Qureos Mentor

Ocean Lifespaces India Private Limited

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 KEY RESPONSIBILITIES
 
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 ACCOUNTS PAYABLE OPERATIONS MANAGEMENT
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 Manage the complete accounts payable cycle from invoice receipt to payment disbursement
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 Oversee processing of 2000+ construction-related invoices monthly including material suppliers, subcontractors, and service providers
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 Ensure accurate job costing by verifying proper allocation of expenses to respective projects and cost centers
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 Review and approve payment runs (weekly/bi-weekly) ensuring adherence to payment terms and cash flow requirements
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 Manage vendor master data, ensuring accurate vendor setup with proper GST registration verification and Form 16 documentation
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 Reconcile vendor statements monthly and resolve discrepancies promptly
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 Prepare and review aged payables reports and manage outstanding payment schedules
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 CONSTRUCTION-SPECIFIC PAYABLES
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 Process and manage subcontractor payments with proper verification of work completion certificates
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 Handle retention money accounting for subcontractors (typically 5-10% of contract value) and ensure timely release post &shy;completion
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 Process Running Account (RA) bills for works contractors ensuring GST compliance
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 Coordinate with project managers for payment approvals based on work progress and completion certificates
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 Manage advance payments to suppliers/contractors and track adjustment against invoices
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 Handle material procurement payments with proper verification against purchase orders and goods receipt notes
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 GST COMPLIANCE &amp; TAX MANAGEMENT
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 Ensure 100% GST compliance for all construction services and material procurement
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 Verify GST invoices for correctness of GSTIN, HSN/SAC codes, and applicable tax rates
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 Manage input tax credit (ITC) reconciliation and maintain proper documentation for claims
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 Coordinate GST filings (GSTR-2A/2B reconciliation) with tax team
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 Handle TDS deductions on contractor/professional payments and coordinate TDS return filing
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 Maintain vendor compliance documents including GST certificates, PAN, and other statutory registrations
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 Ensure proper accounting of retention money under GST regulations
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 TEAM LEADERSHIP &amp; SUPERVISION
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 Lead, mentor, and supervise the AP team (2-4 members including AP Assistants)
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 Assign work, monitor workload distribution, and ensure high productivity levels
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 Conduct performance reviews and provide ongoing training and development
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 Implement cross-training initiatives for business continuity
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 Foster a collaborative and high-performance team culture
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 PROCESS IMPROVEMENT &amp; CONTROLS
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 Develop and implement AP policies, procedures, and internal controls
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 Identify opportunities for process automation and efficiency improvements
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 Establish and monitor KPIs including invoice processing time, error rates, and payment cycle time
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 Ensure strong internal controls to prevent duplicate payments, fraud, and errors
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 Drive vendor payment automation and electronic payment initiatives
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 FINANCIAL REPORTING &amp; MONTH-END CLOSE
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 Lead AP activities during month-end and year-end closing processes
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 Prepare monthly AP aging reports, cash flow forecasts, and payment projections
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 Record accruals for work completed but not yet invoiced
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 Coordinate with project accounting team for proper revenue and cost matching
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 Support external and internal audits by providing documentation and explanations
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 VENDOR &amp; STAKEHOLDER MANAGEMENT
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 Build and maintain strong relationships with key vendors, subcontractors, and suppliers
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 Resolve escalated vendor disputes, payment issues, and invoice discrepancies professionally
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 Negotiate payment terms and assist procurement with vendor selection when needed
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 Serve as primary point of contact for vendor payment inquiries
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 Collaborate with procurement, project management, and finance teams
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 BANK GUARANTEE &amp; SECURITY MANAGEMENT
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 Track bank guarantees issued to clients and received from subcontractors
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 Monitor expiry dates and coordinate renewals/releases
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 Maintain register of security deposits, margin money, and fixed deposit linkages
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 QUALIFICATIONS &amp; REQUIREMENTS
 
 
 Educational Qualifications
 
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 Bachelor's degree in Commerce (B.Com) - Mandatory
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 MBA (Finance) or M.Com &ndash; Preferred
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 Professional qualification (CA Inter/ICWA/CMA) - Highly Preferred Experience Requirements
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 Minimum 5-8 years of progressive experience in accounts payable function
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 Mandatory: At least 3-5 years of experience in construction industry accounts payable
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 Proven experience managing AP teams (2-5 members)
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 Strong understanding of construction accounting including job costing, retention, and RA bills
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 Experience with subcontractor payment management and vendor coordination
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 Technical Skills
 
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 Mandatory: Expert knowledge of GST compliance for construction services (including 1%, 5%, 18% rates)
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 Strong understanding of TDS provisions (Section 194C for contractors, 194J for professionals)
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 Proficiency in ERP systems - SAP experience highly preferred
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 Advanced Microsoft Excel skills (Pivot tables, VLOOKUP, macros)
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 Knowledge of construction-specific terms: RA Bills, retention money, mobilization advances, running bills
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 Familiarity with percentage-of-completion accounting methods
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 Soft Skills &amp; Competencies
 
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 Strong leadership and team management abilities
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 Excellent analytical and problem-solving skills
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 High attention to detail and accuracy
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 Ability to work under pressure and meet tight deadlines
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 Strong communication and interpersonal skills
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 Vendor negotiation and relationship management skills
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 Process improvement mindset
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Accounts Payable Manager

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Ocean Lifespaces India Private Limited

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Accounts Payable Manager