Mduduzi Vincent Mhlongo
Manager - Finance Assets And Insurance
Johannesburg
Summary
I offer more than 15 years’ experience in the finance space, most of my experience has been managing Fixed assets and Inventory (planning, acquisition/order management, operations and maintenance, Disposal, forecasting).
Overview
16
16
years of professional experience
2022
2022
years of post-secondary education
2
2
Languages
Work History
Manager: Financial Assets and Insurance
City of Johannesburg
07.2024 - Current
- The primary function of the Manager Assets and Insurance is to Manage and monitor all the Administration and Financial aspects on Assets and Insurance for the Department.
- Managing, monitoring and the annual department Capital Replacement Reserve budget so that the expenditure is in line the Community Development’s business plan.
- Manage Assets and Insurance expenditure so that Community Development can detect and prevent any fraudulent behaviour and allows for accurate reporting.
- Manage Community Development Procurement and stores to achieve high standard in respect of value for money, affirmative procurement; and efficient buying.
- Conducting quarterly Reviews to measure performance against agreed objectives, coaching and consulting with personnel on development goals, career paths and short targets and standards.
- Monitoring the adequacy of current training interventions competency through the annual individual learning Plan for skills development for the Subordinates.
- Managing the Attendance Register of Subordinates to monitor staff attendance, overtime, leave to ensure that Human Resources Policies and Procedures.
- Management and monitoring of the Assets and Insurance Unit of Community Development so that all the City’s policies and procedures are adhered to.
- Managing, and monitoring the implementation of financial systems within Community Development.
- Managing and reporting on the financial system so that financial data pertaining to Community Development can be supplied accurately and timeously.
- Scrutinizing supporting documentation and goods receipting sequences against transactional recordings and be able to avoid any anomalies to accounts and payment due/made.
- Managing accounting records/ entries of transactional sequences ) of the processing of adjustments through journal entries , reconciliation and posting to general ledger creditor accounts.
- Monitoring transactional sequences associated with expenditure for procurement of assets prior to release for management perusal and comment.
- Co-ordinating and guiding specific deadlines and financial reporting sequences associated with audit and legal compliance exercises, checking, and verifying information /records submitted satisfies the scope of requirements.
- Monitoring the status of records associated with the assets of the City, applying Internal control procedures to check , verify, update, and maintain acquisition, valuation, and location details.
- Manage and monitor that all Community Development’s Assets are declared to make sure they are adequately covered by the Insurance according to the policies and procedures of the City of Johannesburg.
- Preparing motivation for write -off/scrapping on the prescribed Templates and make sure that they have been actioned on the SAP System and ensure that the Asset register is updated with the correct information.
Operations Manager – Assets and Insurance
City of Johannesburg
04.2022 - 06.2024
- Assisting in the Management and Control of the identification and defining of the short to medium term objectives and priorities of the Unit by: Assisting in the preparation, monitoring and controlling of the department Assets and Insurance so that it is in line with the Community Development’s assets register.
- Adhering to the asset management control procedures.
- Assisting in managing and controlling Assets and Insurance expenditure so that Community Development has a sound accounting and payment system, which prevents fraud and allows for accurate reporting.
- Assist in managing Community Development’s procurement and stores to achieve high standards in respect of value of money, affirmative procurement and efficient buying.
- Assist in producing the required assets and insurance statistical reports for Management.
- To provide financial management support in respect of Assets and Insurance to the Directorates of Community Development and to ensure that the assets and insurance is appropriately managed.
- Assist in controlling the implementation of specific procedures, systems and controls associated with key functional areas embodied in the Community Development directorates by: Assisting in developing, managing and monitoring the implementation of financial systems within Community Development.
- Monitor the financial information system so that financial data pertaining to Community Development can be supplied accurately and timeously.
- Assist in the management of the Assets and Insurance Unit of the Finance Directorate of Community Development so that all the City’s policies and procedures are adhered to.
- Assist in Managing specific accounting procedures associated with asset acquisition and disposal, by: Monitoring the status of records associated with existing as well as newly acquired assets of the Community Development, including assets under construction, by applying internal control procedures to check, verify, update and maintain acquisition, bar coding, valuation and location details.
- Assist in the physical verification of all Community Development assets in terms of CoJ Policies and Procedures.
- Assist in the preparation of write-off and / or sale through auction of other prescribed means of disposal of assets exceeding the allowable life cycle and coordinating the outcomes and accounting sequences thereof.
- Assist in the compilation and submission of quarterly review certificates.
- To ensure that the CoJ asset register is up to date and the valuation and depreciation recording complies with audit and statutory financial provisions.
