Accounts Payable and Banking Officer

Job Title: Accounts Payable and Banking Officer

Job Purpose: Overseeing the creation of purchase orders (POs), recording expenses and payments, reconciling vendor invoices, managing accruals and prepayments, and maintaining accurate financial records. Responsible for fixed asset management, bank reconciliations, and budget preparation.

Responsibilities:

1. Expense & Payments Processing:
   • Verify and reconcile invoices from suppliers, ensuring timely processing.
   • Prepare vendor reconciliations and maintain monthly expense summaries.
   • Record expense vouchers and process payments, including claims and office expenses.
   • Calculate and record commissions for business development, partners, and brokers.
   • Maintain data integrity in financial transactions and ensure compliance with VAT and TDS regulations.
   • Assist in audit preparation and closure.
2. Purchase Order Management:
   • Request quotations and generate purchase orders.
   • Monitor open POs for accrual creation and cost tracking.
3. Fixed Asset, Prepayment, and Accrual Management:
   • Record financial transactions related to fixed assets, prepayments, and accruals.
   • Calculate and book depreciation and amortization expenses.
   • Maintain schedules of accrued and prepaid expenses.
4. Bank Reconciliation:
   • Reconcile bank transactions and post entries for payments, charges, investments, and receipts.
   • Monitor daily bank balances and prepare monthly cash flow estimates.
   • Assist in audit preparations and provide necessary schedules.

Key Dimensions:

• Tracking cash flow and cost reduction.
• Providing insights on expenses through trial balance comparisons.

Opportunities:

• Develop processes to prevent double payments.
• Explore cost reduction strategies to enhance profitability.

Job Requirements:

• Qualifications: ACCA Level 2/Finance Degree/Accounting.
• Experience: Minimum 5 years in finance and accounting roles.

Technical Competencies:

• Proficiency in accounting standards, financial reporting, and Microsoft Office suite.
• Strong analytical skills and knowledge of regulatory compliance.

Behavioral Competencies:

• Attention to detail, creativity, and problem-solving abilities.
• Initiative, delivering results, and customer-focused orientation.
• Interpersonal skills, negotiation, and effective communication.
• Flexibility, resilience, and reliability in handling tasks.

Key Relationships:

Internal Relationships:

• Collaborate with Claims, IT, and Marketing teams to resolve queries and provide payment schedules.

External Relationships:

• Interact with clients, surveyors, garages, auditors, and suppliers to provide financial information, facilitate banking transactions, and support reporting requirements.

This job description outlines the responsibilities and requirements for the Accounts payable and banking officer position. The ideal candidate should possess the necessary qualifications, experience, and technical competencies to effectively fulfill the role's responsibilities.