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 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; MBA in 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.

Skills Required

Inventory Control, Internal Controls, Process Automation, cost allocation, Vendor Payments, Bank Reconciliation, inventory accounting , Petty Cash Management, Management Reporting, Audit Coordination, Cash Flow Forecasting, Cash Flow Management, Budget Preparation, data integrity, Cost Control, Payroll Processing