areas and Key Risk Areas and share your recommendations with the senior management for necessary action.
  2. Preparing cost-benefit analyses of strategic initiatives and ensure successful implementation.
  3. Ensure full transparency over the financial performance of the company.
  4. Advice on the financial implications of business activities to the senior management.
  5. Identify and address financial risks and opportunities to the senior management.
  6. Review Revenue Budget (sales target) against Expense Budget in order to maintain sustainable growth.
  7. Responsible for Capex, Opex and Working Capital management & fund management.
  8. Develop an effective Management Information System (few important financial reports) for the senior management for daily / monthly / quarterly / yearly basis.
  9. Participate in Board Meetings to present financial results of all the companies.

D - Ensure Statutory and other compliance:

  1. Ensure that effective internal controls are in place and ensure compliance with IAS / IFRS /GAAP and local regulatory laws and rules for financial and tax reporting (e.g., Kenya Revenue Authority, Kenya Bureau of Standards, etc.).
  2. Ensure legal and regulatory documents are filed and monitor compliance with laws and regulations.
  3. Provide for most effective tax planning and ensuring timely assessment and filing of direct and indirect tax returns and articulate effective tax planning measures for payment of optimum amount of tax in accordance with law.
  4. Ensure that record keeping meets the requirements of auditors and government agencies.

E - Maintain Business Relationships with Key Partners:

  1. Maintain a cordial relationship with external auditors and investigate their findings and recommendations and share the outcome with senior management team.
  2. Ensure all the business activities and counterparty are having appropriate Insurance cover and create an effective mechanism for timely renewal.
  3. Maintain a cordial relationship with all the Bank Managers and monitor banking activities of all the organizations.
  4. Ensure consolidated relationships with banking and insurance counterparties to maximise value from the relationships
  5. Ensure banking and insurance counterparty risk is managed.

F - Ensure growth and development of the finance teams across the businesses:

  1. Evaluate each individual’s capabilities and current responsibilities in all the companies Finance & Accounts department and provide them with relevant Job responsibilities.
  2. Develop the junior and middle management team members by conducting Training Sessions on Monthly basis and maintain the training records.
  3. Implement effective performance management system within all the companies Finance & Accounts department.
  4. Responsible for the new recruitment in all the companies Finance & Accounts Depts.

G – Quality Management System across the business:

  1. Must implement the Process Oriented Quality Management System in order to achieve product consistency, operational excellence and cost effective process.


Note.

  1. The above job description will be reviewed by the senior management on quarterly / half yearly basis to meet the priorities and requirements of the organization.
  2. The CFP should prepare monthly plan to perform the above duties and share monthly progress report with the Senior Management.


Requirements

  • ACCA Affiliate/CA/ BCom Degree with specialization in Finance/Business.
  • A Master’s Degree in a similar field will be an added bonus.
  • Minimum 15 years work experience with at least 7 years in similar role.
  • International work experience will be an added bonus.
  • Age of 45 years and above.
  • Able to work for a minimum period of 7 years.
  • Fluent and Very Good English both written and oral.
  • Relocate and work in Kenya.
  • Good experience in Building Regulations and Bylaws.

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