Finance Manager
Scraped from: Afriworket
Job description
We are seeking a detail-oriented and hands-on Finance Manager to manage the financial operations of our steel trading business. The ideal candidate must have deep experience in trade finance (LCs/BGs) , hedging/Forex , and high-volume inventory reconciliation. You will bridge the gap between import procurement and local distribution accounting. Key Responsibilities 1. Trade Finance & Banking (Core Focus) • Letter of Credit (LC) Management: Initiate, track, and close Import LCs (Sight/USance) and Local LCs. Calculate interest costs for Usance LCs and accrue them correctly per shipment. • Documentary Compliance: Review shipping documents (Bill of Lading, Commercial Invoice, Packing List, Certificate of Origin) to ensure strict compliance with LC terms to avoid discrepancies and financial penalties. • Bank Guarantees (BGs): Manage BGs issued for suppliers or port authorities. • Facility Utilization: Monitor limit utilization against banks (CC limits, LC limits, WCDL) and ensure no overdraw. 2. Forex & Hedging • Track daily INR/USD (or relevant local currency) fluctuations. • Coordinate with treasury to execute forward contracts or option hedges to cover landed cost exposure. • Calculate and report Realized & Unrealized Forex Gain/Loss per container/PO. 3. Inventory & Costing (Steel Specific) • Landed Cost Calculation: Accurately allocate all costs (CIF price, ocean freight, insurance, customs duty, port handling, clearance, inland freight) to specific steel grades (HRC, CRC, pipes, etc.). • Inventory Valuation: Maintain stock sheets in MT (Metric Tons). Reconcile physical stock (tally) with book stock monthly. Account for price erosion or obsolescence. • COGS Reconciliation: Match sales proceeds with actual landed cost per lot. 4. Accounts & Compliance • Import Accounting: Process supplier invoices and coordinate with CHA (Customs House Agent) for duty drawback, IGST, and BCD. • GST & Customs: Reconcile GSTR-1, GSTR-3B, and GSTR-2A/2B specifically for import bills. Ensure timely availing of ITC. • Statutory Audit: Lead the division for stock audit and statutory audit queries related to inventory valuation and LC aging. 5. Reporting & MIS • Prepare Daily Cash Flow (major focus due to high working capital). • Generate weekly LC Maturity Schedule and payment plan. • Prepare Gross Margin Analysis per SKU (steel product) after including all bank charges and forex losses. Key Requirements (Must-Haves) Category Detail Experience 5–8 years in finance, with at least 3 years in a trading/import/export house (steel, coal, metals, or agri-commodities preferred). Education CA Inter / CMA / MBA (Finance) from a recognized institute. Semi-qualified CAs with strong trade finance experience are eligible. Technical Skills Proficient in ERP (Tally Prime, SAP, or Busy). Advanced Excel (Pivots, VLOOKUP, Sumifs for tonnage calculations). Banking Know-how Deep understanding of UCPDC 600, Incoterms (CIF, FOB, CFR), and Bill of Entry processing. Soft Skills Ability to negotiate with banks for reducing LC charges; high integrity regarding stock valuation. Preferred (Good to Have) • Experience with Steel Mint Road or similar commodity exchange price correlation. • Knowledge of handling CD (Countervailing Duty) or safeguard duty on steel imports. • Prior work with a CHA and freight forwarder reconciliation. Compensation & Reporting Structure • Salary: Competitive + Industry Allowance (commensurate with experience) • Working Hours: [e.g., 8:30 AM – 5:30 PM, with extended hours during month-end closing or LC negotiation] • Direct Reports: 2–3 Accounts Executives (payables/receivables)