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Lead - Expense Management & Accounts Payable
4 days ago
Group Company: Edelweiss Tokio Life Insurance Company Limited
Designation: Lead - Expense Management & Accounts Payable
Office Location:
Position description:
JOB DESCRIPTION
Basic Information
Position Title
AVP/Chief Mgr – Finance & Accounts
Internal Designation
AVP/Chief Manager-Finance
Job Role
Lead - Expense Management and quality assurance
Reporting to
VP-Finance
Sub LOB / Department
Finance
Location
Mumbai
Total Headcount (Direct) Supervised
4
Total Headcount (Direct / Indirect) Supervised
10
Job Purpose
·To effectively manage and supervise vendor Payments, Employee reimbursement, FA Module, Petty credit card, Corporate credit card, Expenses Variance (Monthly /Yearly) analysis, Outsourcing Report, Related Party schedule , Rent payouts and quality
Key Responsibilities
Responsibilities
·Tor review and build control around accounting as well as payouts to Vendors & Employees.
·To controls, Monitor and timely closure of books of accounts including expense provision, advances, Incentive and Expenses Variance
·To effectively manage Fixed assets Register / CWIP & its accounting
·To Control & Review of Corporate credit card settlement.
·To review & monitor branch level Petty credit cards issuance & Settlement AND employee reimbursement.
·To built Internal Mechanism to control or reduce process gaps & enhancement in system to smoothen the process.
·To coordination, Query handle & Data providing for limited review, Stat audit, internal audit and IFC audit.
To Control Document management processes like scanning of financial vouchers, filing & binding of Accounting vouchers & other operational Activities. To review all the process of finance from quality assurance perspective and building controls around the same.Specific Authorities (Financial & Non Financial)
Not ApplicableKey Performance Indicators
·Payment TAT adherence 98% (Vendor/Employee/P ’Card) = %
·Accounting entries closure & 1st cut of Opex excluding incentive to be provided by 2 working days of next month= 95% compliance
·Monthly Opex 1stcut within 3 working days of next month> 95%
·TDS Compliance error < 0.01 % in terms of transaction count
·Accuracy in financial reporting for account heads and Analysiscodes (Error < 1% in terms of value impact) = %
·Accounting & Monitor Related party transaction. Monthly Reports to Financial reporting team for Validation = 0 Error
·Submission of IRDAI Outsourcing Report before due date = %
·Monthly Variance analysis before 12th on month – % compliance.
Job Requirements
Qualifications
CA/ MBA – Finance
Experience
10-15 Years
Base skill
Understanding of organizational systems, process and products
Functional Competencies
·Insurance Accounting skills - Knowledge of Insurance Sector
·Other Basic Accounting skills -Strong understanding of Accounting for Operating Expenses
·SME Accounting standards
·Financial statements and reporting - Expert in Finance domain operational processes including Opex, Banking & Reconciliation (Payment & Collection)
·Treasury Management and Reconciliation
·Regulatory knowledge
Behavioral Competencies
·Business Acumen
·Collaboration
· Building Talent & Team
·Execution Excellence
Key Interactions
Internal
Nature or purpose of interaction
Distribution Operations, Operations, Compliance, Actuary, Tax, IT, Marketing, HR, Investments, Admin, Legal & All Employees.
·For the booking and accounting of expenses and payout related purpose
Risk Team, Internal Audit
·For risk related issues, IFC and Internal Audit
External
Nature or purpose of interaction
Statutory Auditors , IRDAI Inspectors
·For resolving auditors queries
Banking Vendor
·For banking ( Payment & DD issuance) matters
Industry Peers
·For understanding the Industry practice
Documented By
Finance Controller
Approved By
Chief Financial Officer
HR certification By
HR – BP
Primary Responsibilities:
Tor review and build control around accounting as well as payouts to Vendors & Employees. · To controls, Monitor and timely closure of books of accounts including expense provision, advances,-
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