Manager - Accounts payable

1. To mitigate risk by maintaining the active BG from vendors and alert Users for timely renewal action.
2. To ensure timely capitalization of fixed assets and ensure that the asset recoded were as per SOP and Accounting Standards.
3. To ensure that proper document management system for all payable documents right from receipt, scanning, forwarding to users, sorting & storing and dispatching.
4. To develop and deploy a system of CAPEX Vendor Payments to Control the overall spending in line with the approved AOP and target towards maintaining a balance between funds inflow and outflow.
5. To support the monthly closing activities by preparing the schedules, variance analysis and resolving the audit queries with accuracy and quality.  
6. To meet SLAs with various departments, maintain hygiene of general ledgers related to Accounts Payables and maintain coordination with SSC for smooth operations.
7. To ensure that proper Document Management System for Payables and smooth operations in Bill Inward Desk by managing outsourced staff and meet the SLAs

Significance:

This position is very critical to the company to mitigate the risk, to prevent the financial loss and ensure SOP/legal compliance by overall supervision with accuracy and quality. This profile also works as SOPC to all departments for query resolution and attending the important meetings in support of Finance Head.

Accountabilities

Key Performance Indicators

Commercial Procurement and bid Activities – Involvement in CAPEX Vendor negotiations and Purchase order release to ensure accuracy in terms of G/L selected taxes applicable and budget availability.

Commercial bids/quotes opening process compliance with SOP as below

• Count number of quotes received for the Bid# (example we received  total 4).
• Check all those were properly sealed before opening.
• Check the names, phone numbers, names and address and find if any duplicates.
• Mark envelops by numbering such as ( ¼ , 2/4 ,3/4 and 4/4), date and signature on both bid paper & envelops.
• Vendor put a stamp and signs on the quote.
• If quotes were accepted in e-mail then check both attachment and mail message and amount matched on both.
• Verify technical sanction list to open only who are qualified by user department.

Vendor negotiation is done with all qualified vendors comparing the DIAL estimate of particular work/material. Statutory compliances is also discussed with those vendors during negotiation so that work can be allotted in minimum cost taking the benefits of tax rules. Approx. daily vendor negotiation done for 2 PO’s.

PO is released after checking approval as per DOP, tax codes, GL codes and WBS/cost center.

Initial/revised BID opening: As per Procurement SOP approx. 450 bids are opened in a month (on average 3 bids per PO).

Fixed Assets vendor Commercial negotiation is done keeping in mind DIAL estimates and all tax compliances.

Commercial bids are opened

Accurate, Integrity and Timely release of PO.

Employee Reimbursement, and CAPEX Payables Management-

Review and manage the accounting for Employee Salaries, Reimbursements, and Capex payments in books of accounts as per IndAS and statutory guidelines. Clearing Senior Management Travel bills and providing advance / off set. (CCM). Monthly provisioning of expenditure for services already rendered.

Preparing monthly schedules for monthly book closing and audit purpose and doing variance analysis.

Accuracy in adherence with statutory requirements.

Fixed Asset Management –

Depreciation as per Companies Act which requires regular updation of current statute, in-depth knowledge of IndAS and Companies Act is required for same.

Manual adjustment if any, Reconciliation of CWIP, Follow-up with Users on Contract Closure Notes (CCN), componentization,

Audit of Fixed Assets, Physical Verification of Assets and write off if any etc.,

Total fixed assets consists of 60,000 line items with the capitalized value of Approx. 9,000 Crs.

Accuracy

Operations Banking

Ensure that maintaining Log, Issue fresh BG / LC, Track the expired vendor BGs, Preparing audit documents, Bank reconciliations, prepare, track and close GR Waivers issued.

Ensuring that the GR waiver is done as per SOP. 

• Goods to be sent for repair on “returnable basis”.
• Goods to be sent for repair on “non-returnable basis”.
• Submission of Bill of Entry of re-exported defective goods.
• Cancellation of GR Waiver.

Tracks the Bill of entry whether they are submitted to banks in time or not.

Timely and Accuracy

Statutory and Internal Audits

Facilitating the quarterly audit, annual audit and special audits (like for bond issue etc.) of ER expenses by preparing & presenting the relevant expenditure schedules for auditors.

This would involve compiling and analysis of data (for instance movements, ageing, variance, etc.) capturing reasons for deviations which requires the in-depth knowledge.

Providing the documents, vouchers, agreements as required by the auditors for their documentation during the audits.

Resolving the queries of auditors by satisfying them about the booking of expenses and compliance of internal control procedures, DOP, ICFR & other applicable Laws.

Timely report generation

External - Roles  you need to interact with outside the organization to enable success in your day to day work

Vendors

Auditors (Internal & External)

Internal - Roles you need to interact with inside the organization to enable success in your day to day work

All other departments

• Annual budget for more than Rs. 1000 Crs turnover.
• Capex budget Rs. 150 Crs per annum.
• Total Fixed Asset Based Rs 12K Crs
• Depreciation Rs 600 Cr Per annum
• CPD budget Rs 200 Crs

• Resolution of various queries for Internal and Statutory Audit purposes.
• Compilation of MIS and other data as and when required by Management/other user departments

• Chartered Accountant / Cost Accountant (CA/ICWA)
• Understanding of Companies Act, ICFR and Other relevant laws
• Accounting Standards Ind AS and dealing with auditors
• Direct and Indirect Taxation (Income Tax, Service Tax, Proposed GST)
• Fixed Asset Accounting and Capitalization / Depreciation process (high asset base Rs 10K+)
• Excellent MS Excel skills
• Excellent accounting system exposure ERP (SAP) & SAP WEB set-up/settlements

• 8-12 years of experience with at least 5-6 years’ experience in domain function