Hiring fresh, young talent for your finance team indicates company growth. While finance graduates are predominantly sought in industries like banking, consulting, insurance, investment, accounting and FinTech, the reality is that finance graduates will add value to virtually every company and industry. In this article, we explore the typical roles within SME finance departments, detailing the associated job descriptions and the education qualifications required when you choose to hire a finance graduate.
Essential Finance Functions in SMEs
Several essential finance functions are commonly found across SME’s. Here’s a breakdown of the typical job titles, key responsibilities and recommended fields of study when looking to resource a finance team.
1. Bookkeeper
National Diploma in Accounting, Certificate in Bookkeeping
- Maintain accurate and up-to-date financial records.
- Process invoices, receipts, and payments on time.
- Reconcile bank statements and monitor cash flow.
- May assist with debtors and creditors if it is a small, uncomplicated business.
- Prepare monthly and annual financial reports for management and the auditors.
- Assist with year-end closing processes and audits.
2. Tax Consultant
Bachelor of Commerce (B.Com) in Accounting or Taxation, Taxation Certificate
- Prepare and file corporate and personal tax returns in compliance with applicable laws.
- Stay updated on changes in tax legislation and regulations.
- Conduct tax planning to optimise tax liabilities for the organisation.
- Respond to inquiries from tax authorities and resolve any compliance issues.
- Assist in the preparation of documentation for audits related to tax matters.
3. Payroll Administrator
National Certificate in Payroll Administration, or a B.Com in Accounting or Human Resources
- Process payroll accurately and on time.
- Maintain payroll records and ensure compliance with tax laws.
- Calculate wages, deductions, bonuses, and benefits.
- Resolve payroll discrepancies and handle employee queries.
- Prepare payroll reports for management.
- Stay updated on payroll legislation and company policies.
4. Accountant
Bachelor of Commerce (B.Com/B.Acc/B.BSc) in Accounting, a postgraduate qualification (like B.Com Honours)
- Assist with financial statements and reporting.
- Process accounts payable/receivable and financial entries.
- Support month-end and year-end closing.
- Maintain accurate financial records.
- Assist with audits, tax filing and compliance.
- Analyse financial data and resolve discrepancies.
5. Financial Controller
Bachelor of Commerce (B.Com) in Insurance and Risk Management or relevant diplomas
- Assist in preparing financial statements and budgets.
- Support accounting operations, including accounts payable and receivable.
- Ensure compliance with financial regulations.
- Help develop and implement financial controls.
- Conduct fundamental financial analysis and reporting.
- Assist in audits and coordinate with external auditors.
- Monitor cash flow and financial performance.
6. Debtors or Credit Clerks
National Diploma in Accounting, Certificate in Credit Management
- Manage the credit application process and assess the creditworthiness of customers.
- Monitor outstanding invoices and follow up on overdue payments.
- Prepare ageing reports and analyse collections performance.
- Maintain accurate records of debtor accounts and payment histories.
- Assist in resolving customer queries related to credit and payments.
7. Financial Administrators
Bachelor of Commerce (B.Com) in Accounting, Business Administration, or Finance
- Support the financial team with day-to-day operations and administrative tasks.
- Prepare financial reports, statements, and summaries for management review.
- Assist with data entry and management of financial records.
- Coordinate communication between departments regarding financial matters.
- Help maintain compliance with financial regulations and internal policies.
8. Financial Manager
Bachelor's degree in Finance, Accounting, or Business Administration, optionally followed by a Master's degree (MBA) or professional certifications like CFA or CMA
- Assist in preparing financial reports and budgets.
- Support financial planning and analysis.
- Monitor cash flow and performance metrics.
- Conduct variance analysis and identify trends.
- Help manage accounts payable and receivable.
- Ensure compliance with financial regulations.
- Assist with audits and liaise with auditors.
Creating the Job Description to hire a finance graduate
When crafting your job description, here are some key elements to include:
- Job Title: Clearly define the role, such as "Financial Analyst," "Bookkeeper," or "Tax Compliance Officer."
- Company Overview: Introduce your company, its mission, and its culture to attract candidates who align with your values.
- Key Responsibilities: List the primary duties associated with the role, ensuring clarity on what the job entails.
- Qualifications: Specify the required certifications and preferred qualifications that may give candidates an edge.
- Skills and Competencies: Highlight essential skills such as analytical abilities, attention to detail, and proficiency in financial software.
- Career Development Opportunities: Mention opportunities for growth and development within your organisation to entice candidates seeking long-term career paths.
- Company Benefits: Include information about benefits packages, which can significantly influence candidates’ decisions.
Finance graduates can play a crucial role in the success of SME and startup growth across various industries. By clearly defining the needs, job titles required qualifications, and essential functions within your organisation, you can attract the right candidates with the skills and knowledge necessary to drive your business forward.
If you're looking to hire a finance graduate in South Africa, now is the time to identify your organisational requirements and start assembling the job specifications and partner graduate hiring specialists to fast-track your hiring process.