Finance Associate – UNDP jobs in Barbados

Finance Associate – UNDP jobs in Barbados

• Location: Bridgetown, Barbados
• Vacancy No: N/A 
• Salary: N/A
• Organization: UNDP
• Gender: Both
• Deadline: 2024-03-09

Background and Organizational Context

As the United Nations lead agency on international development, UNDP works in 170 countries and territories to eradicate poverty and reduce inequality. We help countries to develop policies, leadership skills, partnering abilities, institutional capabilities, and to build resilience to achieve the Sustainable Development Goals (SDGs).  Our work is concentrated in three focus areas: Nature, Climate and Energy, (NCE), Prevention, Recovery and Resilience (PRR), and Poverty and Governance (P&G).

On October 21, 1974, the United Nations Development Programme and the Government of Barbados entered into an agreement to “support and supplement the national efforts of solving the most important problems of their economic development and to promote social progress and better standards of life.”  Subsequently, similar agreements were entered into with Governments of the other nine countries and territories. The UNDP Multi-Country Office (MCO) for Barbados and the Eastern Caribbean serves: Anguilla, Antigua and Barbuda, Barbados, the British Virgin Islands, the Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.

The Finance team supports the Multi-country Office (MCO) in the promotion of the SDGs and the sustainable development agenda of the countries it serves by continuously enhancing CO financial performance, delivering sound management of financial resources, and ensuring strong accountability through informed decision making, effective financial management processes, and transparent financial reporting that complies with international standards and regulatory guidelines.

Position Purpose

Under the guidance and direct supervision of the Operations Manager, the Finance Associate provides leadership in execution of financial services in the Country Office (CO) ensuring effective and transparent utilization of financial resources and integrity of financial services. The Finance Associate promotes a collaborative, client-oriented approach consistent with UNDP rules and regulations.

The Finance Associate supervises and leads the support staff in the Finance Unit. The Finance Associate works in close collaboration with the Operations, Programme and project teams in the CO, and UNDP HQ and GSSC staff to provide information delivery and resolve complex financial management and operational-related issues.

UNDP adopts a portfolio approach to accommodate changing business needs and leverage linkages across interventions to achieve its strategic goals. Therefore, UNDP personnel are expected to work across units, functions, teams, and projects in multidisciplinary teams in order to enhance and enable horizontal collaboration.

Key Duties and Accountabilities

1.)  Support administration and implementation of operational strategies and adapt processes and procedures.

•            Ensure CO financial activities and financial recording/reporting system are in full compliance with UNDP Programme and Operations Policies and Procedures (POPP) and strategies.  Facilitate implementation of effective internal controls and proper functioning of a client-oriented financial resources management system.

•            Support office management in preparing and reviewing CO finance business processes and elaboration of the content of internal standard operating procedures in the finance in consultation with office management.

•            Prepare reports containing analysis of the CO financial situation.

•            Assist in supporting office management to articulate the framework and conditions of contributions within the CO resources mobilization efforts.

•            Elaborate proposals and implement cost saving and reduction strategies in consultations with office management.

•            Routinely monitor financial exception reports for unusual activities and transactions; and investigate anomalies or unusual transactions. Inform senior CO management and other UNDP staff at Headquarters of the results of the investigation when satisfactory answers are not obtained.

•            Maintain financing and trust fund agreements, follow up on contributions within the CO resource mobilization efforts.

•            Provide support to all MCO audits and the implementation of any subsequent audit recommendations.

2.) Ensure administration of budgets of CO management projects, clearance of budgets for development projects, and functioning of an optimal cost-recovery system.

•            Produce thoroughly researched information for planning of financial resources of the CO.

•            Prepare and modify budgets for UNDP projects, follow up with HQ on authorized spending limits (ASL) for management projects.

•            Ensure administration of control mechanism for development projects by monitoring budgets, preparing, and modifying budgetary status versus ASL, follow up with HQ on ASL for management projects.

•            Prepare timely cost-recovery and DPC bills in ERP for the services provided by UNDP.

•            Elaborate and implement revenue tracking system and follow up on cost recovery. Establish criteria for pro-ration of Agencies contributions to the common services account, prepare and modify the common services budget, and follow up on timely recovery of payments.

