Job Description

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 Applicable

    • Key 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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