Velemseni Gumede
Cape Town
Summary
Results-driven financial professional with a solid background in reporting and compliance, focused on improving processes for greater accuracy and efficiency. Proficient in financial analysis, budgeting, and forecasting, with a strong aptitude for critical thinking and problem-solving. Skilled in building relationships with stakeholders to enable strategic decision-making. Adept at managing complex financial data and providing insights that drive organizational success.
Overview
16
16
years of professional experience
1
1
Certification
Work History
Management Accountant
Old Mutual Next 176 - Cape Town
Cape Town, South Africa
11.2023 - Current
- Highlights of contributions in role
- Configured Tactyc for precise internal rate of return and valuation calculations in investment ventures.
- Optimized budgeting processes by transitioning to quarterly rolling forecasts, reducing variances between projected and actual results.
- Drove cost-saving measures by eliminating unnecessary applications and selecting more affordable solutions (ThoughtSpot to PowerBI).
- Successfully migrated data from Pastel to Accounts IQ, streamlining financial operations.
- Role responsibilities.
- Delivers accurate and timely management reports for portfolio and ventures stakeholders.
- Analyzes financial results and recommends corrective actions based on findings.
- Conducts budgeting and forecasting monthly, quarterly, and annually, with consolidated reports.
- Develops key performance indicators and benchmarks to provide strategic insights.
- Collaborates with stakeholders to assess financial outcomes and expense trends.
- Supports ventures team in structuring optimal deals, engaging experts as required.
- Monitors financial reporting environment, implementing improvements to enhance accuracy.
- Prepares and post journals for accurate reporting.
- Manages financial and business risks while assessing KPIs' impact on expenses.
- Participates in internal and external audits to ensure adherence to accounting policies, controls, and procedures.
- Backed up in preparing and monitoring VAT, PAYE and PAYE reconciliations. Investigated and addressed PAYE reconciling items to be resolved.
Product Accountant
Old Mutual (Personal Finance)
Cape Town, South Africa
06.2022 - 10.2023
- Highlights of contributions in role
- IFRS17 implementation to enhance financial reporting standards.
- Executed data migration across various systems into SAT for improved data integrity.
- Streamlined budgeting and forecasting processes by replacing annual budgets with quarterly rolling forecasts, reducing variances between forecast and actual results.
- Optimized cash flow by minimizing frequency of settling intercompany balances and reducing payment amounts through partial settlements.
- Role responsibilities
- Prepared detailed monthly reports, highlighting key financial metrics and performance indicators.
- Ensured accuracy and compliance in monthly, quarterly, and annual financial reports per IFRS 17 and submission in HFM. Preparation of accurate and complete monthly and year-end journals.
- Conducted variance analysis to compare actual results against budget, recommending corrective actions.
- Developed financial forecasts and models to support strategic planning.
- Participated in internal and external audits to ensure adherence to accounting policies, controls, and procedures.
- Ensured compliance with IFRS, AIS, and company policies throughout the year.
- Collaborated with cross-functional teams to provide insights for business initiatives.
Assistant Product Accountant
Old Mutual (Personal Finance)
Cape Town, South Africa
11.2015 - 05.2022
- Highlights of contributions in role
- Automated spreadsheets or reports, reducing manual effort and errors.
- Developed standardised templates for product analysis.
- Improved forecast accuracy by updating volume, pricing, and cost assumptions regularly.
- Role responsibilities.
- Produced monthly and year-end closing statements, financial documents, and invoices.
- Analyzed financial data to generate monthly reports, delivering insights for stakeholders.
- Investigated and resolved discrepancies in financial records, maintaining accuracy standards.
- Preparation of accurate and complete monthly and year-end journals.
- Collaborated with product managers on annual budgets and financial forecasts.
- Ensured compliance with IFRS, AIS, and company policies throughout the year.
- Maintained audit trails to ensure smooth internal and external audits.
- Maintained accurate financial records and databases for integrity and accessibility.
- Assisted in streamlining accounting processes to enhance efficiency and reduce errors.
Share Scheme Administrator
Old Mutual
Cape Town, South Africa
03.2012 - 10.2015
- Highlights of contributions in role
- Processed grants, vestings, exercises, and leavers.
- Reduced processing errors through improved controls and reconciliations.
- Streamlined workflows, reducing administration cycle times.
- Automated reporting and reconciliations, reducing manual effort.
- Role responsibilities.
- Administered employee share schemes, ensuring compliance with internal policies and external regulations.
- Maintained detailed records of share transactions and vesting schedules for accurate data management.
- Prepared and distributed regular reports on share scheme activities to management and stakeholders.
Junior Investment Analyst
Private Investment Corporation
Pretoria, South Africa
03.2010 - 02.2012
- Conducted comprehensive research on companies, industries, and economic conditions to inform investment decisions.
- Assisted in developing and maintaining financial models for valuation and scenario analysis.
- Prepared detailed research reports and investment memos for internal stakeholders and client presentations.
- Kept up to date with S&P credit rating reviews to provide insights.
- Provided analytical and administrative support to senior analysts and portfolio managers.
- Contributed to client meetings by preparing relevant materials and discussing research findings during calls.
Education
B.Com Honours - Finance
University of KwaZulu-Natal
Durban, KZN01.2009
BCom - Accounting and Finance
University of KwaZulu-Natal
Durban, KZN01.2008
Skills
- Microsoft Excel
- Excel VBA
- Access
- Oracle Financials
- Accounts IQ
- Financial analysis
- Forecasting
- Budgeting
- Business planning
- Cost analysis
- Variance analysis
- IFRS 17 Acumen
- VAT
- HFM
- PAYE
- Financial reporting
- Management reporting
- Regulatory compliance
- Analytical skills
- Attention to detail
- Effective communication
- Leadership
- Process improvement
- Internal controls
- Team management
- Innovative thinker
- Strategic thinker
Certification
- Middle Management Development Programme, GIBS, 2019-01-01
- Junior Management Development Programme, GIBS, 2018-01-01
Accomplishments
- IFRS17 Implementation in Personal Finance
- Migration of data from Pastel into Accounts IQ (Next176)
- Setting up Tactyc for IRR and Valuation calculations (Investments and Ventures)
Languages
English
Proficient
C2
Zulu
Proficient
C2
Afrikaans
Intermediate
B1
Tswana
Intermediate
B1
Pedi
Intermediate
B1
Timeline
Management Accountant
Old Mutual Next 176 - Cape Town
11.2023 - Current
Product Accountant
Old Mutual (Personal Finance)
06.2022 - 10.2023
Assistant Product Accountant
Old Mutual (Personal Finance)
11.2015 - 05.2022
Share Scheme Administrator
Old Mutual
03.2012 - 10.2015
Junior Investment Analyst
Private Investment Corporation
03.2010 - 02.2012
B.Com Honours - Finance
University of KwaZulu-Natal
BCom - Accounting and Finance
University of KwaZulu-Natal