ELITE MEMBERS AWARD for FY 2018 Nov' 14 to Nov' 17 United Creations LLC, Ad-Dulayl (Jordan), as Head - Finance and Accounts - (Garment Knits productions & exporter - Dubai based MNC) Role: * Monitor and implement Internal control systems at all the Units, KPA, VAT & ERP Software. * Co-ordinate and prepare monthly MIS reports to foreign parent companies and provide analytical views for critical functions, Costing, COGS, Contribution, Breakeven, Cost per Minute, Efficiency, Machine Cost, Operation Cost, Variable Cost, Fixed Cost, Material Consumption, Ratio Analysis, CM Cost & Realization. * Checking of Monthly Costing and to discuss with the Management and concerned Factory Manager if there is any loss making products. * Monthly / Yearly Group consolidation of accounts and analysis of the accounts and submit to the management for decision making process. * Responsible for preparation and submission of monthly P&L and Balance Sheet with specific costing, keeping in view internal standards. Relate current practices with statutory norms and reflect on IFRS standards. * Designing and implementing appropriate budgeting and monitoring systems & processes with sound internal controls. * Monthly Variance Report against BUDGET vs ACTUAL and highlight the reasons. * Designing and implementing appropriate projected CASH FLOW and monitoring BUDGET vs ACTUAL & highlight the reasons. * Responsible for statutory audit as per IFRS standards and coordination with statutory audits for compliance in consultation with Director - Group Finance. * Attending Tax Audit of VAT, PAYE, ITF, PENSION and other Government Audits * Annual Budgets preparation before first month of every Financial Year with comparison last two year. * Manage commercial and administrative activities including complete gambut of import & export function with clearing of the consignments * Liaise and co -ordinate with financial institutions, Banks and insurance companies and comply with fiscal, legal and corporate requirements * Follow up with the subordinate for preparation and submission of Daily, Monthly MIS on-time. * Checking and analyze the MIS from FMs and suggest for corrections if any. * Checking of all Bank statements on Daily Basis and follow for recovery for any excess / wrong debits. * Monthly consolidation of Accounts and prepare Unit wise Notes to the Accounts to Management * Annual Accounts Finalization for Statutory Audit and attending the External Auditors * Arrange to prepare any details relates to Accounts. * Report all revenue Leakage areas to Management and coordinate with the concerned Plant Heads for arresting the Revenue leakage. * 100% Scrutiny of All Expenses, Journal Voucher, Bills, PO. * Fund Management on day to day basis, Documentation, Opening and checking Interest calculation of LC. * Coordinate with both auditors (external & internal) and get the books audited in time. * Analysis of Monthly Expenses, Trend report, controlling of overhead expenses and providing advice to Management to reduce overhead cost. * Finalization of Stock Value, WIP and FG. * Checking and finalizing the Salary sheet for worker and staffs on monthly basis. * Deliverance of Taxation and statutory levies with specific accounting calculations are highly expected from the function. * Checking cheques for final payment with system entry by setting off the creditors against respective Invoices * Liaising with creditors for statement of account before taking into Cash Flow and ensuring the liability is same on either side. * Collection of quotation from various vendor to finalization the price. * Checking Debit Note / Credit Notes and issue to the party * Training & development of the Local and Expatriate Staff on all relevant matters & processes of Finance/Accounts & Commercial. * Give suggestions to strengthen the bottom line * Comply as per ISO documentation and internal procedures for Finance / Accounts & commercial activities. * Any other jobs assigned from time to time. Unit wise Budget, Costing, P & L A/c, Balance Sheet, Cash Flow and Consolidation * After joining within 3 months' cost reduced 15% by providing guidelines to Payroll, Purchase, Production department and wrongly deducted tax by bank received 3 years from bank USD 50,000/- as company exempted from taxation as per custom tax rules. * Budget handled USD 140 Million and Payroll of Employee strength 3500. May' 10 to Nov' 14 Laguna Clothing Pvt. Ltd. (MNC), Bangalore, as Manager - Finance & Accounts (Garments Shirt production & exporter - Italy & Mauritius based joint venture MNC) Role: * Responsibility for present monthly statutory / Management accounts, Balance Sheet & P&L with schedules, quarterly & annually audited accounts, Job allocation & appraisals to the team member. * Coordinate with both auditors (external & internal) and get the books audited in time. * Preparation of Directors report, Board Paper (Projected Balance Sheet & P&L, Ratio Analysis etc.), Secretarial Work, Cost Analysis, Comparison of P & L as per MIS & Statutory Accounts, Payroll Analysis. * Budget Preparation Forecasting, Monitoring, Scheduling, Comparison Actual vs. budget and giving the proper reason for variance. * Participate in monthly meeting with ED, CFO to discuss the financial results. * Quarterly, half yearly and annually report pack for Mauritius and Italy (Cash flow, P& L, BS, Asset, Liability, Net worth, age wise o/s of Creditors and Debtors etc.) * Handling of Statutory audit, Internal audit, Tax Audit, Vat Audit, Assessment hearing * Finalization of Accounts as per IGAAP. Analysis and giving proper reason for variance of BS and P & L. Cash Flow Statement, Overhead absorption rate valuation, FG valuation as per AS-2, Depreciation as per Schedule 5. * Scrutiny of Trial balance, Account Receivable, Account Payable, G.L. Scrutiny of LC interest. * Monthly, Quarterly, Half Yearly and annually closing of GL (books of Accounts). (working on Purchase provision, regular exp provision, prepaid Exp calculation, Rent Straight Line, Suverna Vastra nidhi policy-TUF Interest, Govt. Grants, Subsidy, Entry Tax, re-statement of unsecured loan, Creditors, Debtors, EEFC account. Calculation of Forward Contact Gain & Loss provision, Interest on Fixed Deposit, Depreciation according to Company and IT act, Maintain Fixed Assets Registers, Agent Commission, Gratuity, Bonus, Ex- Gratia, and Leave Encashment. Deposit, Notes to Accounts, Creditor and Debtors confirmation quarterly. * Supervising entries in accounting package, vendor bill verification, implementation of Internal Control systems, and Implementation of ERP systems. Annual Physical Verification of all account documents. Approval of Purchase, Expenses & Journal Voucher, * Ensure 100% reconciliation of statutory dues and payments. * Reconciliation of Intercompany, Creditors, Debtors, General Ledger, Follow-up for Clearing of Staff Loan, Advance (internal & external), Unpaid Wages on monthly basis, Duty Drawback, Duty Credit Script, Foreign exchange/derivatives. * Creation of Ledger, Creditors, Debtors in ERP software * Working Capital Management * Documentation, Opening and Interest calculation of LC. * Computation of TDS on Salary, E-payment of TDS, VAT, Excise Duty, Service Tax. * Supervising filing of quarterly ETDS return, VAT return monthly, annual PF return, issue of form 16 and 16a, supporting for filing with ROC and Income Tax, Supervising statutory remittances PF, ESI, PT. * Compliance with Income Tax Act, like timely and accurate deduction and payment of TDS. Calculation and Timely payment of Advance Tax, Income Tax, Preparation of Data for Income Tax Return, supporting for preparation of Tax audit report etc., * Compliance with Service tax act like calculation of liability and timely deposit of Service tax. * Revenue report, Brand count Client wise monthly, quarterly, and annually. Unit wise Budget, Costing, P & L A/c, Balance Sheet, Cash Flow and Consolidation * After joining within 6 months cost reduced 10% and achieved performance bonus 3 months' salary. * Received best performance award for 2011,12,13 * Budget handled rupees 350 Crores.
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