Can you be the 2nd in command to a CFO? Urgent requirement for a Management Accountant required for leading Manufacturer based in Barbados......
Management Accountant (Manufacturing Sector)
GENERAL DESCRIPTION OF DUTIES
The Management Accountant is responsible for contributing to the decision making ability of management by ensuring the preparation of comprehensive, thorough and timely analysis of actual and budgeted performance of the company; supporting the management process by ensuring that various reports/presentations for both management and the Group Finance Department are produced timely and accurately, and ensuring that special projects/periodic analysis are completed satisfactorily.
The incumbent is accountable for ensuring the integrity of financial reporting through the implementation of adequate controls, performance measurement and monitoring, including, but not limited to, annual budget exercise, monthly, quarterly and annual reporting.
The incumbent plays a critical role in ensuring that the Cost of Sales is reconciled against budget on a monthly basis and a written report accompanies the monthly Executive Summary.
SPECIFIC JOB DUTIES AND RESPONSIBILITIES:
BUDGETING
• Contribute to the development of a sound budget by reviewing and analyzing the submissions of the various units/departments, and assist the Accountant and Finance Manager with the preparation of the annual budget and quarterly forecasts in accordance with established guidelines and deadlines.
REPORTING
• Direct the preparation of relevant schedules for the Monthly Executive Summary and supporting variance analysis reports.
PAYROLL
• Prepares the payrolls for monthly and supervisory staff and performs periodic checks of the weekly and fortnightly payrolls to ensure accuracy and compliance with established policies and procedures at all times. This includes verification of the commission payments to Salesmen as well as signing off all payrolls before submission to financial institutions, and ensuring that all statutory deductions are paid to the relevant authorities within the established deadlines.
INVENTORY MANAGEMENT
• Ensures accuracy of all costings for both locally manufactured products as well as the imported products and to manage the costing system in accordance with established approved procedures, that is, to cost, re-cost formulations to ensure products are profitable for both local and export markets and to ensure that gross margins are not being eroded.
• Periodic review of actual standard costs vs budgeted costs and to update the standard costs for raw and packaging materials through the process of a cost roll up due to material changes in commodity prices.
• Calculation of the standard raw & pack costs for all budgeted skus for both the local and export markets as well as the calculation of labour and overhead rates.
• Completion of the monthly Contribution by Market Report by the agreed upon dates (dates can change according to activities within the Group).
• Completion of the monthly journals for Overhead Absorbed Wages & Expenses.
• Completion of the monthly reconciliation of the Overhead Absorbed Wages and Expenses by the agreed upon dates (dates can change according to activities within the Group).
• In depth review of all major variances carried out to establish reasons for the variances.
• Ensure that the Inventory General Ledger Reconciliations are completed timely on a monthly basis, and the G/L Reconciliation Matrix is updated monthly.
• Analyses the under & over weights of all locally manufactured products on a monthly basis as documented by the QC Department and provide a report on the findings. This will also form a part of the yield variance analysis report.
• Reconciliation of the Work In Progress (WIP) Account monthly
• Analysis of inventory account variances after the completion of the monthly Executive Summary
• Liaising with members in Operation Department to ensure smooth closing of all batch tickets.
• Monitoring the daily activities in the Retail Outlet to ensure that all daily transactions are accurate as well as all stock received from Warehouse or Third Party Suppliers are properly accounted for.
• Direct the planning and coordination of the month end and year end closing to ensure that this process is completed timely and efficiently to allow us to meet our reporting deadlines.
• Supervision of weekly/monthly/annual physical stock counts.
• Management of all claims for damaged raw materials and finished goods to ensure that they are honored by suppliers
EXTERNAL AUDIT
• Follow up to ensure that recommendations pertaining to Management Accounting from Management Letters are appropriately implemented.
• Ensure required schedules are prepared for annual audits.
INTERNAL AUDIT
• Direct the completion of Management Accounting responses to Internal Audit findings and recommendations and do periodic checks to ensure that control weaknesses identified are appropriately addressed, and recommendations are implemented as agreed.
ACCOUNTS RECEIVABLE
• Ensure all receivables are collected in accordance with agreed terms and conditions.
• Ensure customers statements are accurately prepared and submitted on a timely basis.
• Ensure that the Sub-ledger is in agreement with the General Ledger control account.
GENERAL
• Develop and implement accounting policies and procedures for the Company that are consistent with IFRS. This requires very strong accounting knowledge and a full understanding of IFRS.
• Ensures adherence to GAA Standards and principles and ensures maintenance of proper audit trail and verification and reconciliation actions for a processed work.
• Ensure a high level of staff productivity and excellence in financial analysis by providing strong leadership, hiring and motivating competent and qualified staff, and by providing developmental opportunities and training to staff.
• Ensures that established internal financial control procedures are maintained
• Support the Company’s vision, values and goals in the performance of daily activities.
• Keep current with developments in IFRS and provides technical accounting advice and interpretation to management and employees of various changes that impact our business.
• Any other duties as required by Management.
SALES AND MARKETING ACCOUNTING
• Ensure the integrity of Sales information from Route Accounting/Hand Held systems.
• Prepare and support the Sales and Marketing team with all promotional evaluations
• Support the Sales and Marketing team with all sales analytics
• Reconciliation of total sales for the month with information within Platinum For Windows and Crystal Report generated by Sales Analyst.
RELATIONSHIPS:
Establishes and maintains good working relationships with staff and customers.
EDUCATION AND EXPERIENCE:
• CMA/ACCA/CGA qualification
• At least five (5) years post qualification experience in a similar capacity
OTHER REQUIREMENTS:
• Very strong knowledge and understanding of accounting, with an excellent working knowledge of IFRS and IAS, particularly as it relates to Manufacturing companies
• Proficiency in Microsoft Office suite,
• Ability to conceptualize problems and clearly communicate solutions, ability to apply analytical techniques for evaluating and make sound recommendations;
• Ability to manage complex issues in an organized and timely fashion, gathering factors affecting performance, isolating the issues and assessing their effect on the company. To do so, the incumbent must be able to communicate clearly and effectively, both for securing co-operation from other departments and for presenting information to management;
• Ability to plan ahead the various processes and undertake analysis, propose solutions in anticipation of events. The incumbent must display a high degree of initiative to isolate issues, undertake analysis, and continuously monitor the progress of outputs;
• Given the ongoing need to reassess and change the nature and content of management reports, there is a constant need to balance these changes with the pressing demands to meet current reporting deadlines and deal with day-to-day issues. Juggling those priorities is a major challenge. Constant awareness of the sensitivities of the various issues is necessary;
• Given the nature of the outputs and the audience at which the reports are directed, there is no room for errors or inaccuracies in the information provided;
• Ability to deliver quality analyses and reports to meet very tight, inflexible deadlines; adaptability to work on several high priority items at once; experience with financial reporting procedures; good personal management abilities and self motivational characteristics.
• The ability to get along well with other staff, adapt to a team approach, and provide ongoing training and direction to subordinates.
Please make all applications for the attention of Mr. Ken Corbin - Senior Recruitment Consultant
For details on all of our vacancies, visit our website www.profilescaribbean.bb