Head Accounts

Job Description Position: Head Accounts Location: Tukkuguda, Telangana Key roles and responsibilities: Day-to-Day Accounting and Financial Record Keeping Book-keeping: Overseeing day-to-day accounting activities, including recording financial transactions, managing the general ledger, and ensuring proper journal entries. Accounts Payable & Receivable Management: Ensuring timely payment to suppliers, managing vendor accounts, and overseeing collections from customers. Bank Reconciliation: Regularly reconciling company bank accounts with the books to ensure accuracy and detect discrepancies. Petty Cash Management: Managing petty cash and ensuring proper documentation and reconciliation of small cash transactions. Cost Accounting and Product Costing Cost Allocation: Ensuring accurate allocation of costs to products, including direct materials, direct labor, and factory overheads. Costing Reports: Preparing regular cost reports to assess the profitability of products and identifying opportunities for cost reduction. Standard Costing: Reviewing and updating standard costs for materials, labor, and overheads, and comparing actual costs to standards to highlight variances. Inventory Management and Valuation Inventory Accounting: Overseeing the valuation and accounting of inventory - raw materials, work-in-progress, and finished goods Stock Reconciliation: Coordinating periodic physical stock counts and reconciling them with book records to ensure accuracy. Inventory Control: Monitoring stock levels to ensure efficient use of materials without overstocking, which could lead to tying up working capital. Preparation of Financial Statements Income Statement & Balance Sheet: Preparing monthly, quarterly, and annual financial statements ;as, P&L, Balance Sheet, and Cash Flow Statement etc., Management Reporting: Preparing and presenting financial reports to management, highlighting key financial metrics such as profitability, liquidity, and working capital. Ad hoc Reports: Preparing additional reports on demand from management to support decision-making and business strategy. Taxation and Statutory Compliance GST Filing and Compliance: Ensuring timely filing of GST returns (GSTR-1, GSTR-3B, GSTR-9, etc.) and maintaining GST records for proper documentation and compliance. Income Tax Compliance: Assisting in tax calculations, TDS (Tax Deducted at Source) filings, and preparing the company's income tax returns. Other Statutory Filings: Managing other statutory filings, including PF (Provident Fund), ESI (Employee State Insurance), and compliance with labour laws. Tax Audits and Assessments: Coordinating with external tax auditors during tax assessments or audits, ensuring compliance with tax regulations. Budgeting and Financial Forecasting Budget Preparation: Assisting in the preparation of annual budgets, forecasting revenues and expenses based on past trends and expected changes in business conditions. Cost Control: Identifying cost overruns or discrepancies in the budget, and suggesting corrective actions to ensure financial discipline within the organization. Cash Flow Forecasting: Monitoring cash flow and assisting in forecasting working capital requirements to ensure the company meets its financial obligations. Internal Controls and Audit Support Internal Controls: Implementing and maintaining strong internal controls to safeguard company assets and ensure accurate financial reporting. Audit Coordination: Supporting internal and external auditors in the audit process, ensuring all necessary documents and records are available for inspection. Compliance Monitoring: Ensuring compliance with all applicable laws, accounting standards, and regulatory requirements. Payroll and Employee Benefits Management Payroll Processing: Overseeing the payroll function, ensuring accurate calculation of employee salaries, bonuses, and statutory deductions (e.g., PF, ESI, TDS). Employee Benefits Administration: Managing employee benefits such as gratuity, insurance, and retirement funds in line with statutory and company policies. Payroll Compliance: Ensuring compliance with labor laws and regulations related to employee compensation, ensuring timely submission of statutory filings related to payroll. Cash and Bank Management Cash Flow Management: Monitoring and managing daily cash flow, ensuring that the company has enough liquidity to meet operational needs. Bank Reconciliation: Ensuring timely and accurate reconciliation of all bank accounts. Cash Position Reports: Generating daily or weekly cash position reports for management to assess liquidity and plan for payments. Vendor and Customer Account Reconciliation Vendor Payments: Ensuring timely and accurate payments to suppliers and vendors, managing payment terms and discounts. Customer Collections: Overseeing collections from customers, ensuring timely follow-ups on overdue accounts, and managing customer credit limits. Reconciliation: Ensuring that accounts payable and accounts receivable are reconciled regularly, and discrepancies are addressed promptly. Financial Systems and Software Management Accounting Software Management: Ensuring that the company's accounting software (e.g., Tally, SAP Business or any equivqlent) is being used efficiently and updated regularly. Data Integrity: Ensuring the accuracy and integrity of financial data input into the system and verifying that all accounting transactions are captured correctly. Automation of Processes: Identifying opportunities for process automation within the accounting function to improve efficiency and reduce manual errors. Team Leadership and Development Team Supervision: Managing and mentoring the accounts team, delegating tasks, and ensuring efficient completion of accounting processes. Training and Development: Providing training to accounting staff on the latest accounting practices, software, and legal requirements. Performance Monitoring: Setting performance goals for the team and conducting regular performance reviews to ensure quality and efficiency. Liaison with External Stakeholders Government Authorities: Acting as a liaison with government bodies (e.g., GST authorities, tax authorities) to ensure timely and accurate submission of returns and addressing any issues. Bank Relationships: Managing relationships with banks for matters like loans, overdrafts, and other financial products. External Auditors: Coordinating with external auditors for the preparation and audit of financial statements and ensuring adherence to accounting standards. Requirements: Education: Masters or Bachelor's Degree in Commerce; MBAin Finance Management or shall be an added advantage. Experience: A minimum of 10 -12 years of experience in managing end-to - end accounting operations in a manufacturing company. Salary and Designation: Negotiable and commensurate with qualifications and experience.