Finance Lead – Receivables
Job Description
<p><strong>Job Purpose</strong></p><p>To supervise and train AR Accountants in accomplishing tasks related to credit control and collection, client and broker correspondence, keeping accounting records, and technical and financial reporting.</p><p><br></p><p><strong>Responsibilities</strong></p><ul><li>Manages the Accounts Receivables Function- Health, Life, and Savings</li><li>Handles the issuance, booking, reconciliation, and proper allocation of collections for all Life Individual plans, Credit Life, Health plans, and Savings. This includes the timely processing of corresponding commission transactions.</li><li>Maintaining accurate and up-to-date financial records and establishing, maintaining, and balancing AR-related accounts using Microsoft Business Central.</li><li>Posting journal entries and reconciling the associated accounts. Furthermore, preparing financial reports every month.</li><li>Compiling and managing the weekly and monthly management reports for all Lines of Business (LOBs). And prepares reports needed for the reinsurance calculation.</li><li>Monitoring the weekly and monthly AR aging and collections to ensure that the provision for bad debts is minimized.</li><li>Maintaining the receivables overdue/past due ratio, limiting it to a maximum of 10% of Gross Written Premium (GWP) written during the year.</li><li>Implementing and enforcing the credit control policy to handle delinquent accounts appropriately.</li><li>Conducting a second-level review of broker commission payments and premium refund payments prepared by the AR Accountants.</li><li>Handling the finalization of all month-end closing entries related to Accounts Receivables (Health and Life), Gross Written Premium, Commission Expenses, Commission Payables, Advances from Customers and Brokers, and VAT-related entries.</li><li>Reconciling reports generated by the Finance and Operations system to ensure data accuracy on a monthly basis. Additionally, maintaining Reinsurance Accounts and handle reconciliation with reinsurers at the end of each quarter.</li><li>Preparing schedules for auditors on a quarterly and yearly basis and addressing applicable audit queries. Ensuring compliance with International Financial Reporting Standards (IFRS) and preparing reports accordingly.</li><li>Responsible for the reconciliation, preparation, and submission of regulatory requirements related to Accounts Receivables on a quarterly basis.</li><li>Overseeing AR-related functionalities in Finance and Operating systems and coordinating enhancements or modifications with vendors as per management’s reporting requirements.</li><li>Ensuring AR Accountants are well-trained for month-end closing and AR reporting functions. Also, providing cross-functional training within the department when necessary.</li><li>Successfully implementing one simplification process across the Accounts Receivables function.</li><li>Performing any other related tasks as required by the Head of Finance.</li></ul><p> </p><p><strong>Area of Knowledge: </strong></p><p><span>Extensive knowledge of Accounts Receivable / Brokers payable established procedures, departmental guidelines, and regulatory requirements (especially with DOH & IA).</span></p><p><span>Extensive knowledge of the application of statistical concepts and methods as applied to the analyses of accounts receivable / brokers payable and reinsurance accounting and revenue projection.</span></p><p><span>Reasonable experience with computerized accounting systems.</span></p><p><span>Computer literate with excellent skills in Microsoft Word and Excel.</span></p><p><br></p><p><strong>Business Knowledge:</strong></p><p><span>Insurance accounting </span></p><p><span>Health & Life insurance</span></p><p><br></p><p><strong>Qualifications</strong></p><p><span>Bachelor’s Degree in Business Administration, Accounting, Finance, or any other related field. Preferred qualifications such as CPA, and ACCA.</span></p>
