Job Purpose
- The Accountant is responsible for managing and overseeing the company's accounting, financial reporting, taxation and statutory compliance functions.
- The role requires a thorough understanding of South African accounting principles, tax legislation and regulatory requirements, including the Income Tax Act, Value-Added Tax Act, Tax Administration Act, Companies Act and other relevant legislation.
- The successful candidate will be responsible for ensuring the accuracy and integrity of financial records, preparing financial statements, managing tax compliance, interpreting tax legislation, identifying tax risks and providing financial and taxation advice to management.
- The Accountant must ensure that the company operates within the applicable legal and regulatory framework while identifying opportunities to improve financial performance, manage tax exposure and strengthen internal financial controls.
- The position requires strong technical accounting knowledge, tax expertise, analytical ability, attention to detail, professional judgement and the ability to work independently.
Key Performance Areas And Responsibilities
Financial Accounting and General Ledger Management
- Oversee and maintain the company's accounting records.
- Ensure accurate recording and classification of all financial transactions.
- Review and maintain the general ledger.
- Prepare and process authorised journal entries.
- Review accounting entries processed by bookkeepers and finance administrators.
- Ensure that transactions are recorded in the correct accounting periods.
- Reconcile balance sheet accounts and investigate discrepancies.
- Review accruals, prepayments, provisions and adjustments.
- Maintain accurate fixed asset registers.
- Calculate and review depreciation and asset disposals.
- Review intercompany transactions and reconciliations.
- Ensure the integrity and accuracy of accounting information.
- Implement and maintain appropriate accounting procedures and controls.
Financial Statements and Reporting
- Prepare monthly management accounts.
- Prepare income statements and statements of financial position.
- Prepare cash flow statements.
- Prepare trial balances and supporting schedules.
- Compile annual financial statements.
- Ensure financial statements comply with applicable IFRS or IFRS for SMEs requirements, as appropriate.
- Analyse financial performance against budgets and previous periods.
- Identify unusual financial movements and investigate variances.
- Provide management with financial analysis and recommendations.
- Prepare financial reports for directors and senior management.
- Ensure financial reporting deadlines are met.
- Liaise with external auditors and independent reviewers
Tax Compliance and SARS Administration
The Accountant will be responsible for overseeing the company's tax compliance obligations and ensuring adherence to applicable South African tax legislation.
- Manage the company's tax compliance calendar.
- Prepare, review and oversee corporate income tax returns (ITR14).
- Calculate provisional tax liabilities and oversee IRP6 submissions.
- Review and oversee VAT reconciliations and VAT201 submissions.
- Ensure VAT input and output tax are correctly accounted for.
- Review VAT treatment of transactions and identify potential errors.
- Ensure tax invoices and supporting documents comply with SARS requirements.
- Prepare and review PAYE, UIF and SDL reconciliations.
- Oversee EMP201 submissions and EMP501 reconciliations.
- Review IRP5 and IT3(a) information where applicable.
- Ensure applicable withholding tax obligations are correctly identified and addressed.
- Monitor SARS correspondence, assessments and statements of account.
- Investigate and resolve SARS account discrepancies.
- Respond to SARS verification, audit and information requests.
- Prepare supporting schedules and documentation for tax submissions.
- Monitor tax payment deadlines and ensure payments are made timeously.
- Maintain complete and accurate tax records.
- Identify and communicate potential tax exposures to management.
Tax Compliance and SARS Administration
The Accountant will be responsible for overseeing the company's tax compliance obligations and ensuring adherence to applicable South African tax legislation.
- Manage the company's tax compliance calendar.
- Prepare, review and oversee corporate income tax returns (ITR14).
- Calculate provisional tax liabilities and oversee IRP6 submissions.
- Review and oversee VAT reconciliations and VAT201 submissions.
- Ensure VAT input and output tax are correctly accounted for.
- Review VAT treatment of transactions and identify potential errors.
- Ensure tax invoices and supporting documents comply with SARS requirements.
- Prepare and review PAYE, UIF and SDL reconciliations.
- Oversee EMP201 submissions and EMP501 reconciliations.
