Manager Financial Accounting & Reporting

Job description

JOB CONTENT Responsible for the management of overall Financial Accounting.

Reporting and Treasury function while overseeing the budget/forecast process.

Define, develop and implement plans, policies and procedures that conform to generally accepted accounting principles and comply with the approved policies and procedures of the company.

FUNCTIONAL RESPONSIBILITIES Accounting & Reporting Supervises and controls the general accounting operations, developing effective standards and systems while ensuring strict compliance with IFRS, laws, rules, policies and procedures.

Ensures that financial and accounting information is accurate and produced on time.

Develop and maintain financial accounting systems for cash management, accounts payable, accounts receivable, credit control, and petty cash.

Monitor the day to day accounting process and ensure all the postings are completed on time.

Maintain the SL/GL and ensure all the control accounts are reconciled and tallied.

Prepare, verify and record journal vouchers and ensure entries are booked under appropriate accounting heads for all company transactions.

Ensure all reconciliation including cash and banks are completed on time and pass necessary adjustments entries.

Prepare and consolidate financial statements such as the Trial Balance, Profit and Loss statement and Balance Sheet and incorporate budget information prepared by Management Accountant; provide inputs on administrative cost budget.

Submit variance report on monthly basis along with the monthly accounts statement.

Provide analysis and advice to the Senior Finance Manager on the potential implications of proposed changes in accounting rules / policies and legislation / government rules.

Participate in the period end stock, and physical verification program.

Initiate the FA verification as per the company policy.

Monitor all the CAPEX procurement and ensure the same is within the company budgets/policy.

Maintain all the records of Asset Disposal and ensure necessary entries are passed Analyze actual manufacturing expenses & prepare periodic reports comparing standard costs to actual production costs.

Maintain accurate and up to date records of all financial transactions and present report of the same to the Senior Manager - Finance whenever required.

Ensure monthly closing of the financial books are done as per the scheduled timeline and submit the report to the Senior Manager - Finance.

Partners with the Senior Finance Manager in the development and updation of Process Chart as well as Procedures & Policies Manual concerning this function and area of responsibilities and ensure implementation of departmental policies, performance measures and systems and procedures.

Ensure that company financial systems and policies are robust, compliant and support current activities and future growth.

In conjunction with the Senior Finance Manager, develop insurance policy and plans to ensure adequate coverage of risk to protect the assets of the company.

Send monthly declaration to Insurance companies to cover all assets.

Partner with function heads across the whole organization to ensure risks associated with the production of the annual report and accounts are identified and managed accordingly.

Prepare the official annual report of actual revenues, transfers and expenses.

Ensures all team members in the Finance Department and organization as a whole are kept abreast of any significant implications arising from changes in accounting rules.

Ensure the monthly VAT data is compiled and do necessary check and balances.

Prepare the VAT returns, ensure the VAT is filed on time and the liability is settled well before the last date.

Ensures all regular and special financial reports are circulated to Precision shareholders for their consideration.

Liaise with the external & internal Auditors to facilitate completion of statutory audits as per agreed schedules and ensure all recommendations and findings identified by audit are acted upon promptly with necessary action implemented.

Coordinate with the external/internal legal connects on all the litigations and closely monitor /follow up the status of all legal cases & dispute cases and report to Senior Manager - Finance regularly.

Develop, implement, review and recommend changes to the investment policies based on the market conditions.

Partner with the Senior Finance Manager in the development and maintenance of Liquidity and Funding Policy/Standard/Mandate and Contingency Funding Plan & associated stress scenario descriptions and assumptions.

Oversee the overall credit functions; set objectives for credit control function.

Review the monthly aging and circulate to Head-Commercial.

Highlight the critical issues in collection and escalate at the right point Ensure the credit control is strictly followed and customer accounts are serviced strictly on the norms.

Ensure compliance to Safety, Quality, Food Safety and Environment requirements as specified in the global QHSE Management System with strict adherence to ISO and local regulatory authority.

Ensure that all records and documents are up to date, true & correct and have full traceability at all times and that all processes, procedures & activities meet and match those laid down under company ISO and management procedures.

Treasury Management Establish effective working relationships with banks and financial institutions to pursue and negotiate the securing of loan, overdraft, guarantee, foreign exchange and other financial facilities at the most competitive rates for Precisions cost benefit Prepare and/or monitor companys quarterly cash flow forecasts and perform financial modeling.

Advise management on the liquidity aspects of its short- and long-range planning.

Prepare cash flow and fund flow statement taking into consideration the anticipated receipts and payments.

Highlights the significant cash flow variances compared to the budget.

Advise on short term placement of surplus funds to maximize it.

Continuously monitor the currency exposure and give necessary report to Senior Manager-Finance including details of the exposure and the ledging requirement.

Ensure that sufficient funds are available to meet ongoing operational and capital investment requirements Use hedging to mitigate financial risks related to the interest rates on the company's borrowings, as well as on its foreign exchange positions.

Maintain a system of policies and procedures that impose an adequate level of control over treasury activities.

Review the Account Payables aging and ensure the payments are released on time and direct the payable function Ensure all the payments are cross checked and put up for approval.

Ensure all the documents pertaining to the vendor payments are updated and cross checked.

Budget/Annual Plan, Strategy Plans Assist the Senior Manager-Finance in annual budgets/forecast and strategic five-year planning.

Ensure the timelines and guidelines are issued and follow up with various department for the submission on time.

Review the submission and ensure all the data required are submitted.

Complete the budget preparation and compilation as per the stipulated timeline.

Systems Effectively identify the areas of improvement and bring necessary process changes.

Monitor the ERP software, reconcile all the control and auto posting account and the cost ledgers.

Co-ordinate with the AMC support vendor and get the resolution with respect to the areas of concern Develop and support additional report requirements (Financial and Operational reports).

PEOPLE DEVELOPMENT Manage the effective achievement of team objectives through setting individual objectives, managing performance, developing & training staff and providing formal and informal feedback in order to maximize overall performance and team motivation.

Requirements Education/ Qualifications Bachelor's degree in finance or accounting Qualified accountant (CA, ACA, ACCA, CPA or equivalent) Experience At least 10-12 years of financial experience in a manufacturing industry preferred.

Functional Skills & Specific Knowledge Expert knowledge of International Financial Reporting Standards.

In depth knowledge of financial / ERP systems.

• Expert knowledge of International Financial Reporting Standards.

• In depth knowledge of financial / ERP systems.

Required Skill Profession

Other General