- Manage and control the key performance Indicators and outcomes of personnel within the Unit, by: Assisting in defining /Adjusting the role boundaries workflow process and job design against laid down services delivery requirements and statutory financial regulations referring to good and accountable financial management and governance.
- Assisting in managing staffing level and preparing motivations for the filling of vacancies to complement functional objectives and requirements.
- Conducting appraisals of staff in the unit to measure performance against agreed objectives, counselling and consulting with personnel on developmental goals, career paths and short-term targets and standards.
- Monitoring the adequacy of current training interventions through the evaluation of competency demonstrated in workplace applications and preparing progress and assessment reports for inclusion into consolidated skills development plan of the department.
- Assist in analyzing statistical information pertaining to staff attendance, overtime, leave and addressing deviations or occurrences of abuse and / or workplace conflict through the implantation of corrective measure in accordance with Human Resources Policies and Procedures and codes of good Practice encapsulated in Employment Legislation.
- To ensure that a climate conductive to promoting and sustaining motivational and performance levels is cultivated and maintained enabling the Section to contribute positively to the Department’s service level objectives and outcomes.
- Looking for an opportunity to utilize my Assets management skills at managerial scale.
Fixed Assets and Treasury Accountant
Freedom Park
01.2020 - 04.2022
- Company Overview: Heritage site and Museum
- Reported to Financial Manager
- Asset Register value R800 Million
- Examples: buildings, IT and Data Processing Equipment’s, Intangible Assets, Furniture and Office Equipment, artwork, heritage assets and motor vehicles.
- I have provided input into the development, implementation and maintenance of strong controls, procedures, and policies.
- Ensured relevant processes are implemented and documented for all fixed assets and inventory activities.
- Provided input into risk control matrix and ensure relevant controls implemented to mitigate these risks.
- Identified control weaknesses and recommended improvements to compliance with accounting policies.
- Ensured compliance to policies, internal controls, and external audits.
- Supported internal audits and ensure that any findings are resolved.
- Supported external audit findings and implemented recommendations.
- Assisted in the improvement and development of processes and systems for accounting purposes.
- Worked with cross functional teams within the organization to ensure compliance, accuracy, and efficiency in financial areas.
- Enforced governance of the Fixed Assets policy and recommend policy enhancements.
- Develop and maintain Fixed Asset Register in Accordance With (GRAP).
- Received, checked newly procured assets in accordance with original specification.
- Tracked compilation of project costs into fixed asset accounts and close out those accounts once the projects have been completed.
- Bar coded all assets for identity, physical verification, control, and safekeeping.
- Calculated assets costs, create assets additions schedules, assets allocation form, update insurance schedule and issue assets to end users.
- Capitalized newly procured assets and ensure that the accounting for additions, movements, disposals, and depreciation of fixed assets are accurately and timeously updated in the general ledger and fixed assets.
- Planned, coordinated and conducted 100% continuous or progressively physical inspection of assets.
- Updated all assets conditions, classes, and types, respectively.
- Updated all assets functional locations; building, floor, and office/room.
- Updated all assets custodian/end users, work centers/ cost centers.
- Identified assets not on fixed asset register prepare schedule, barcode them and capitalize them.
- Followed up on unverified assets to ensure that they are accounted for.
- Compiled, updated and place new inventory count sheets per office or room or functional location or work center.
- Prepared assets physical verification report.
- Updated and placed new inventory count sheets per each functional location after verification.
- Identified and prepared schedules for all assets seemed to be impaired and present them to Financial Manager and CFO, for further review and impairments.
- Identified and prepared schedule for assets which may need to valued and draft memorandum for valuations by evaluator.
- Prepared schedules for all damaged assets and present to asset disposal committee.
- Calculated depreciation for all fixed assets.
- Performed FAR and GL reconciliations.
- Prepared assets reclassification and depreciation journals.
- Provided relevant asset reporting.
- Resolved queries received from departments timeously.
- Provided relevant fixed assets disclosures.
- Liaise with auditors (external and internal).
- Planned and coordinated the acquisition of inventories.
- Maintained a high standard of work to ensure all activities including goods receipt, inventory management, and internal warehouse operations are carried out efficiently in line with the required standards.
- Managed processes, systems, and controls to support and drive effective warehouse and dispatch operations.
- Managed warehouse to ensure that enough stock levels are maintained.
- Managed periodic physical cycle counts and reconciliations.
- Processed cashbook transactions and bank reconditions – Main accounts weekly and Investment accounts.
- Processed petty cash transactions and reconciliations.
- Credit card management and fleet and petrol card management.
- Processed advances, staff loans and reconciliations.
- Processed investment of excess cash withdraws and reconciliations.
