Sr Manager Tax and Audit
Ascentia Middle East LLC
Total years of experience :27 years, 10 Months
Whole gamut of VAT related services to clients.
VAT audit of clients -matching of entries in Accounting system with VAT return and advising for closing gaps in documentation. Registration - VAT, Tax Group & Excise, VAT Filing, payments, reconsideration of penalties and fines, import declaration. Interaction with FTA officials on queries and tax issues.
Monthly closing of accounts and preparation of monthly MIS with analysis and graphs.
Achievements - Picked up VAT law quickly. Picked up Zoho, Quickbooks & Microsoft NAV ERP software.
Operational and Internal Audits
• Handled in-depth verification of operations in healthcare industry - Pharmacy, Laboratory, Radiology, IP Billing and Stores. Have handled internal audits in the Gulf Countries - Bahrain, Qatar, Saudi Arabia and Oman.
• Overall in charge of Operations and Finance of the Company.
• Preparing daily MIS and monthly performance reports.
• Filing of returns (GST, IT, TDS).
• Closing of daily invoicing and monthly closing of accounts after reconciliations.
• Liaison with auditors.
• Ensuring compliance of statutory payments viz TDS and Service Tax.
• Monitoring of fund position on a daily basis, scheduling and prioritizing expenditure.
• Negotiation with bankers for limits and related documentation.
• Involved in major purchases, giving suggestions on financial feasibility and tax implications.
• Following SOP’s for the finance functions. Ensuring financial data was secure with external back up and passwords for all staff logins.
• Liaison with auditors.
• Ensuring compliance of statutory payments viz PF, ESI, TDS.
• Monitoring of fund position on a daily basis, scheduling and prioritizing expenditure.
• Negotiation with bankers for limits and related documentation.
• Involved in major purchases, giving suggestions on financial feasibility and tax implications.
• Following SOP’s for the finance functions. Ensuring financial data was secure with external back up and passwords for all staff logins.
• Liaison with auditors.
• Ensuring compliance of statutory payments viz PF, ESI, TDS.
i. Internal Audits
• Planned, supervised, reported and sought timely feedback on action taken to improve process and procedures. Major exposure was in the health care industry. Supervised and trained a team of 5 associates.
• Designed and implemented internal control and accounting systems for companies. Recommended procedures that leave an audit trail (no usage of common user id, every transaction to have login/edition logs, disallowance of backdating / deletion).
• Due diligence assignment involving audit of financial and operational strengths and verification of valuation.
ii. Operational Audits
• Documented operational processes and procedures through observation, testing, and discussion with finance and operational personnel. Reported on weaknesses in the functions of inventory, purchases, billing, cash receipts, receivables, payables, statutory matters etc.
• Provided analysis for continuous losses and funding issues in a branch unit. Audit involved control over daily operations, raising of invoices, billing cycle, collection, banking, segregation of duties, delegation of authority, sending of statements of creditors, follow up, calculation of Break Even Point etc. Reviewed systems applications to ensure user access is properly segregated and restricted to job performance.
• Done a detailed inventory audit which included physical verification, obtaining reasons for difference, further investigation to fix responsibility and recommending action against personnel as well write off in the books.
• Investigated a sensitive corporate fraud matter, which resulted in identification of losses in excess of Rs.50 lakhs and eventual termination of key personnel.
v. Statutory Audits: Handled statutory audit assignments of companies, banks and charitable institutions in terms of planning, execution, and documentation and gained a fair exposure to the Companies Act and statutory matters like Accounting Standards and Auditing Practices. Also handled tax audit of companies.
vi. Service Tax:
• Registration, documentation, filing of six monthly returns and representation with the Department.
• Drafting of replies to Show Cause Notice and appearing before adjudication officers. Preparation of appeal memorandum and appearing before Commissioner (Appeals).
• Drafting appeals and Memorandum of Cross Objections to the Tribunal. Have also appeared before CESTAT (Bangalore Bench) along with Senior Advocate.
vii. Income Tax: Preparation of computation statements and filing returns for individuals, firms and companies. Filing for PAN/TAN e TDS returns.
viii. Kerala VAT: Registration, filing of monthly / annual returns and closing stock, refund forms, responding to notices.
ix. Accounting
• A special assignment included compiling and finalizing accounts that were pending for 3 years. It included collecting all previous bank statements, its reconciliation, collecting supplier ledgers/statement, reconciling them, taking confirmation from debtors, reconciling differences and providing for all liabilities. Proposed and convinced management for write-offs to clear the accounts.
• Physically verified, numbered and prepared a fixed asset register for a health care company for a gross value of Rs.100 crores.
Started off as Manager-Accounts of the Trivandrum Branch in July 2003 and promoted as Regional Manager-Accounts covering Kerala, Mangalore and Coimbatore in June 2007. Responsible for the operations of the accounts department in the travel/cargo divisions comprising a 25-member team and reporting to the Controller-Finance. Responsible for planning, budgeting, compliance and keeping track of targets and coordinating with the sales team and corporate finance. Major responsibilities include the following:
1. Accounting, Reporting and Audit:
• Ensuring correct accounting and reconciliation of all transactions. Ensuring settlement of all payments especially statutory payments like PF, ESI, TDS, Service Tax and Insurance are paid on time. Ensuring compliance with TDS provisions.
• Finalization of accounts and monthly closing of books. Ensuring completion of intercompany and inter branch reconciliation accounts.
• Reporting of Monthly Profit & Loss account along with Performance and variance analysis.
• Monitoring and ensuring all accounting documents, vouchers are properly maintained.
• Liaising with internal and statutory auditors. Responding to monthly internal audit reports and taking corrective action.
2. Funds and Credit Management
• Fund position to be monitored on a daily basis and devising plans for raising funds to meet any shortfall. Ensuring close contact with the Bank Managers.
• Ensuring completion of reconciliation of all bank accounts on a daily basis.
• Approving credit authorization and ensuring that credit agreement of all clients are signed and properly documented. Keeping customer outstanding under control and within contractual terms through timely submission of statements, query resolution and monitoring all expected collections.
• Regular reconciliation of customer accounts, obtaining confirmation and taking timely escalation / action on all overdue debtors.
3. Service Tax and Legal
• Representing the company in Service Tax matters including handling of departmental audit. Have drafted replies to Show Cause Notice and appeared before adjudication officers. Have prepared appeal memorandum and appeared before Commissioner (Appeals) and have also drafted appeals and Memorandum of Cross Objections to CESTAT. Keeping track of latest developments and changes through subscription to online/printed service tax journals.
• Coordinating with the company legal consultant and ascertaining the status of all legal cases and appearing in the court as a witness and for rendering evidence.
Handling of Statutory and Internal Audits of companies.
Handing of Statutory and Internal Audits of companies.
Handing of Statutory Audits of companies.
Cleared Intermediate exam of the Institute of Chartered Accountants of India in November 1994 and Group 1 of the Final Exam in May 1997. Graduated in Commerce (with Accounting as main subject) from University of Kerala in 1992.