Sumac Microfinance Bank is licensed and regulated by the Central Bank of Kenya. We empower businesses through funding for sustainable growth and development and pride ourselves on offering a great customer experience. We are looking for a Bancassurance Accountant who will be responsible for the monthly analysis of both trade payables and receivables, reconciliation of the general ledger, bank reconciliation, cost management, periodic budget variance review, and financial statement audit preparation.
Key Responsibilities
Verify, allocate, post, and reconcile accounts payables and receivables.
Prepare and post journal entries which include expenditure allocation.
Ensure proper accounting and reporting of both revenue and expenditure items.
Posting of commission and premium payments from underwriters.
Track expenditure as per budget and analyze and report any significant variance.
Perform account analysis and reconciliation on all ledger accounts.
Support audits by internal auditors, external auditors, and Regulators (IRA, CBK, KRA). Follow up all issues raised in audits and inspections reports and resolve them.
Timely reconciliation of all accounts receivables and payables.
Manage trade debtors and creditors and ensure compliance with agreed payment timelines.
Adherence to quarterly closure procedures with all underwriters on accounts payables and receivables.
Maintain proper controls around credit and adherence to credit policy and guidelines.
Manage administrative functions as considered necessary from time to time.
Ensure compliance with IFRS17/IAS, Companies Act, Taxation Act, IRA guidelines, and the Company’s policies and procedures.
Requirements and Qualifications
University degree in either Finance, Accounting, Economics, or Business Administration.
Professional Qualification (CPA(K), ACCA, ACA or equivalent).
At least 5 years’ accounting experience in a busy Insurance or Bancassurance environment.
Sound knowledge of the Insurance industry and regulatory guidelines.
Working knowledge of any insurance underwriting Business Suite with high proficiency in MS Office suite.
Understanding and practical experience dealing with taxation issues and KRA compliance requirements.
Strong conceptual and analytical skills: Flair with figures and the ability to interpret financial information.
High level of accuracy and attention to detail.
Excellent interpersonal and negotiation skills.
Able to communicate effectively with various stakeholders.
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