SH - Accounts Payable, Audit & Consolidation

Job Purpose

To plan, organize and perform treasury activities related to Cash Flow, borrowings, debt servicing, maximizing yield on short term investments from surplus cash and effective utilization of cash in a manner consistent with the objectives of the Company.

Job Context & Major Challenges

Job Context

The combined production capacity of all India units is 3,46,000 MT p.a. with a combined Sales Turnover of Rs.2,502 Crs. Banking, Treasury, Insurance, Finance and Commercial function for all the three units is centralised at Regional office situated at Gummidipoondi. All activities related to Banking, Treasury and Insurance are carried out at Regional office.

Job Challenges

• To estimate daily cash inflow, cash outflow and prepare DFR
• To transfer funds based on requirement for payment and investment
• To prepare bank limits Vs utilization on daily basis
• To open Letter of Credit & Bank Guarantee based on requirement from units.
• To prepare investment return statement and provide for accounting.
• To check interest working debited by banks and report deviation for correctness
• To arrange documents for raw material import payment, Buyers Credit loan, repayment of loan correctly in a timely manner
• To ensure proper accounting entries for all banking related transactions including interest, loan availment, repayment and investment related entries
• To arrange documents and submit to banks for capex import hedging
• To prepare periodical reports required by banks like Stock statement, Foreign Currency related reports, FFR & FFR II.
• Co-ordinate with banks for obtaining banks statements, transaction advices etc.,
• To maintain, modify bank authorized signatories as and when required
• To liaison with bank and resolve transaction level issues
• To maintain list of insurance policies, obtain quote for renewal and compare quotes
• To submit periodical declaration to the insurance company
• To renew insurance policies timely and premium accounting
• To monitor Sum Insured Vs actual value and to arrange for coverage enhancement
• To maintain all documents related to insurance claims and co-ordinate with unit logistic team for obtaining all claim documents and to ensure submission to insurance company
  
  

Key Result Areas

KRA (Accountabilities) (Max 1325 Characters)Supporting Actions (Max 1325 Characters)

KRA1 Review of booking of bills for purchase of materials and services and payments thereof

Review and approval of bills for material and services for all units

Monitoring of GR/IR accounts to ensure timely bill passing and booking of expenses.

Review of Vendors account to ensure timely payment to vendors and others.

Review of vendor advances to ensure timely settlement of the same against bills

To authorize all payment vouchers to ensure correct payment to vendors and others thru electronic payments/ cheques

Authorisation of all foreign remittances to ensure accuracy and statutory compliances with FEMA /Income Tax/Service Tax in co-ordination with taxation team.

KRA2 General Ledger Accounting and book closing for the Company as a whole

Completion of all entries and finalization of Trial Balance for preparation of Financial Statements and MIS.

Ensure proper systems and controls in accounting and payment processes

To scrutinize all accounts to ensure accuracy of books of accounts.

To co-ordinate with various departments for information required for book closing.

To approve vouchers for recording of expenses and other transactions.

To ensure adherence of all relevant statute, Rules and standards with respect to accounting.

To ensure accurate booking of revenue from sale of power, steam, rent income etc.

Preparation of Arm's length transaction working for materials purchased from other BC entities as per Transfer Pricing norms.

Preparation of Lease accounting working as per Ind AS 116

To ensure CSR compliance as per companies act.

To ensure regular reconciliation of all bank accounts

To review petty cash payments and minimize the same

KRA3 Timely and accurate Accounting and payment of Taxes To ensure proper booking of tax credits as well as booking of tax liabilities including TDS, Service tax, WCT etc.

KRA4

Dealing with auditors for Statutory Audit, Internal Audits & IFC Audit

To review and provide all details and records to auditors as per their requirements for completion of audit centrally from Regional office

Regular review of Internal & IFC audit point & ensure timely closure of observations . To ensure zero repeat observations.

Provide all details and records to auditors as per their requirements and coordinate with cross-functional teams for completion of IFC Audit

To coordinate with cross-functional teams for completion of Statutory & Internal Audit

Resolve initial queries related to details and documents

Regular review of Internal audit points & ensure timely closure of observations

Ensure compliance with accounting standards in day-to-day accounting

KRA5 Preparation of Combined Financial Statements on Quarterly/Annual basis

To prepare financial statements of BC India & Subsidaries per Companies Act and Indian Accounting Standards ( IGAAP)

Preparation of Trust Financial

To coordinate with cross-functional teams for completion of accounting to meet timeline of financial reporting for internal management and external agencies

Ensure proper checks for all the detail received from cross functional team in line with IGAAP