Finance Manager

Pharo Ventures is the for-profit arm of the Pharo Foundation and has been set up to harness the power of a vibrant private sector by investing in enterprises across various spheres within East Africa. The objective is to build and grow environmentally sustainable businesses. The focus is maximising the creation of economic value and jobs for local communities.

We have a vision of a vibrant, productive, and self-reliant Africa. We believe we can achieve our vision and ambitions by investing in the human and physical capital of Africa. 

Headquartered in Nairobi, Kenya, Pharo Ventures has country offices in Somaliland (Hargeisa) and

Ethiopia (Addis Ababa).

Position Summary

We are recruiting for a Finance Manager of Pharo Ventures Somaliland (the Company). The Finance Manager will oversee the Company’s and its subsidiaries' financial management strategy, policies and procedures, manage all components of financial management, reporting, regulatory compliance, and sharing of financial information with all stakeholders, both internal and external. S/he will provide leadership in delivering high-level and specialist budgeting, planning, analytical services and expert advice at both strategic and operational levels. S/he will also train staff in compliance, reporting, accounting requirements and internal processes.

To succeed in this role, s/he should demonstrate excellent leadership qualities and experience in modelling financial strategies. Suitable candidates should be proactive; dynamic Finance Managers accustomed to handling multiple tasks with marked attention to detail.

This is an excellent opportunity for those professionals looking to develop in one of the fastest-growing organisations in East Africa.

Role and Key Relationships

• Role: Finance Manager
• Location: Hargeisa, Somaliland
• Contract Duration: Fixed 1 Year (renewable after 1 year)
• Reporting to: Head of Pharo Ventures Somaliland
• Functional Reporting Line: Chief Financial Officer (CFO) of Pharo Foundation
• Direct Reports: Finance Team - Finance Officers and Assistants.
• Functional Relationships:  Pharo Ventures Team in Somaliland – General Managers of the Subsidiaries, Engineers, Operations and Business Development Managers. Pharo Ventures Team in Kenya.

Key Measures of Performance

The performance of this role holder will be assessed based on the achievements made on:

• Efficient and effective management of Pharo Ventures Somaliland & its subsidiaries’ finance teams, resulting in the achievement of results by team members on a timely basis.

• Quality and realistic financial models developed for new and existing social enterprises.
• Compliance with finance-related processes, policies and procedures.
• Alignment of function to Pharo Ventures’ business requirements.
• Accuracy, completeness and timeliness of financial reports and financial transactions posted in the finance system.
• Timeliness, accuracy and completeness in payment processes.
• Turnaround time in the financial management processes.
• Quick turnaround times for management, the board of trustees and other reporting timelines.
• Quality of content of deliverables.
• System Management and implementation.
• Up-to-date and efficient functioning of the Financial Management system.
• Effective and efficient cash management.
• Development and capacity building of the finance officers and finance assistants.
• Demonstration of and growth in key competencies and other soft skills necessary for the delivery on your role.

Duties and Responsibilities

Financial Planning, Accounting and Reporting

• Develop strategies that work to minimise financial risks within Pharo Ventures and its established social enterprises (SEs or subsidiaries).
• Advise on new investment activities and provide strategies that the company should take.
• Develop financial models to support strategic planning activities.
• Create financial models using computer software to forecast the future performance of the Company and its SEs based on current conditions.
• Timely and accurate preparation of consolidated management and financial reports, audits and tax returns.
• Analyze financial data, trends, and patterns to identify potential risks or opportunities for improvement at the Company and its SEs.
• Financial planning, including preparation of consolidated budgets, cash flow forecasts, and implementing appropriate budgetary controls.
• Submit consolidated monthly and regular financial reports to Head Office in agreed formats and by agreed deadlines.
• Ensure that a proper chart of accounts is developed and given to subordinates for implementation.
• Review the consolidated annual work plans and work closely with the departmental managers within Pharo Ventures and its established social enterprises to ensure that the consolidated annual budgets align with these work plans.
• Review expenditures, budgets, salary updates, payroll, account maintenance and data entry for approval and processing.
• Analyze costs, pricing, variable contributions, sales results and the company’s actual performance compared to the business plans for the social enterprises.
• Analyze and review aged accounts and other accounts receivable and ensure timely recoveries from internal (staff) and external debtors.
• Ensure all payments conform to procedures and recommend methods to improve cost-effectiveness.
• Ensure compliance with both local and (where applicable) international accounting principles as well as regulatory requirements and the Company’s Finance Manual.
• Manage financial record-keeping system, including an updated record of all contracts’/agreements’ copies.
• Assist in proposal development for new SEs, especially with regard to financial management requirements, budgets, etc.
• Establish a system of identifying, recording and reporting errors/weaknesses and locating/correcting them without undue delay.

