Optimal Growth Technologies is a technology services and consulting company that provides tailored IT solutions to organizations of all sizes. Their offerings include digital innovation, data and analytics, artificial intelligence, IT professional services, cybersecurity, cloud services, infrastructure services, legal consulting, and business consulting. They focus on helping clients navigate technological growth challenges by creating customized, integrated, and sustainable technology plans. Their services range from infrastructure management, automation, app and web development, AI strategy, cybersecurity management, cloud migration, to legal and business advisory, positioning them as a comprehensive technology partner for digital transformation and growth.
Optimal Growth Technologies is a technology services and consulting company that provides tailored IT solutions to organizations of all sizes. Their offerings include digital innovation, data and analytics, artificial intelligence, IT professional services, cybersecurity, cloud services, infrastructure services, legal consulting, and business consulting. They focus on helping clients navigate technological growth challenges by creating customized, integrated, and sustainable technology plans. Their services range from infrastructure management, automation, app and web development, AI strategy, cybersecurity management, cloud migration, to legal and business advisory, positioning them as a comprehensive technology partner for digital transformation and growth.
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The Specialist: Forex and Hedge Accounting will be a member of the team managing the foreign transactions and accounting processes in a timely and accurate manner, in accordance with defined operating procedures, policies, SOX, compliance, IFRS 9 and business partnering.
The Specialist: Forex and Hedge Accounting is responsible for the accounting treatment of hedge accounting, ensuring timeous forex payments and dealing of forex receipts.
The individual will enjoy problem solving and striving to improve the metric of the operational process.
The incumbent will be a member of the wider FinOps teams.
They will be required to have excellent communication skills and to be able to interact with people from different environments, internal as well as external stakeholders
A culture of continuous process improvement will be essential to ensure world class operational performance.
Accountable for completeness and accuracy of accounting and reporting related to foreign exposure and hedge accounting in terms of IFRS 9
Support the rest of all relevant stakeholders with forex related requests and queries
Establish a close relationship with the other teams across Finance Operations, Finance Business Partners, Group Treasury, Transactional Cash Management team
Interact with the Global Process members, peers in the Shared Services and cash management process team members;
Advise all relevant stakeholders on forex related transactions, IFRS 9 accounting, processes, and reporting; and
Identify opportunities to optimize forex related cash flows and strive to streamline and improve processes.
Your responsibilities will include:
Daily and monthly activities IFRS 9 accounting, processes, and reporting specifically month end reporting in accordance with financial calendar
Monitor sub-processes related to forex payments and receipts
Applications to the South African Reserve Bank
Perform monthly variance analysis and reports and provide valid reasons on variances identified.
Analyse reported data for key trends and anomalies, exception reporting to be investigated and resolution of exceptions
Work with other team members and key stakeholders across all business units to ensure all forex issues are resolved in a timely manner.
Such as ensuring the accurate and complete accounting treatment of all forex related transactions by analysing financial transactions, identifying cost drivers and key vendors, reporting on spend
Establishing adherence to the relevant Group policies
Ensure compliance with SOX controls
Work with other departments to ensure all cross department issues are resolved
Interim and Year End Reporting
Responsible for separate and consolidated statutory packs and other reporting requirements as part of the interim and year-end close process.
Responsible for both the separate and consolidated interim and annual financial statements
The ideal candidate for this role will have:
BCom: Accounting essential
Minimum of 5+ years relevant experience with a strong background in financial reporting
IFRS 9 knowledge
Job Related Skill:
Analytical thinking
Problem solving
Innovative
Adaptability
Strong written and verbal communication skills
Strong interpersonal and influencing skills
Business leadership and transformation
Effective communication
Ability to work under pressure
Ownership and drive for impact
Attention to detail & quality conscious
Job Knowledge:
Working knowledge of Accounting principles especially IFRS 9
Experience in financial reporting and statutory reporting requirements
Excellent working knowledge of MS Office, especially Advanced Excel, Word and PowerPoint
SAP ERP and HFM
SOX
Leadership Competency
Ability to engage effectively with management, business partners, auditors
Manage deliverables from other departments
Ability to train and manage resources on related activities
