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- Tasks: Manage financial accounting processes and lead a small team to ensure accuracy and compliance.
- Company: Ofgem is the UK's independent energy regulator, focused on sustainable energy solutions.
- Benefits: Enjoy hybrid working, excellent training opportunities, and a competitive benefits package.
- Why this job: Join a collaborative team making a real impact on the UK's energy future.
- Qualifications: CCAB qualified or part qualified with practical financial accounting experience required.
- Other info: Flexible working patterns are welcome, and diverse candidates are encouraged to apply.
The predicted salary is between 46800 - 78000 £ per year.
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This range is provided by Ofgem. Your actual pay will be based on your skills and experience — talk with your recruiter to learn more.
Base pay range
Direct message the job poster from Ofgem
Successful candidates may be based in any of our office locations – Cardiff, Glasgow, or London, especially welcoming applications from people based in Cardiff and Glasgow
Hybrid working – on average, currently one day per week in the office, or approximately 20% of the month
Job summary
With a focus on securing a sustainable, safe source of energy for the UK, Ofgem is tasked with some of the nation’s most important projects. It is vital that we reduce our reliance on fossil fuels, and that we protect energy consumers from the type of price rises that we have recently witnessed. Within this role you will be supported across the Finance, Risk and Procurement profession, joining a network of skilled colleagues and supported by our learning and development team to guide you on your career journey.
As a member of our friendly and collaborative team, you will use your financial accounting knowledge to ensure robust financial control measures and processes are in place across the organisation. With responsibility for delivering month end processes including balance sheet reconciliations and the VAT return, you will also play a vital role in preparing Ofgem’s Annual Report and Accounts, undertaking the relevant analysis and data collation to prepare the financial statements sections of this report. Managing other team members, you will ensure deadlines are met and you will be keen to share your knowledge with them, so that they continue to develop their own professional capabilities alongside yours.
You will be CCAB (or equivalent chartered accountancy qualification) fully qualified, or part qualified with only one final exam to complete. You will also have practical experience in financial accounting. With a knowledge of IFRS accounting standards, and an awareness of VAT, financial controls and audit requirements, you will be capable of translating complex information for a variety of audiences, and you will be an influential individual who can make effective decisions. Bringing a flexible approach to every challenge, we will expect you to have great communication skills, and you will enjoy coming up with solutions to problems for Ofgem and its stakeholders.
Ofgem relies on having a workforce that reflects the society we serve, so we welcome candidates from all backgrounds, and especially those from underrepresented groups. While this is a full-time role, flexible working patterns are welcome. We will also support you with excellent training and development opportunities, hybrid working options and a competitive benefits package.
Ofgem is Great Britain’s independent energy regulator. Our primary responsibility is to protect energy consumers, especially the most vulnerable, while at the same time working with government, industry and consumer groups to deliver a clean, more affordable and secure net-zero energy system at the lowest cost to consumers, and drive economic growth.
Reporting to the Senior Financial Accounting Manager, you will play a critical role in the preparation and audit of the Ofgem Annual Report and Accounts. You will be responsible for delivering month end processes particularly in relation to the balance sheet, with accuracy, completeness and timeliness, and will use your financial accounting knowledge to ensure robust financial control across the organisation. You will coach and manage a small team, directing daily tasks.
Key Responsibilities
- Undertake analysis, data collation and reporting to prepare the financial statements sections of the Ofgem Annual Report and Accounts in line with Government and statutory requirements.
- Facilitate the smooth running of the external annual audit cycle, acting as the key day-to-day contact point for all audit queries. Manage the Client Liaison Schedule to ensure all samples and required audit evidence is provided to the auditors by the required due dates; liaise with various stakeholders across Ofgem to address queries raised by the auditors.
- Lead on the preparation of Ofgem’s Whole of Government Accounts submission to HM Treasury, including establishing and seeking agreement of intergovernmental balances where necessary.
- Manage the balance sheet reconciliation process, ensuring accounts are reconciled and reviewed on a monthly basis.
- Lead on the management of Ofgem’s Fixed Asset Register (both tangible and intangible), ensuring additions, disposals and depreciation/amortisation are actioned on a monthly basis.
- Assist the Senior Financial Accounting Manager in managing Ofgem’s leases under IFRS 16, including liaising with the Ofgem Estates team to identify potential changes to leases, calculating the impact of these under IFRS 16.
- Lead the preparation of the monthly VAT return, ensuring VAT is reclaimed in line with HM Revenue & Custom’s Contracted Out Services headings.
- Feed into the production of Ofgem’s Spending Review and Supply Estimates process including budget requirements for IFRS 16 capital spend.
- Provide cover to the Cash and Accounts Receivables Manager in managing the cashflow forecast and submission of HM Treasury returns.
Financial Control and Service Delivery:
- Contribute to the development of finance policies, guidance and training including losses and special payments, VAT and fixed assets.
- Provide Ofgem teams with accurate financial advice on accounting and financial procedures and policies to inform decision making and actions, in particular in relation to treatment and disclosure of transactions in line with IFRS and the Government Financial Reporting Manual, and VAT.
