Financial Accountant (Egypt)

at  CDC Group

ABOUT BII

British International Investment is the UK’s development finance institution, owned by the UK Government. With a mission to solve the biggest global development challenges, we aim to create a virtuous circle of investment and impact. Your contribution will be essential.
It won’t be easy: we do the hardest work in the most complex markets. Be prepared to test your skills, get creative and say your piece as you take on high-profile work as part of a diverse team of exceptionally smart, passionate people.
In return, you can take your career to all-new places in a culture that rewards curiosity and collaboration, and balances high performance with wellbeing.
BII at a glance
75 years supporting sustainable business growth in developing and emerging markets
£8.1 billion in net assets
1,400+ businesses invested in
950,000 workers in the businesses we support
£9 billion in new investments planned in the next 5 years
600+ people in our diverse global team

THE PITCH

• Our Finance team is responsible for the accounting, financial reporting, financial planning and analysis, investment accounting, purchasing and procurement, accounts payable and accounts receivable functions. The team consists of around 30 people, including the Chief Financial Officer.BII has a network of overseas subsidiary entities and investment holding company subsidiaries which the parent company Finance team provides accounting services to. There are currently nine overseas subsidiaries, including one in Egypt, and seventeen UK investment holding companies.
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• We are looking for an experienced Finance professional that will be responsible for the bookkeeping, financial reporting, production of annual audited financial statements (in English and Arabic), management of information, tax compliance and ongoing compliance for our subsidiary based in Egypt which is an advisory business. The successful candidate will also be required to maintain a standard operating procedures manual following a recent review of processes and controls.

• Responsible for day-to-day bookkeeping and financial reporting function in Egypt;
• Assist in processing of invoices for correct application of WHT and VAT and approval of transactions processed by the Accounts Payable team;
• Working with our local banking partner and supporting the Accounts Payable team to ensure all payments are correctly set up, using the most appropriate payment types in the banking platform to facilitate the successful processing of all invoices and transactions;
• Preparation of all month-end, quarter-end and year-end balance sheet reconciliations and trial balances and reporting to the Overseas Finance team in London;
• Monthly reconciliation of the intercompany transactions and balances with the holding company;
• Preparation of quarterly advisory fees calculation and e-invoicing to the holding company via the tax portal;
• Ensuring good financial controls are followed and updated regularly to manage risk;
• Prepare and maintain the standard operating procedures manual for Egypt entity;
• Annual physical verification of fixed assets and maintenance of a Fixed Assets Register in line with local requirements;
• Coordinate the year end audit in line with the local statutory reporting timetable and engage with external auditors, local service providers for tax advice; local office managers and suppliers;
• Production of annual financial statements in accordance with Egyptian Accounting Standards both in English and Arabic;
• Be up to date with local laws and regulations which affect BII and have an impact on financial reporting and tax compliance (income tax, withholding tax and VAT);
• Ensure all VAT and withholding tax calculations, payments and returns (prepared by local service providers) are completed, reviewed and submitted on time;
• Knowledge and understanding of payroll tax and social security deductions in Egypt to be able to advise and guide BII payroll team on in-country legislation and budget changes.
• To act as the on-ground person representing the BII Payroll & Benefits Team as and when required.
• Act as our ‘boots on the ground’ for engaging and maintaining good working relationships stakeholders including the Egyptian Tax Authority, external auditors, local service providers, tax advisers, bankers and our company secretarial/lawyers;
• Presenting audited financial statements and deliverables to the Board of Directors for approval;
• Work with the Overseas team in London to ensure that the entity in Egypt has sufficient funding for operations through advisory fees and intercompany loans;
• Cooperate with the functional teams across BII to successfully deregister the representation office in Egypt as the Egyptian subsidiary if now fully operational;
• Work with the Treasury team to ensure all bank accounts are compliant with local regulations (including compliance and KYC requirements) and support with any banking amendments;
• Continue to drive for automated solutions in reporting, process improvement and finding efficiencies, accuracy and insights into better ways of working;
• Supporting the Finance team based in London with translation of information from Arabic to English, interpretation of laws and regulations, obtaining wet ink signatures required and putting together paperwork and deliverables for EGMs and OGMs;
• Working with the Company Secretary team in London to facilitate corporate governance matters, including company secretarial filings (in conjunction with lawyers and service providers);
• Collaborate with Overseas team, Treasury, Tax, Co-sec, Facilities, HR, FP&A and the rest of the business to meet operational objectives.