Assistant Manager - Finance & Accounts

Job Description:

Ensure proper accounting of company’s financial transactions & reporting of company’s financial transaction in line with the generally accepted principles of accounting, preparation of relevant reports, assist in preparation and monitoring budgets, define and implement processes.

· Ensure financial transactions of the company are recorded in the books of account as per the generally accepted principles of accounting, ensure compliance to the laws governing financial accounting and reporting of the Sultanate of Oman.

· Assist other department personnel in the process of budget preparation. Obtain detailed information from the department heads in order to ensure that the department requirements are fully addressed. Define and distribute relevant budget templates and interact with the department heads and equip them with relevant information about the use of templates, consolidate the department inputs and prepare the company’s budget and submit the same to the for review.

· Liaise with internal and external auditors during the audit process, provide necessary information to the audit personnel within the scope of audit parameters, escalate any findings to the HOD and implement actions as instructed, and comply with the timelines as specified by the audit teams for completion of audits.

· Comparison of PREMIA & ORION data for premiums, Commission Paid, Claims Paid, Fac Out Cessions, Fac Out Commission earned and identify reasons for differences.

· Preparation of necessary supporting worksheets for calculation of unexpired premium Reserves, Deferred Commission Expenses, Deferred Commission income etc. and pass necessary Journal Vouchers for accounting the same.

· Preparation of Schedules for prepaid Expenses and Accrued expenses and arrange to pass necessary Journal Vouchers.

· Preparation of Schedules for Accrued expenses and arranging to pass necessary Journal Vouchers after reviewing the LPOs.

· Updating the Fixed Assets Schedule, calculation of monthly depreciation charge and accounting for the same.

· Periodical accounting of Excess of Loss Recoveries & Recoverable as confirmed by the RI team.

· Preparation of Performance Report on a monthly basis and Balance Sheet on a quarterly basis.

· Review all the transactions like Credit Notes, Debit Notes, Journal Vouchers & Payment Vouchers prepared and submitted by other team members for accuracy and correctness and post them in the system as necessary.

· Reconciliation with GL of Quarterly Bordereaux received from RI department for primary Treaty reinsurer before these are forwarded by the RI department to the reinsurers.

· Prepare and submit periodic reports as per requirements from time to time like submissions to the Ministry of National Economy, Quarterly Statistics to CMA etc.

· Ensure submission of internal and external financial reports as per the specified timelines, as per company policies and as per statutes governing financial reporting. The reports shall be supported by detailed analysis that reflects the current financial status and suggestive future trends.

· Motivate & train team members to ensure that the team members are fully competent to handle their respective jobs. Interact with customers, brokers and agents to ensure a streamlined process of collection of receivable, track receivables and ensure proper follow up on receivables, monitor collections from receivables and reduce the old outstanding to less than 90 days.

· Ensure reconciliations of receivables, payables, and bank accounts, are completed as per the department standards and confirmation of balances are received from the respective suppliers and vendors, conduct general ledger and other sub-ledgers scrutiny and ensure appropriate and corrective entries are passed in the books of accounts periodically.

To do any other tasks as assigned from time to time as required.

Qualifications /Skills

• Minimum Graduate in Accounts , Intermediate – CA, CPA
• Good understanding of Insurance accounting
• Good verbal & written communication skills & Presentation skills

Experience:

· Minimum Experience: 6 to 8 years with 5 yrs at supervisory Level.

Handling accounts with experience in MIS reporting for insurance Companies.

Job Types: Full-time, Permanent, Contract
Contract length: 24 months

Pay: RO400.000 - RO600.000 per month

Ability to commute/relocate:

• Muscat: Reliably commute or planning to relocate before starting work (Required)

Education:

• Bachelor's (Required)

Experience:

• Accounting: 8 years (Required)
• Supervisory: 5 years (Required)

Language:

• Arabic (Preferred)