Oversee the company's transaction processing systems & Implement best practices regarding Accounts, Finance & Internal audit operations through cross-verification of Cash/Bank Payment Vouchers, Cash/Bank Receipt Vouchers and Journal Vouchers for accuracy and completeness with the vision of of internal audit Check timely Preparation and e-filing of various statutory withholding tax statements to protect the company from any penal action (u/s 149,165 ,147 etc) Prepare and arrange Audit Files , Slaes tax , Income tax, External audit to fulfill requirements of Sales Tax act 1990, Income tax ordinance 2001 and company laws annex with summarized information & interpretation and ensure that record keeping meets the requirements of auditors & government agencies also generate Sales tax Internal Audit report on the parameters of previous audit reports after complete checking of Input & output tax adjustments relevant to tax year 2012,2013 Check monthly Sales tax return along with necessary computations, annexures to meet the legal requirements of Sales Tax Audit Detail of BTL (below taxable limit) expenses and reconciliation with books of accounts Customers Varification and reconciliation letters To meet the legal requirements of the Sales Tax Act 1990 , entire check is required that any payment made by Registered buyer for the goods purchased under the coverage of Sales Invoice should invariably be correspond said invoice. Cheque issued not directly covering the invoice in anyway whatsoever shall violate the condition of payment. Therefore the cheques should positively issued by the Registered buyer in whose name the sales invoice is issued. Check that any sale made to Un-registered buyers for goods purchased should be in compliance of section 73 of the sales tax act (Invoice must be less than Rs. 50,000/- fifty thousand only) Check implementation of SRO,s with regard to Custom duty , Sales Tax & Income Tax and other regulatory alerts / highlights by the Federal Board of Revenue (FBR) on daily basis
b) CREDIT / GENERAL CONTROLS
Trade debtors consolidated report and get it committed by the Collection Incharge in case of recovery failure within stipulated time period Credit control by having check on trade debtors balances of Sialkot Zone and 26 K Model Town Check customers limits and Salesman limits on the basis of previous 90 days recovery and necessary measure regarding control parameters & follow up of Receivables Aging Report Analysis of Daily sale and dispatch reports and cross checking about terms & conditions / credit control parameters i.e., Customers Limits, Salesman limits, price matters, and customers aging report , discount policy and discussion with the concerned authority so as to avoid any funds blockage and recovery issues. Check and Verify tax deduction schedule of the employees as and when there is any change in salary structure / payment of any extra benefits to the employees. Cross verification of System Entries of Stock Transfer Notes, Sales Invoices , Receipts (Collection) / Vouchers and Other Operating Expense Vouchers Checking Calculation of Financial Charges on Loans, Markup on bank Loans, markup on directors loans and appropriate accrual in the books of accounts Insurance Matters of AIC i.e premium calculation, policy renewal , monthly stocks position for insurance companies etc. Keep check and collection of certificate of collection or deduction of tax withheld at various stages i.e u/s 153 /148/235/236/231/234/154 etc 10 Company Records keeping and record updation
INVENTORY & COSTING Product Costing / Import Costing to insure proper and accurate costing system including employees costing reports. Ensure best practices to control Physical stock taking and Minimum Stock Level reports on weekly basis for stocks of Raw Materials, Finished Goods & Packing Materials etc. Efficient control and verification of Weekly production, Consumption ,yield and wastage analysis report along with staus of Work in Process. Analysis of Weekly Issuance cost center wise i.e Samples Issuance, Research & Development, Repair & maintenance etc Monthly Highlights about Fast moving Stocks ,Slow moving stocks and obsolete stocks at sialkot branch along with contribution percentage Check L/C Cost sheet of Imported Items after complete analysis of LC File , clearing and forwarding expenses and system entry of imports.
d) MANAGEMENT ACCOUNTING
Ensure the accurate preparation / reporting of monthly financial results for management view in strict accordance with Company deadlines. Ensure business analysis management reporting system through vision plus software by incorporating necessary business analysis reports in connection with the achievement of optimum business results and business development to the extent of utmost aspiration serving management analysis in various angles. Asset Management and ensure all company assets are monitored and accurately accounted for, Fixed assets register is managed and maintained with strict adherence to "fixed assets register procedure, ensure the general ledger is reconciled to the assets register. Ensure that business cash flow statement adequately supports company work activities and produces optimal results. Budgeting / Forecasting & Reporting, Co-ordinate and prepare annual budgets, including operating and capital expenditure budgets and Finance Budget. Ensure any variations to budgets and forecasts are explained to the management reports, including any future / potential exposures to the organization. Any other work assigned to you by the management in addition to above mentioned.