- Reviewed and loaded payments on bank system; Employees’ Salaries, Council honorarium, SARS, and creditors/accounts payables.
- Reviewed existing beneficiary and created new beneficiaries on bank system, Employees’, and new creditors.
- Socialized policies and procedures with business. Provide necessary support to guide the business.
- Developed and distributed relevant fixed assets reports.
- Attended monthly meetings with various business units to understand requirements.
- Initiated and managed the improvement of processes.
- Performed administration functions for insurance activities.
- Performed administration of all fleet and tele communication tools (e.g., cell phones, 3G cards, sim cards) to ensure that they are adequately controlled.
- Budgeted, assessed, scheduled and coordinated capital improvements and or maintenance requirements.
- Supervised 4 employees / subordinates to ensure Sound physical asset management.
- General supervision of employees.
- Allocated duties and do quality control of the work delivered by supervises.
- Advised and led subordinates about all aspects of the work.
- Ensured that all subordinates are trained and developed to be able to deliver work of the required standard efficiently and effectively.
- Developed, implemented, and monitored work systems and processes to ensure efficient and effective functioning.
- Assisted Financial Manager with monthly, quarterly and year end reporting and other finance projects.
- Performed ad hoc projects that arise on a continuing basis.
- Attended to queries.
- Supported the Finance team on other finance projects.
- Heritage site and Museum
- Looking for an opportunity to utilize my Fixed Assets management skills on a larger scale.
Assets Officer and Assistant Accountant - (Asset Controller)
University of Zululand
12.2009 - 12.2019
- Company Overview: Education
- Reported to Financial Accountant
- Asset Register value R1.2 billion
- Examples of assets managed: IT and data processing equipment’s, Intangible Assets, furniture and office equipment’s and motor vehicles.
- Provided input into the development, implementation and maintenance of strong controls, procedures, and policies.
- Ensured that relevant processes are implemented and documented for all fixed assets and inventory activities.
- Provided input into risk control matrix and ensure relevant controls implemented to mitigate these risks.
- Identified internal control weaknesses and recommendations for improvements.
- Complied with accounting policies.
- Ensured compliance to policies, internal controls, and external audits.
- Supported internal audits and ensure that any findings are resolved.
- Supported on external audit findings and implementation of recommendations.
- Assisted in the improvement and development of processes and systems for accounting purposes.
- Worked with cross functional teams within the organization to ensure compliance, accuracy, and efficiency in financial areas.
- Enforced governance of the Fixed Assets policy and recommend policy enhancements.
- Develop and maintain Fixed Asset Register in Accordance with (IFRS).
- Received, checked newly procured assets in accordance with original specification.
- Tracked compilation of project costs into fixed asset accounts and close out those accounts once the projects have been completed.
- Bar coded all assets for identity, physical verification, control, and safekeeping.
- Calculated assets costs, create assets additions schedules, assets allocation form, update insurance schedule and issue assets to end users.
- Capitalized newly procured assets (on SAP) and ensured that the accounting for additions, movements, disposals, and depreciation of fixed assets are accurately and timeously updated in the general ledger and fixed assets.
- Checked the accuracy and completeness of assets information posted on the assets master data records (SAP).
- Performed test depreciation run on the test mode (SAP).
- Calculated depreciation for all fixed assets (SAP).
- Performed FAR (on SAP) and GL reconciliations (on ITS).
- Ensured month end and year end reporting.
- Ensured processing of journals.
- Ensured accuracy and completeness of fixed assets register.
- Provided relevant asset reporting to organization.
- Resolved queries received from departments timeously.
- Provided relevant fixed assets disclosures.
- Supported on external audit queries.
- Planned, coordinated, and conducted 100% continuous or progressively physical inspection of assets.
- Updated all assets conditions, classes, and types, respectively.
- Updated all assets functional locations; building, floor, and office/room.
- Updated all assets custodian/end users, work centers/ cost centers.
- Identified assets not on fixed asset register prepared schedules, barcoded them and capitalize them.
- Followed up on unverified assets and ensured that they are accounted for.
- Compiled, updated, and placed new inventory count sheets per office or room or functional location or work center.
- Prepared assets physical verification report.
- Identified full depreciated and approaching assets but still in good conditions, prepare schedule, prepared memorandum and reviewed residual values with specialist.
- Identified and prepared schedule for all assets seemed to be impaired and presented them to Financial Manager and CFO, for further review and impairments.
- Identified and prepared schedule for assets which may need to valued and draft memorandum for valuations by evaluator.
- Prepared schedule for all damaged assets and present to asset disposal committee.
- Analyzed Fixed Assets Register to determine Capex needs.