- Review IRP5 and IT3(a) information where applicable.
- Ensure applicable withholding tax obligations are correctly identified and addressed.
- Monitor SARS correspondence, assessments and statements of account.
- Investigate and resolve SARS account discrepancies.
- Respond to SARS verification, audit and information requests.
- Prepare supporting schedules and documentation for tax submissions.
- Monitor tax payment deadlines and ensure payments are made timeously.
- Maintain complete and accurate tax records.
- Identify and communicate potential tax exposures to management.
Tax Legislation and Tax Law Interpretation
The Accountant must have the ability to interpret, understand and apply relevant South African tax legislation to the company's financial and commercial activities.
- Maintain up-to-date knowledge of South African tax legislation.
- Interpret relevant provisions of the Income Tax Act 58 of 1962.
- Interpret and apply the Value-Added Tax Act 89 of 1991.
- Understand and apply the Tax Administration Act 28 of 2011.
- Understand applicable provisions of the Companies Act 71 of 2008.
- Monitor annual national budget announcements and tax amendments.
- Review relevant SARS Interpretation Notes, Binding General Rulings and public notices.
- Identify tax implications arising from business transactions.
- Advise management on the tax consequences of proposed transactions.
- Review contracts and commercial arrangements for potential tax implications.
- Assess the tax treatment of income, expenditure, assets and liabilities.
- Identify non-deductible expenses and potential tax adjustments.
- Assess capital allowances and depreciation allowances.
- Understand capital gains tax implications.
- Review VAT implications of local and international transactions.
- Identify potential penalties, interest and compliance risks.
- Prepare tax opinions and technical tax memoranda within the scope of competence.
- Recommend appropriate corrective action where tax non-compliance is identified.
- Escalate complex or high-risk tax matters to an appropriately qualified tax specialist or legal adviser.
Corporate Tax Planning and Advisory
- Assist management with legitimate and commercially appropriate tax planning.
- Identify opportunities to improve the company's tax efficiency within the law.
- Review the tax implications of business structures and transactions.
- Advise on the timing and tax treatment of income and expenditure.
- Assess the tax implications of capital investments and asset disposals.
- Review available deductions, allowances and incentives.
- Assist with provisional tax forecasting.
- Evaluate potential tax exposures arising from business decisions.
- Prepare tax forecasts and tax liability reconciliations.
- Advise management on changes in tax legislation that may affect the business.
- Ensure tax planning arrangements have commercial substance and comply with anti-avoidance provisions.
- Maintain supporting documentation for all tax positions adopted.
VAT Management and Compliance
- Oversee monthly or bi-monthly VAT reconciliations, according to the company's SARS tax period.
- Review VAT control accounts.
- Ensure correct VAT treatment of sales, purchases and expenses.
- Verify the validity and accuracy of tax invoices.
- Review input VAT claims and identify restricted or prohibited deductions.
- Ensure zero-rated, exempt and standard-rated supplies are correctly classified.
- Review VAT implications of imports and exports.
- Review VAT treatment of fixed asset acquisitions and disposals.
- Investigate VAT discrepancies and variances.
- Prepare and review VAT201 returns.
- Ensure VAT returns are submitted within statutory deadlines.
- Maintain supporting VAT documentation.
- Manage VAT-related SARS queries, verifications and audits.
Payroll Tax and Employee Tax Compliance
- Oversee payroll-related accounting entries.
- Review PAYE calculations and deductions.
- Ensure UIF and SDL obligations are correctly calculated.
- Review EMP201 submissions.
- Oversee annual and interim EMP501 reconciliations.
- Review employee tax certificates where applicable.
- Ensure payroll reconciles to the general ledger.
- Review employee benefits and their tax implications.
- Assess tax implications of travel allowances, subsistence allowances, company vehicles and other employee benefits.
- Ensure compliance with relevant employment tax legislation.
- Liaise with payroll administrators and external payroll service providers
Budgeting, Forecasting and Financial Analysis
- Assist management in preparing annual budgets.
- Prepare monthly budget-versus-actual reports.
- Analyse revenue, expenses and profitability.
- Prepare cash flow forecasts.
- Monitor working capital.
