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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
xc2xb7 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.
xc2xb7 Develop and maintain financial accounting systems for cash management, accounts payable, accounts receivable, credit control, and petty cash.
xc2xb7 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.
xc2xb7 Prepare, verify and record journal vouchers and ensure entries are booked under appropriate accounting heads for all company transactions.
xc2xb7 Ensure all reconciliation including cash and banks are completed on time and pass necessary adjustments entries.
xc2xb7 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.
xc2xb7 Submit variance report on monthly basis along with the monthly accounts statement.
xc2xb7 Provide analysis and advice to the Senior Finance Manager on the potential implications of proposed changes in accounting rules / policies and legislation / government rules.
xc2xb7 Participate in the period end stock, and physical verification program.
xc2xb7 Initiate the FA verification as per the company policy.
xc2xb7 Monitor all the CAPEX procurement and ensure the same is within the company budgets/policy.
xc2xb7 Maintain all the records of Asset Disposal and ensure necessary entries are passed
xc2xb7 Analyze actual manufacturing expenses & prepare periodic reports comparing standard costs to actual production costs.
xc2xb7 Maintain accurate and up to date records of all financial transactions and present report of the same to the Senior Manager - Finance whenever required.
xc2xb7 Ensure monthly closing of the financial books are done as per the scheduled timeline and submit the report to the Senior Manager - Finance.
xc2xb7 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.
xc2xb7 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.
xc2xb7 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.
xc2xb7 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.
xc2xb7 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.
xc2xb7 Ensures all regular and special financial reports are circulated to Precision shareholders for their consideration.
xc2xb7 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.
xc2xb7 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.
xc2xb7 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.
xc2xb7 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
xc2xb7 Ensure the credit control is strictly followed and customer accounts are serviced strictly on the norms.
xc2xb7 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.
xc2xb7 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
xc2xb7 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
xc2xb7 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.
xc2xb7 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.
xc2xb7 Continuously monitor the currency exposure and give necessary report to Senior Manager-Finance including details of the exposure and the ledging requirement.
xc2xb7 Ensure that sufficient funds are available to meet ongoing operational and capital investment requirements
xc2xb7 Use hedging to mitigate financial risks related to the interest rates on the company's borrowings, as well as on its foreign exchange positions.
xc2xb7 Maintain a system of policies and procedures that impose an adequate level of control over treasury activities.
xc2xb7 Review the Account Payables aging and ensure the payments are released on time and direct the payable function
xc2xb7 Ensure all the payments are cross checked and put up for approval.
xc2xb7 Ensure all the documents pertaining to the vendor payments are updated and cross checked.
Budget/Annual Plan, Strategy Plans
xc2xb7 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.
xc2xb7 Review the submission and ensure all the data required are submitted.
xc2xb7 Complete the budget preparation and compilation as per the stipulated timeline.
Systems
xc2xb7 Effectively identify the areas of improvement and bring necessary process changes.
xc2xb7 Monitor the ERP software, reconcile all the control and auto posting account and the cost ledgers.
xc2xb7 Co-ordinate with the AMC support vendor and get the resolution with respect to the areas of concern
xc2xb7 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
xc2xb7 Bachelor's degree in finance or accounting
xc2xb7 Qualified accountant (CA, ACA, ACCA, CPA or equivalent)
Experience
xc2xb7 At least 10-12 years of financial experience in a manufacturing industry preferred.
Functional Skills & Specific Knowledge
xc2xb7 Expert knowledge of International Financial Reporting Standards.
xc2xb7 In depth knowledge of financial / ERP systems.