3.) Provide accounting and administrative support to the Finance Unit

•            Ensure proper control of the supporting documents and payment invoices and proper document management including systematic archiving.

•            Review periodic oversight of financial reports for projects and management funds/budget balance.

•            Maintain internal expenditures control system which ensures that invoices processed are matched and completed, transactions are correctly recorded and posted in ERP; and travel claims and other entitlements are duly processed.

•            Coordinate and review allocated General Ledger and sub-ledger accounts and support timely project closure.

•            Take timely corrective actions on unposted invoices, including invoices with validation errors, match exceptions, and/or unapproved invoices. Provide timely response to HQ requests to resolve financial data issues.

•            Maintain Accounts Receivables for UNDP projects and follow up with partners on contributions.

•            Ensure timely recording, reconciliation, and submission of VAT claims with relevant TAX authority and following up on VAT reimbursements.

•            Ensure effective oversight of GLOC and other government contributions, including the preparation invoices in line with HQ targets and reconciliation of contributions received.

•            Record and reconcile other revenue including payment of GLOC, in-kind contribution by governments, and agency income through UPL/LPL

•            Perform timely quarterly and year-end certifications as per OFM guidelines.

4.) Ensure proper CO cash and Treasury management functioning.

•            Provide timely review of cash position for local accounts to ensure sufficient funds for disbursements and maintain liquidity level approved by Treasury. Identify and record receipts and create deposits or revenue applications.

•            Identify and record contributions.

•            Serve as alternate to Finance Analyst/Specialist (or Operations Manager) as primary contact with local bank management on routine operational matters including negotiation of exchange rate on replenishment. May serve as member of bank signatory panel upon decision of Resident Representative.

•            Prepare timely and accurate bank reconciliations. Select bank transfers and deals for approval and settlements.

•            Prepare timely monthly cashflow forecast for use by Operations Manager/Finance Analyst. Liaison with UN Agencies to obtain estimate of their cash requirements. Act as alternate cashier for cash disbursements made on site.

5.)  Ensure facilitation of knowledge building and knowledge sharing in the CO.

•            Organize training for the operations/programme/projects staff on financial management and the ERP system

•            Synthesize lessons learned and best practices in financial management.

•            Provide sound contributions to knowledge networks and communities of practice.

The incumbent performs other duties within their functional profile as deemed necessary for the efficient functioning of the Office and the Organization.

Supervisory Responsibilities: Supervise support staff in the Finance unit.

Requirements:

Education

•            Fully Qualified Accountant, from an internationally accredited institute of accountancy or Full Completion of the UNDP Finance Training and Certification Programme (FTCP). No UNDP Accountancy and Finance Test (AFT) is required.

•            Candidates with no professional accountancy qualifications, but with degrees that major in accountancy and/or finance must complete UNDP Finance Training and Certification Programme (FTCP), if recruited. However, no UNDP Accountancy and Finance Test (AFT) is required.

•            Candidate with no professional accountancy qualifications but with relevant experience must successfully undertake UNDP Accountancy and Finance Test (AFT) before shortlisting and must complete the UNDP Finance Training and Certification Programme (FTCP), if recruited.

Experience, Knowledge, and Skills

•            7 years (with high school diploma) or 4 years (with bachelor’s degree) of progressively responsible finance and accounting experience at the national or international level is required.

•            Experience in the use of computers and office software packages (MS Word, Excel, etc.) and advanced knowledge of spreadsheets and web-based management systems such as ERP financials and database packages.

•            Experience in finance resources management, cash management, expenditure controls, cost- recovery systems and financial reporting and analysis.

•            Knowledge of IPSAS and/or IFRS is required.

•            Experience in budget and audit management is an asset

•            Experience managing a team is desirable

Language Requirements

Fluency in English is required.

Expected Demonstration of Competencies

People Management 

UNDP People Management Competencies can be found in the dedicated site.

Cross-Functional & Technical competencies 

*Applicants must hold Barbadian Citizenship, or possess proof of legal authorization to work in Barbados.

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