JOB PURPOSE

The Senior Officer, Payments and Tax, contributes to a team responsible for providing a comprehensive Payments service, Tax compliance & Tax management and Cost control on behalf of Sidian Bank.

KEY RESPONSIBILITIES

Financial Management

• Ensure accrual of all expenses are processed before end of month; and reversal of all accrued expenses back to P&L are processed after receipt of the actual invoices;
• Prepare various schedules for analysis on need basis. e.g. Rent schedules of amount and taxes paid to a supplier;
• Undertake end of month procedures which includes preparation and validation of Head office expense and balance sheet schedules for review by management;
• Ensure proper posting of fixed assets which includes proper classification and capitalization as per policy;
• Ensure correct and accurate posting to the bank ledgers and branches for correct costing;
• Ensure remittance of suppliers’ information as required by KRA and filing of returns to KRA as per the law;
• Ensure reconciliation of the internal ledger accounts, suppliers accounts, inter-company balances and Tax G accounts;
• Ensure proper operating costs management in line with set budgets and bank objectives;
• Provide variance analysis and explanations on all payments and operating expenses to branches and HO departments;
• Preparation of Bank and Banc assurance management reports as appropriate;
• Ensure all appropriate paperwork is available and properly authorized and which can be easily accessed for queries, tax and audit purposes;
• Ensure accurate and safe archiving of all vouchers in the department on a daily basis;
• Ensure proper and accurate recording of all cheques issued and all RTGS remittance to Treasury.

Payments Management

• Provide a full processing facility for the Bank, ensuring all internal and external payments are processed accurately and in a timely manner, complying with all appropriate policies and procedures and relevant laws;
• Receive, confirm and verify payments, ensuring all payments are processed promptly & accurately and that appropriate procedures and approvals have been complied with before processing any payment;
• Correct posting of the payroll entries between the payroll system and the T24 system;
• Correct processing of staff exits final dues as per the HR guidelines;
• Assisting in the processing of payroll and all payroll related activities.

Tax Compliance and Tax Management:

• Ensure timely and accurate payment and filling of all taxes on itax and other statutory payments as per the laid down requirements;
• Ensure the Bank is compliant on all Tax matters in line with Tax legislation and maintain appropriate records for all tax payments and tax matters of the Bank for reference and audit purpose;
• Act as the key Liaison person with the Kenya Revenue Authority (KRA), Tax consultants and Tax auditors on all tax matters affecting the bank as well as emerging tax issues;
• I-tax gateway reconciliation, payments, and remission of cash to CBK within the stipulated time (T+2);
• Review of all invoices on a monthly basis to ensure relevant taxes have been deducted & remitted;
• Monthly reconciliation of all tax ledgers and explanation/ remediation of any variances;
• Monthly reconciliation of withholding tax on deposits and documentation of variances;
• Monthly reconciliation of all TTs to ensure withholding tax on foreign payments & Reverse Charge VAT have been properly accounted for as per relevant tax laws;
• Ensure 100% remittance of all tax obligations. (Returns & payments) by the due dates. The tax obligations include VAT, Excise duty, withholding tax, stamp duty, advance tax, and PAYE;
• Ensure complete documentation of relevant support and proof of tax remittance. Assist with retrieval of information during audits by internal auditors, external auditors/consultants & KRA;

Cost Control and Cost Management:

• Control the Bank’s operating costs to ensure these are incurred in line with Bank policies and there is value for money for the Bank by identifying cost saving opportunities;
• Manage the Bank’s operating costs ensuring they are in line with budgeted costs;
• Prepare appropriate Operating costs analysis reports for Management use;
• Evaluating, controlling and provision of funds to Branches. Funds to be used in the purchase of petty cash items and Generator Fuel;
• Evaluate, control and provide Field travel allowances (FTA) for Field officers and Branch managers;
• Evaluate, control and provide relocation monies for recently transferred staff.

REQUIREMENTS

ACADEMIC BACKGROUND

• Bachelor degree – B Comm Finance, Accounting or Business or related course from a recognized university.

WORK EXPERIENCE

• A minimum of five years’ experience in a busy Finance office preferably banking.
• Demonstrated experience in tax management and tax statutory returns preparation and review is an added advantage.

SKILLS & COMPETENCIES

• Advanced analytical skills in excel and other statistical programs.
• Understands and applies the technical aspects of accounting and tax.
• Basic understanding of CBK Prudential Guidelines, Baking charter and other regulatory guidelines.
• Communicate clearly, actively listen to others, and respond with understanding and respect.
• Understand and apply financial processes to achieve value for money and minimize financial risk.

PROFESSIONAL CERTIFICATION

• Certified Public Accountant – CPA (K) or equivalent qualification