Head of Finance

Deloitte Africa · Deloitte Human Capital

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Company Description

On behalf of our client, a co-educational full boarding secondary school that combines Nigerian and international curricula including IGCSE and WASSCE to provide students for both local and international opportunities, we are recruiting for the role of Head of Finance

Job Description

Job Purpose

The Head of Finance (HOF) will be a strategic and operational leader providing counsel to the Principal and the Board of Governors. The HOF will ensure the efficient and effective stewardship of the School’s physical and financial resources, efficient operation of support services and oversight of risk management for the School, and serves as a member of the Core Leadership Team. He/she will serve as the primary School liaison for the Board’s Finance & Procurement Committees

Core Responsibilities

Banking and Treasury Function

• Profitable investment of excess funds
• Ensuring the school’s compliance with all banking requirements to facilitate the smooth operation of its accounts
• Monitoring the appropriateness of bank charges of all categories across all accounts
• Preparing loan proposals when required.

Advisory and Reporting – Board’s Finance & Procurement Committees

• Preparing periodic management reports as prescribed by management for review by the board and its finance committee
• Advising the Principal periodically in a timely and structured manner of the status of the school’s finances, including banking positions, creditors, receivables and other assets.
• Preparing annual final accounts for presentation to the school’s external auditors
• Acting in an advisory role to the Board’s Finance & Procurement Committees, by providing on a predetermined periodic basis and on an ad-hoc basis as occasion demands, necessary financial information that will aid decision-making by the board.
• Ensuring the implementation of the Board’s Finance & Procurement Committees' directives regarding financial and other related matters.
• Advising and supporting other Board members as required.

Budget

• Preparation of the school’s annual budget and financial statements for approval by the Principal and the Board
• Responsibility for the effective implementation of the financial budget
• Carrying out periodic budget performance evaluation
• Escalating appropriately any adverse or unforeseen budget performance.

Financial Management

• Put in place strategies to ensure the proper management of working capital (including credit control by keeping receivables to a minimum), and also ensure that the school maintains acceptable operating capital ratios.
• Monitoring and advising on the school’s cash flow position and trend
• Advising on and instituting cost reduction strategies
• Reporting on the school’s business and financial performance
• Ensuring that the school has value for money in purchasing and procurement, and in concert with other relevant functions, ensure that physical assets are maintained in a state to serve the school effectively for their projected lifetimes.
• Ensuring that loan proposals presented to the board are justified and supported by clear and realistic repayment strategies.

Accounting

• The Head of Finance is responsible for all accounting functions, including journal postings, maintaining the general ledger, preparation of management and final accounts, billing and invoicing, among other sundry accounts functions.
• Ensure that there is a proper structure in place to record and account for all tangible assets owned by the school.

Compliance

• Ensuring that the school complies with processes, controls and procedures specified in the Financial Manual and the Administration, Procurement Operating Manual, especially in key capital and operational expenditure areas such as Capital purchases and Procurement.
• Providing training, support and guidance to staff as required to ensure the capacity is built that will enable adherence to prescribed compliance requirements
• Ensuring that both the Financial Manual, Catering, Procurement and the Administration Operating Manual are updated as required and that they reflect the school’s current needs and operating realities.

External Relationships

• Maintaining relationships with appropriate external contacts, including the school’s bankers, external auditors, and tax authorities.

Regulatory Matters

• Ensure that the school is compliant with all financial laws and regulations, including but not limited to tax regulatory requirements at the Federal and State levels, including (Corporate, Staff PAYE, Withholding taxes, VAT and any other relevant taxes and levies), and any payments due are paid over
• Ensure the school makes all required statutory deductions (including Pension) at the appropriate time and that such deductions are immediately paid over to the relevant authorities.

Leadership

• Providing strategic direction, technical guidance and leadership for members of the finance team.
• Providing operational support to the leadership of the departments under the Chief Operating Officer’s oversight:
  1. Administration
  2. Procurement /delivery of goods and services
  3. Facilities and Maintenance

​​​​​​​​​​​​​​Business development

• Actively supports the Principal and Chief Growth Officer (CGO) in promoting the school both nationally and internationally, in alignment with the school’s strategic growth objectives.
• Assumes financial responsibility for executing the annual marketing plan in line with the school's priorities. This requires close collaboration with the CGO, Marketing & Communications Officer, and Admissions Officer.

Collaboration

• Effectively collaborating at a high level with CLT members led by the Principal, and other Heads of department in the running of the school and the execution of the Board’s strategic agenda.

Qualifications

• MBA or master’s degree in Finance, Accounting, Business Administration, or a related discipline.
• Recognised professional accounting certification (ICAN, ACCA, CPA, etc.).
• 10–15 years of progressive experience in financial leadership roles, preferably with exposure to educational institutions or non-profit organisations.
• Previous experience managing multi-department operations (Finance, Admin, Procurement) is highly desirable.
• Familiarity with boarding school dynamics is an advantage.
• Strong analytical skills and a deep knowledge of Accounting and Finance, Cost Control, Payroll, Risk Management and relevant Regulatory matters. The HOF should also have demonstrable working knowledge of Administration and Facilities management.
• Excellent IT skills and knowledge of updated accounting software
• Experience leading and managing a team, including hiring, performance management, training and professional development
• A strong business orientation, including setting short- and long-term priorities and charting an informed, sustainable and ambitious future, matched with the ability to effectively communicate the short- and long-term financial implications of decisions to stakeholders
• Experience working in, or exposure to,a school setting and/or non-profit organisation is desirable but not required
• Strong technological capability, including expertise with enterprise-wide financial systems.

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