Job Summary:

The Retail Finance Manager will be responsible for overseeing and managing the financial operations of the retail department within the organization. They will provide strategic financial advice, analysis, and support to the retail team, ensuring the achievement of financial goals and objectives. The Retail Finance Manager will collaborate closely with senior management to develop budgets, analyse financial data, identify opportunities for cost reduction, and support decision-making processes. They will also liaise with internal and external stakeholders to ensure effective financial operations and compliance with relevant regulations.

Job Responsibilities

Financial Planning and Budgeting:

• Collaborate with senior management to develop annual budgets for the retail department, ensuring alignment with organizational goals and objectives.
• Conduct regular financial analysis and forecasting to assess budget performance, identify trends, and propose corrective actions as necessary.
• Monitor retail expenses and revenue, analysing variances and providing insights and recommendations to improve financial performance.

Financial Reporting and Analysis:

• Prepare and review financial statements, ensuring accuracy, completeness, and compliance with accounting regulations and standards.
• Analyse financial data, providing insights/recommendations to guide strategic decision-making processes.
• Prepare ad-hoc reports as required by senior management, highlighting key financial indicators and trends.

Cash Flow Management:

• Develop and implement cash flow management strategies to optimize working capital and ensure sufficient liquidity for the retail department.
• Oversee and monitor cash flow operations, bank reconciliations, and petty cash management.
• Identify opportunities for cash flow improvement and implement measures to mitigate risks.

Cost Management:

• Review retail department expenses, identifying areas of cost overruns or inefficiencies.
• Collaborate with the retail team to develop cost-reduction initiatives and monitor their implementation.
• Evaluate vendor contracts and negotiate pricing and terms to ensure optimal cost savings.

Stakeholder Collaboration:

• Collaborate with internal stakeholders, such as procurement, human resources, and operations, to ensure alignment of financial activities with the overall organizational goals.
• Establish and maintain relationships with external stakeholders, including auditors, banks, and regulatory bodies, to ensure compliance with financial regulations and reporting requirements.

Requirements:

• Bachelor’s degree in finance, accounting, or a related field. A master’s degree or professional certification
• CA(SA) is preferred.
• 5+ years of experience as a finance manager in the retail industry (mandatory)
• Strong knowledge of financial management principles, accounting regulations, and best practices.
• Proficient in financial analysis, forecasting, and budgeting techniques.
• Strong analytical and problem-solving skills with excellent attention to detail.
• Advanced proficiency in financial software and spreadsheet applications.
• Excellent communication and interpersonal skills, with the ability to collaborate and effectively communicate financial information to non-financial stakeholders.
• Proven ability to work independently, prioritize tasks, and meet deadlines.
• A strong work ethic with a high level of professionalism and integrity.