Senior Accountant
Land Mark Group of Companies
Total years of experience :18 years, 2 Months
Land Mark Group is known as the retail giant in the Middle East. It is the market leader in retail garment industry. It owns the famous brands such as Center Point, City Max, Life Style, E-Max, Iconic, Kotton, New Look Etc.
Work Description Includes:
• Reconciling the stock balances between Oracle Financial System and Warehouse Management System. Monitoring the Stock Balances and inquiring regarding any discrepancies and clearing off the same. Declaration of monthly stock for insurance every month, instructing the Insurance Company of the changes required to be made for each location.
• Maintaining Rent Schedules consisting with all required details of over 150 stores, warehouses and staff accommodations. Ensuring rent for all locations including office, stores and warehouses are duly paid on time as per the agreement. Ensuring the rent is distributed among over 400 cost centers in proper manner. Further ensuring that sufficient provisions are available for unpaid rent or any anticipated rent increments.
• Maintaining Goods In Transit (GIT) Schedules monitoring the status of GIT and coordinating with warehouse staff expediting the clearance and inquiring in to the long outstanding GIT. Monitoring and accounting for excess, shortages and damaged goods. Ensuring that proper procedures are followed relating to the same as per SOPs.
• Monitoring monthly Electricity payments and provision for electricity and ensuring availability of sufficient provisions for every cost center. Reporting to Management on electricity variances with Budget.
• Reviewing and ensuring that direct expenses incurred are sufficiently absorbed into goods imported.
• Reviewing and reconciling the Gift Voucher account with sales register and ensuring that the Gift Voucher account is in order.
• Reconciling Inter Company, Inter Region and related party account balances every month and following up with the relevant personnel in clearing of the same.
• Preparation of annual Budget and monitoring Budget variances every month with emphasis to each cost center. Reporting to Management and Parent company on queries raised on variances.
• Co-Ordination with Major Suppliers, reconciling the account balances between Accounts Payable Ledger and the Ledgers of Supplier.
Work Handled as a Tax Manager at Ernst & Young includes,
• Preparation of Tax plans, estimation of tax liabilities and providing innovative legal advices in reducing tax liability.
• Negotiations with the relevant tax authorities in obtaining Value Added Tax refunds from the Department of Inland Revenue of Sri Lanka on behalf of clients.
• Computation of Income Tax, Value Added Tax, Nation Building Tax and other tax liabilities for various types of businesses which includes Finance Companies, Hotels, Manufacturing and export companies etc.
• Filing Returns of Income Tax, Value Added Tax, Nation Building Tax and other miscellaneous taxes.
• Preparation and submission of letters of appeals, letters of objections and other legal correspondences to the Department of Inland Revenue and settlement of outstanding Taxes by having discussions and negotiations with the relevant tax authorities.
• Provision of tax consultations, tax opinions and business advisory services to clients on various issues including issues involving Double tax Treaties, international related party transactions etc.
• Carrying out Tax Due Diligence assignments in events of take-over or mergers in client companies.
• Billing the clients and Collection of Debtors.
Accounting Auditing and Other Assignments:
Developed Teamwork and Leadership skills.
Ability to identify audit risk areas, preparation of risk based audit planning and execution of
plan to achieve the audit objectives.
Compilation of Financial Statement in accordance with Accounting Standards, Auditing Practice
Statements.
Successfully concluding challenging assignments on time.
Ability to work under demanding situations and meet deadlines.
Taxation:
Preparation of Tax plans and estimation of tax liabilities and providing innovative ideas in
reducing tax liability.
Obtaining VAT refunds on behalf of clients.
Computation of Income Tax, Value Added Tax, Nation Building Tax and other tax liabilities for
various types of businesses which includes Finance Companies, Hotels, Manufacturing and
export companies etc..
Preparation of letters of appeals, letters of objections and other correspondences to DIR and
settlement of outstanding Taxes by having discussions with the relevant tax authorities.
Provision of tax consultations and business advisory services to clients.
Billing the clients and Collection of Debtors.
Qualified Member of the Institute of Chartered Accountants of Sri-Lanka, Qualified Member of the Institute of Certified Management of Sri-Lanka.