Overseeing Accounting Systems and Procedures

• Support strategic planning and business review process and provide guidance on financial strategy as a company’s management team member.
• Oversee the development and regular upgrade of financial systems and procedures as per applicable policies and procedures.
• Ensure compliance with taxation laws, including accurate computation, declaration and timely payment.
• Oversee the coordination and activities of the external and internal auditors and ensure all audit issues are resolved.
• With the Head of Ventures, develop and implement risk management policies maintaining appropriate internal control safeguards.
• Maintain relationships with service providers and other managers for timely and quality services at all times.
• Communicate to the staff any changes and updates to the financial management processes and policies and continually monitor adherence to these laid down processes and policies.

Other Responsibilities

• Develop Finance Officers and Finance Assistants across all SEs through training, coaching and mentoring.
• Develop a professional finance team through timely communication, clarification of objectives, resource allocation, task definition, monitoring, and modification procedures.
• Conduct performance appraisal of the SE finance officers and finance assistants on a regular basis and within the laid down timelines provided by HR.
• Provide quarterly a detailed work plan for the finance team, with objectives and measurable results.
• Conduct weekly status meetings with the SE finance officers and finance assistants and ensure the team members are on track with regard to their deliverables.
• Manage the CFO’s, Head of Ventures’ and General Manager’s expectations as laid out by them on a regular basis through weekly updates, quick responses to emails, addressing all queries within a reasonable timeline.
• Provide financial, technical assistance and advice to the technical teams of the various SEs.
• Prepare and maintain an up-to-date Asset Register for the company.
• Undertake special projects as assigned or initiated.

• Must have a minimum of ten (10) years of experience in financial management, with the ability to review, analyse and interpret budgets, financial management systems, financial statements, and audit reports.
• Must be in possession of bachelor’s degree in accounting, finance, business, or other relevant subjects.
• Professionally qualified accountants with current membership and designation of Chartered Accountant, Certified Public Accountant, or Certified Management Accountant.
• Must have financial modelling experience.
• Must have a minimum of 6 years of managerial experience.
• Must possess excellent organisational and project management skills and demonstrate an ability to manage complex and competing resource allocation requirements.
• Must have excellent writing, analytical and communication skills, good interpersonal skills.
• Languages: Excellent English language skills is essential.

Key Competencies

• Proven experience in establishing a financial department of excellence.
• Embodies values of integrity, good ethical standards, resilience, and accountability.
• Excellent interpersonal skills with the ability to manage sensitive and confidential affairs with tact, professionalism, and diplomacy.
• Innovative thinker known for strategic growth and implementing best practices,
• Systematic and process-driven mindset.
• Ability to work under pressure and meet deadlines.
• Proactive problem-solver with a hands-on, results-driven attitude.
• Anticipates potential financial challenges and proactively plans for resolutions.
• Positive, enthusiastic, and willing to learn.
• Adept at balancing local cultural sensibilities with international work standards.

Salary and Benefits

• Health Insurance coverage per Pharo Ventures Somaliland policy.
• Competitive Salary and Benefits.

This position is open to both male and female candidates. The application deadline is June 15, 2024. Review of applications will begin as soon as they are received, and only complete applications will be reviewed. In the event that an outstanding applicant is identified early in the search process, we reserve the right to appoint before the deadline. Due to the high volume of applications, we regret that we will only be able to contact shortlisted candidates.

Application Requirements:

• A detailed CV.
• Cover letter. In cover letter, please indicate your motivation for the role and state where you heard about this position or saw it advertised (e.g. website, LinkedIn, etc.).
• An updated list of at least six references with their names, current email addresses, and phone numbers (the list should contain at least 2 peers, 2 direct reports and 2 former supervisors).