- Analyse debtors and creditors movements.
- Identify cost-saving opportunities.
- Assess financial trends and potential risks.
- Provide financial information to support management decisions.
- Assist with financial planning and business forecasting.
- Monitor financial performance against company objectives.
Audit Management and Statutory Compliance
- Coordinate annual external audits or independent reviews.
- Prepare audit schedules and supporting documentation.
- Liaise with external auditors and independent reviewers.
- Respond to audit queries.
- Ensure accounting records are complete and accurate.
- Assist with the preparation of annual financial statements.
- Ensure compliance with applicable Companies Act requirements.
- Monitor statutory reporting and filing obligations.
- Assist with CIPC-related financial reporting requirements where applicable.
- Maintain appropriate financial records in accordance with statutory retention requirements.
- Implement recommendations arising from audits and financial reviews
Financial Controls and Risk Management
- Develop and maintain effective internal financial controls.
- Review financial procedures and identify control weaknesses.
- Ensure proper segregation of financial duties.
- Review payment authorisation procedures.
- Monitor unusual financial transactions.
- Identify and report potential fraud or financial irregularities.
- Ensure financial transactions are properly supported and authorised.
- Review reconciliations and investigate unexplained differences.
- Assess financial and tax compliance risks.
- Recommend improvements to accounting systems and processes.
- Ensure confidential financial information is protected.
Management and Support of Finance Personnel
Where applicable, the Accountant will:
- Supervise and provide guidance to bookkeepers and finance administrators.
- Review bookkeeping work for accuracy and completeness.
- Allocate and monitor finance department responsibilities.
- Establish deadlines for monthly financial procedures.
- Train finance employees on accounting procedures.
- Provide technical guidance on accounting and taxation matters.
- Monitor employee performance within the finance function.
- Ensure the finance department operates efficiently.
- Promote a culture of accountability, accuracy and compliance.
Management and Support of Finance Personnel
- Supervise and provide guidance to bookkeepers and finance administrators.
- Review bookkeeping work for accuracy and completeness.
- Allocate and monitor finance department responsibilities.
- Establish deadlines for monthly financial procedures.
- Train finance employees on accounting procedures.
- Provide technical guidance on accounting and taxation matters.
- Monitor employee performance within the finance function.
- Ensure the finance department operates efficiently.
- Promote a culture of accountability, accuracy and compliance.
Accounting Systems and Financial Administration
- Manage and maintain the company's accounting software.
- Ensure the integrity of accounting system data.
- Review accounting system access and user permissions.
- Ensure accounting processes are efficient and properly documented.
- Identify opportunities to automate financial processes.
- Maintain electronic financial records.
- Ensure proper backup and protection of financial information.
- Assist with implementing new accounting systems where required.
Key Performance Indicators (KPIs)
The Accountant's performance will be assessed against the following measurable performance areas:
- Financial reporting accuracy: Monthly management accounts are accurate, complete and submitted within agreed deadlines.
- Tax compliance: All applicable tax returns are prepared, reviewed and submitted within statutory deadlines.
- SARS compliance: SARS queries, verifications and assessments are managed and resolved within agreed timeframes.
- VAT accuracy: VAT reconciliations and VAT201 returns are accurate and supported by documentation.
- Income tax accuracy: Corporate income tax calculations and provisional tax submissions are accurate.
- Payroll tax compliance: PAYE, UIF, SDL and related statutory reconciliations are completed accurately.
- Financial reconciliations: Balance sheet and control account reconciliations are completed monthly.
- Audit readiness: All accounting records and audit schedules are complete and available when requested.
- Tax risk management: Potential tax risks and exposures are identified and escalated timeously.
- Tax legislation knowledge: Relevant legislative changes are monitored and communicated to management.
- Financial analysis: Meaningful financial analysis and recommendations are provided to management.
- Internal controls: Financial control weaknesses are identified and corrective measures implemented.
- Budget management: Budget variances are identified, analysed and reported.
- Management support: Accurate financial and tax advice is provided within the employee's competence and authority.
- Staff supervision: Finance team members are adequately supported and their work is reviewed, where applicable.