Team Lead, Tax & Bank Reconciliation at Cornerstone Insurance Plc

Cornerstone Insurance Plc. was incorporated on 26th July 1991 as a private limited liability company and became a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997. Our organization was established to conduct Insurance business in a professional, ethical and customer-focused manner and has remained committed to these values over the years.

We are recruiting to fill the position below:

Job Title: Team Lead, Tax & Bank Reconciliation

Location: Lagos
Employment Type: Full-time

Position Overview

• The Team Lead for the Bank Reconciliation Team is responsible for overseeing the daily operations of the bank reconciliation process, ensuring accuracy and timeliness in reconciling bank statements with internal financial records.
• This role requires a strong understanding of accounting principles, excellent leadership skills, and the ability to work collaboratively with various departments to resolve discrepancies and improve processes.

Key Responsibilities
Leadership and Team Management:

• Lead, mentor, and develop a team of bank reconciliation analysts.
• Assign tasks and manage workloads to ensure efficient operation of the reconciliation process.
• Conduct regular team meetings to discuss progress, challenges, and updates.

Tax & Reconciliation:

• Supervise the reconciliation of bank statements with internal ledger accounts.
• Ensure all discrepancies are identified, investigated, and resolved promptly.
• Approve reconciliations and ensure they are completed accurately and within deadlines.
• Ensure compliance with tax laws and regulations specific to the insurance industry
• Prepare and file accurate tax returns for the company, including federal, state, and local taxes.
• Assist in developing and implementing tax strategies to optimize the company’s tax position
• Provide support in tax planning initiatives and advise on tax implications of business decisions
• Work closely with finance and legal teams to ensure alignment of tax strategies with overall business objectives.
• Conduct internal audits to ensure accurate reporting and compliance.
• Prepare tax provision and deferred tax calculations for financial statements.
• Assist in the preparation of documentation and reports for tax audits and inquiries.
• Identify and manage tax risks, including developing and maintaining tax risk management policies.
• Provide advice and guidance to other departments on tax-related matters.
• Maintain accurate and up-to-date tax records and documentation.

Process Improvement:

• Identify and implement process improvements to enhance the efficiency and effectiveness of the reconciliation process.
• Develop and update policies and procedures related to bank reconciliations.
• Utilize technology and automation tools to streamline reconciliation activities.

Reporting and Documentation:

• Prepare and present regular reconciliation reports to management.
• Maintain comprehensive and up-to-date documentation of reconciliation processes and procedures.
• Ensure compliance with internal controls and external audit requirements.

Stakeholder Collaboration:

• Collaborate with various units such as Finance operations, payable, underwriting, Sales team and Treasury to resolve discrepancies and ensure alignment.
• Act as a point of contact for internal and external auditors regarding reconciliation matters.
• Provide training and support to staff and other stakeholders on reconciliation processes and best practices.

Risk Management:

• Monitor and mitigate risks associated with the reconciliation process.
• Ensure all transactions comply with regulatory requirements and internal policies.
• Investigate and report any fraudulent activities or significant discrepancies.

Qualifications
Education and Experience:

• Bachelor’s Degree
• Minimum of 3 years of experience in bank reconciliation or a similar accounting role,.

Skills and Competencies:

• Strong understanding of accounting principles and bank reconciliation processes.
• Proficiency in accounting software and Microsoft Office Suite, particularly Excel.
• Excellent analytical and problem-solving skills.
• Strong leadership and team management abilities.
• Effective communication and interpersonal skills.
• High attention to detail and organizational skills.
• Ability to work under pressure and meet tight deadlines.

Deadline: 26th May, 2024.

How to Apply
Interested and qualified candidates should send their CV to: recruitment@cornerstone.com.ng using the Job Title as the subject of the mail.