- Assist in developing and embedding a robust financial control environment for Financial Accounting, ensuring Standard Operating Procedures are in place with appropriate controls (e.g. segregation of duties) and sufficient monitoring tools are in place to highlight non-compliance and eliminate financial control weaknesses.
- Proactively identify opportunities and implement changes to promote continuous
- Provide task direction and line management to Financial Accounting Team members, prioritising tasks as required to meet deadlines and reviewing the work of the team. Develop, guide and coach team members.
- Build effective relationships with the Accounts Payables Team, Management Accounting Team, Finance Business Partners and other corporate services functions such as Payroll.
Person specification
Key Outputs and Deliverables
- Financial statements sections of the Ofgem Annual Report and Accounts are accurately prepared to timetable.
- Audit evidence and responses to audit queries are provided on a timely basis and satisfy the auditors’ requests.
- The Whole of Government Accounts submission is accurately prepared in line with HM Treasury’s timetable.
- Month end processes are delivered including accurate VAT returns and fully reconciled balance sheet reconciliations including fixed assets and IFRS 16.
- Financial expertise and advice is provided to teams across Ofgem, in addition to guidance and training on relevant financial matters, in line with relevant policies and accounting standards.
Role Criteria
- CCAB (or equivalent chartered accountancy qualification) – fully qualified or part qualified with only one final exam to complete. Practical experience in financial accounting. (Lead)
- Technical knowledge of IFRS accounting standards and an awareness of VAT, financial controls and audit requirements.
- Experience of line managing a small team and reviewing others’ work.
- Ability to work proactively, use initiative and prioritise against
- Strong interpersonal skills, customer focussed and experience of being the day-to-day relationship lead with a third party.
- Knowledge of Government accounting including the Government Financial Reporting Manual and HMRC’s VAT Contracted Out Services headings.
Qualifications
CCAB (or equivalent chartered accountancy qualification) – fully qualified or part qualified with only one final exam to complete.
Behaviours
We\’ll assess you against these behaviours during the selection process:
- Changing and Improving
- Making Effective Decisions
- Communicating and Influencing
- Delivering at Pace
Technical skills
We\’ll assess you against these technical skills during the selection process:
You will also be asked to complete a technical test. Full details of the test will be included in the invitation to interview.
Feedback will only be provided if you attend an interview or assessment.
Further information about the role and application process can be found via Civil Service Jobs. Click apply to be redirected.
Seniority level
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Seniority level
Mid-Senior level
Employment type
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Employment type
Full-time
Job function
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Job function
Finance and Accounting/Auditing
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Industries
Utilities and Government Administration
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Financial Accounting Manager employer: Ofgem ECO Reporting Working Group
Contact Detail:
Ofgem ECO Reporting Working Group Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Financial Accounting Manager
✨Tip Number 1
Familiarise yourself with Ofgem's mission and current projects, especially those related to sustainable energy. This knowledge will help you demonstrate your alignment with their goals during interviews.
✨Tip Number 2
Network with current or former employees of Ofgem on platforms like LinkedIn. Engaging in conversations can provide insights into the company culture and expectations for the Financial Accounting Manager role.
✨Tip Number 3
Brush up on your knowledge of IFRS accounting standards and VAT regulations, as these are crucial for the role. Consider attending relevant workshops or webinars to enhance your expertise.
✨Tip Number 4
Prepare to discuss your experience in managing teams and delivering financial reports. Be ready to share specific examples that highlight your leadership skills and ability to meet deadlines.
We think you need these skills to ace Financial Accounting Manager
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights your financial accounting experience and qualifications, particularly your CCAB status or equivalent. Emphasise your knowledge of IFRS standards and any relevant practical experience.
Craft a Compelling Cover Letter: In your cover letter, explain why you are passionate about working at Ofgem and how your skills align with their mission to secure sustainable energy. Mention specific experiences that demonstrate your ability to manage financial processes and lead a team.
Showcase Your Leadership Skills: Since the role involves managing a small team, provide examples in your application of how you've successfully led teams in the past. Highlight your coaching abilities and how you've helped others develop professionally.
Demonstrate Problem-Solving Abilities: Ofgem values individuals who can come up with solutions to challenges. Include examples in your application where you've identified issues and implemented effective solutions, particularly in financial contexts.
How to prepare for a job interview at Ofgem ECO Reporting Working Group
✨Know Your Financial Standards
Make sure you're well-versed in IFRS accounting standards and VAT regulations. Be prepared to discuss how you've applied these in your previous roles, as this will demonstrate your technical expertise and understanding of the financial landscape.
✨Showcase Your Leadership Skills
As a Financial Accounting Manager, you'll be managing a team. Highlight your experience in leading teams, coaching others, and ensuring deadlines are met. Share specific examples of how you've developed team members' skills and fostered a collaborative environment.
✨Prepare for Technical Questions
Expect to face technical questions during the interview, including a potential technical test. Brush up on your financial accounting knowledge and be ready to explain complex concepts in simple terms, as this will showcase your ability to communicate effectively with various stakeholders.
✨Demonstrate Problem-Solving Abilities
Ofgem values individuals who can come up with solutions to challenges. Prepare examples of past situations where you've identified problems and implemented effective solutions, particularly in financial processes or audits, to illustrate your proactive approach.
