WHAT DOES AN ASSISTANT FINANCE MANAGER DO?
The Assistant Finance Manager is responsible for managing financial forecasting and accounts, including weekly cashflow forecasts, monthly property cashflows, and the preparation of balance sheets, profit and loss statements, and management reports. Oversees invoice processing, payment operations, and bank reconciliations, and ensures accurate fund tracking, while also handling quarterly forecasts and full account sets. Ensures compliance with accounting standards, supports team members in financial operations, and contributes to process improvement through continuous review and reporting.
A Review of Professional Skills and Functions for Assistant Finance Manager
1. Assistant Finance Manager Duties
- Budget and Forecasting Coordination: Coordinate and assist in the budget process, monthly financial forecasting, and cost reports.
- Internal Control and Risk Management: Support line manager to ensure internal control processes and identify potential financial risks, as well as provide insightful improvement plans and implementation.
- Process Improvement and SOP Advisory: Process improvement through efficient finance setup and advisory on the SOPs.
- Financial Process Management: Describe, manage, and monitor financial processes across the departments.
- Business Project Analysis: Participate in major business project assessments and prepare specified analysis reports with recommendations to help business partners make fact-based decisions.
- Closing Process Involvement: Involve in the monthly/quarterly/yearly closing process, and coordinate with the accounting team to ensure smooth closing.
- Reporting: Prepare monthly/yearly reports.
- Tax Impact Analysis: Participate in the tax impact analysis and assessment and financially influence the company's business decision-making process in the scope of tax-related topics.
- Regulatory Compliance: Handle regulatory compliance matters, especially on the Dutch side.
- Tax Return Submission: Submission of Income-tax/Zakat return as per local tax laws.
- Audit Support: Assist in statutory audit closure as per local laws.
- Team Work Review and Guidance: Review the work of the team to ensure work is aligned towards the overall goal achievement of the team
- Review daily sales reconciliation, home delivery partners' workings review vendor advances review, and P2P team activity.
- Leadership and Compliance Guidance: Guide and lead the team wherever required to ensure compliance with accounting rules and internal policies.
2. Assistant Finance Manager Details
- Financial Accounting: Provisions, accruals, and amortization entries relevant for marketing expenses, repairs and maintenance expenses, administration expenses, etc.
- Payroll Management: Monthly payroll accounting and disbursement for own VISA and Ajeer Visa staff.
- MIS Coordination: Finalizing monthly outlet-wise MIS coordination with MIS team.
- Variance Analysis: Preparation of variance analysis for submission to management.
- MIS Distribution: Circulating MIS to operations team and clarifying observations.
- Budget Planning: Participating in annual budget preparation.
- Financial Reporting: Preparing working capital reports, funds requisition, ad-hoc reports.
- Financial Scheduling: Preparing balance sheet schedules for fixed assets, deposits, advances, prepaid expenses, provisions.
- Department Coordination: Coordinating with user departments to close action points.
- Compliance Reporting: Preparing FAR report (internal compliance report) to check the entities' compliance with internal financial policies.
- Reconciliation Management: Inter-company reconciliations and signoff between related parties in KSA and UAE.
- Audit Support: Support in internal audit activity and implement suggested action points.
- Tax Compliance: Submission of VAT return, and WHT return as per local tax laws.
3. Assistant Finance Manager Responsibilities
- Cashflow Management: Prepare weekly cashflow forecast and monthly Property Cashflow.
- Invoice Management: Check the invoices from suppliers and proceed for payment.
- Bank Reconciliation: Perform monthly bank reconciliation and track and check the fund transfer into bank account from which Buyer.
- Financial Closing: Conduct monthly account closing including preparation of Balance Sheet, Profit and Loss Statement, and management report.
- Forecasting: Prepare quarterly forecast report and handle full set of account.
- Billing Verification: Check the billing to buyers based on architects' certificates.
- Revenue Recognition: Calculate the recognized revenue and cost based on the completion of the project.
- Team Support: Support other finance colleagues in daily tasks including timely sales and purchasing.
- Compliance: Ensure adherence to accounting rules, procedures, and timescales.
- RPA Billing: Understand the billing process via the use of RPA.
- Debt Management: Continuously review customer debt and cash allocation and escalate when necessary.
- Reporting: Provide reports as requested.
- Operational Support: Support Operational teams in the provision of ad hoc reports.
4. Assistant Finance Manager Job Summary
- Month-End Close Support: Support entities month-end close.
- Financial Review and Reconciliation: Perform month-end financial close P&L review and inventory reconciliation.
- Data Integrity and Valuation Accuracy: Work with the manufacturing functional team to ensure financial data integrity and the accuracy of inventory valuation, unit cost reporting.
- Cost Variance Analysis: Provide analysis of manufacturing cost variances.
- Unit Costing and Review: Perform and review unit costing.
- Audit & Year-End Assistance: Assist with year-end financial audits and the preparation of year-end accounts and statutory finance statements.
- Governance and Compliance: Ensure corporate governance and controls including compliance with local and US GAAP and SOX.
- Productivity and Process Improvement: Drive productivity through participation in corporate initiatives/projects and continually streamline work processes (eliminate non-value-added activities).
- System Deployment Participation: Participate in accounting system deployment activities.
- Advanced System Proficiency: Demonstrate advanced proficiency with financial and operational systems and interdependencies, including functionality, workflows, and automated controls.
- Data Consolidation and Analytics: Associated facilitation of data consolidation, reporting, and robust analytics.
- System Adaptation Facilitation: Facilitate the adaptation of system functionality to support new or changing business requirements.
5. Assistant Finance Manager Accountabilities
- Design Monitoring: Design for financials/pricing/margin monitor etc.
- Stakeholder Collaboration: Work together with stakeholders and deliver to support business analysis and decision.
- Financial Performance Monitoring: Monitor financial results of full PandL for China legal entities and perform financial analysis to business team with reporting delivered.
- Variance Analysis: Monitor and Investigate key variances between budgetary movements and actual trends with reasonable investigation.
- Target Monitoring: Assist in the monitoring and evaluation of yearly target and RTS initiatives.
- Project Support: Support any financial and business projects, like ERP implementation/HFM restructure/COA set up etc.
- COE Module Support: Support to leverage knowledge to share and support COE module.
- Finance Oversight: Reports to Finance Director to oversee accounting and internal control functions for the Hong Kong office.
- Month-end Management: Handle month end closing including review and verify the accuracy of journal entries, accruals, account reconciliations and intercompany transactions.
- Accounting Service Oversight: Oversee 3rd party accounting service provider to ensure the qualities of the deliverables.
- Process Deployment: Collaborate with front lines staff to effectively deploy new operating processes.
- Internal Control Development: Develop internal control procedures to ensure all processes are completed in compliance with group policy, internal control standards and local statutory requirements.