Accountant, Receivables

Summary of the Role

The role will be responsible for managing and overseeing the accounts receivable process. This includes ensuring timely and accurate invoicing including the accounting, maintaining strong customer relationships, and managing bank guarantees and letter of credit effectively.

Challenges are handling high volumes of transactions, ensuring compliance with financial regulations and internal controls processes, managing customer disputes effectively, and efficiently managing bank guarantees and ad-hoc tasks.

Success factors are strong attention to detail, excellent communication skills and ability to work under pressure.

Receivables Accounting

• Maintain contact with all customers regarding past due and problem accounts to support the timely receipt of due funds.
• Monitor customer accounts to ensure timely payments, updating customer ledgers and financial databases as needed.
• Prepare Accounts Receivable (AR) reports ensuring the accuracy of data for internal and external stakeholders.
• Coordinate with other departments to ensure accurate and timely reconciliation of Accounts Receivable, managing unapplied cash, unclaimed credits, clearing, accrual, bad debt, and invoices. Analyse and provide financial data to support effective decision-making.

Revenue Accounting

• Ensuring that all revenue streams related to Mystation activities and Property Management are properly captured in the ERP and recorded as per IFRS.
• Prepare manual journal entries to ensure that any revenue stream which is not automated are completely and accurately recorded in every reporting period complying with IFRS.
• Ensure a constant reconciliation of the Mystation and Property Management revenue and attached supplemental accounts for accurate reporting and disclosures.
• Assist in month end closing process.
• Review customer contracts to ensure that all applicable financial statements impact are completely captured and accounted for.

Risk Management and Control

• Identifies and mitigates risks related to accounts receivable and L/C processes.
• Develops and implements control measures to prevent financial discrepancies and fraud.
• Regularly review receivable processes to identify and address potential risks.
• Ensures compliance with internal control policies and external regulatory requirements.
• Provides recommendations for enhancing risk management strategies based on industry best practices.

Bad Debt Analysis and Reporting

• Analyse and report bad debt for effective decision-making and risk management.
• Ensure reconciliation between the collection channels and billing systems to maintain data integrity.
• Control and monitor the process of posting from the billing system into the General Ledger to ensure accuracy.
• Provide detailed analysis and recommendations based on bad debt reports to senior management.

Customer and Bank Liaison

• Acts as the primary point of contact for export customers regarding L/C and receivable matters.
• Coordinates with banks to ensure smooth processing of L/C and related documents.
• Resolves customer inquiries and disputes related to L/C and accounts receivable.
• Maintains strong relationships with key stakeholders to facilitate efficient receivable operations.
• Conducts regular meetings with bank representatives to discuss L/C terms and conditions.

Invoice and Account Reconciliation

• Prepare invoices, debit/credit notes, and reconciliation of vendor/customer accounts.
• Carry out calculations, analysis, posting, and closing of accruals for monthly, quarterly, and yearly closing based on the Accounting Guide.
• Ensure timely and accurate processing of customer payments, foreign exchange transactions, and credit card management.
• Communicate effectively with customers and vendors to resolve discrepancies and ensure accurate account reconciliations.
• Conduct account processing and closing activities related to receivables, in accordance with legal accounting standards and policies.

Bank Guarantees and Financial Transactions

• Maintain and act as a custodian of bank guarantees from customers, ensuring they are valid and fit for purpose.
• Manage the processing of receipts, dealing with bank guarantees, Letters of Credit (LCs), and interactions with insurance companies and consultants.
• Monitor and control the validity and appropriateness of financial transactions related to accounts receivable.
• Implement procedures to safeguard financial assets and mitigate risks associated with receivables.
• Provide management with accurate financial information to optimally manage timely and correct payments from customers.

Management of Letters of Credit (L/C)

• Oversees the review of Letters of Credit to safeguard company interests.
• Ensures timely submission to the bank of documents related to L/C for export customers.
• Monitors export shipments of lubes to ensure that any credits due are deducted from the next bill.
• Initiates correspondence regarding amendments to L/C, such as changes in price.
• Manages credit of remittances to the company account for differences in price due to rate difference or shortfall in payment.