Head Accounts - Manufacturing

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 companys 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 companys 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 Bachelors 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.