- Prepared budget forecasts and submit to Manager Budget for approval.
- Controlled all departments CAPEX budgets to ensure that all CAPEX expenditure is in line with the approve budget.
- Facilitated all acquisitions of assets and Procured Finance department assets.
- Advised departments of the correct account and proper asset classes during the acquisition processes to ensure that all assets are acquired through correct accounts and within the approved budget.
- Created new locations (rooms & offices) and updated existing locations (on SAP).
- Created staff members and updated existing staff members (on SAP).
- Created new vendors (suppliers) and updated existing vendors (on SAP) abs insured that all assets are linked to correct locations and relevant employees.
- I was involved with the implementation of SAP as the project owner where I have drafted the project scope, suggested assets classes, asset types and other SAP configure, reviewed the work done by consultants prior to go live and ensured that all assets were recorded correctly once the system went live.
- Drafted scopes of the enhancement requirements and communicated them to SAP consultants after going live.
- Socialized policies and procedures with organization. Provide necessary support to guide the organization.
- Developed and distributed relevant fixed assets reports.
- Attended monthly meetings with various units to understand requirements.
- Initiated and managed the improvement of processes.
- Performed administration of insurance renewal activities.
- Supervised 3 and 15 employees / subordinates to ensure Sound physical asset management.
- General supervision of employees.
- Allocated duties and do quality control of the work delivered by supervises.
- Advised and led subordinates about all aspects of the work.
- Ensured that all subordinates are trained and developed to be able to deliver work of the required standard efficiently and effectively.
- Developed, implemented, and monitored work systems and processes to ensure efficient and effective functioning.
- Assisted Financial Manager with monthly, quarterly and year end reporting and other finance projects.
- Ad hoc projects that arise on a continuing basis.
- Attended to queries.
- Supported the Finance team on projects.
- Education
- Was seeking employment in Gauteng to open opportunities for career growth.
Education
PG - Compliance Management
University of Johannesburg
Asset Management and GRAP Asset accounting - undefined
Enterprises University of Pretoria
Risk Management (Certificate) - undefined
College SA
Bachelor of Commerce - Accounting
University of Zululand
Matric - Grade 12
Vulakwenile Junior Secondary School
Skills
Fixed Asset Register
IFRS
GAAP
GRAP
Inventory Management
Budgeting
Managerial
General Ledger
Accounts Payable
Audit
Contracts Management
Insurance Administration
Internal Controls
Standard Operating Procedure
International Financial Reporting
Project Accounting
Asset Allocation
Capital Expenditures
Cost Centers
Forecasting
General Supervision
Generally Recognized Accounting Practice
Intangible
Journal Entries
Management Reporting
Operations and Maintenance
Reconciliation
Month and Year-End Processes
Implementation of Policies and Standard Operating Procedures
Cashbooks
Bank Reconciliation
Petty Cash
Nedfleet Cards
Advances
Investment
Time Management
Microsoft Excel
Microsoft PowerPoint
Microsoft Word
SAP PM
SAP FI
ITS
SCM
Affiliations
Southern African Asset Management Association, 2249
Accomplishments
Asset disposal
progressive verification
Planned verification
Timeline
Manager: Financial Assets and Insurance
City of Johannesburg
07.2024 - Current
Operations Manager – Assets and Insurance
City of Johannesburg
04.2022 - 06.2024
Fixed Assets and Treasury Accountant
Freedom Park
01.2020 - 04.2022
Assets Officer and Assistant Accountant - (Asset Controller)
University of Zululand
12.2009 - 12.2019
Asset Management and GRAP Asset accounting - undefined
Enterprises University of Pretoria
Risk Management (Certificate) - undefined
College SA
Bachelor of Commerce - Accounting
University of Zululand
Matric - Grade 12
Vulakwenile Junior Secondary School
PG - Compliance Management
University of Johannesburg
Languages
Zulu
English
Personal Information
- ID Number: 8601085803085
- Ethnicity: African
- Notice Period: 4 Weeks
- Gender: Male
- Nationality: South African
- Driving License: Code 10 (Own Transport)
Coursework
- Best Practices in Electronic Records Management & Digital Archiving: Providence Business Consultants & Projects (Pty) Ltd
- Supervision with Project Principles: KZN Business Training Centre
- Emotional Intelligence Training: LJM & Associates (Pty) Ltd
- Fire Fighting Level 1: NOSA
- Safety, Health and Environment: NOSA
- First Aid: NOSA
Personal Information
- ID Number: 8601085803085
- Ethnicity: African
- Notice Period: 4 Weeks
- Gender: Male
- Nationality: South African
- Driving License: Code 10 (Own Transport)