Lory Joy Alvarez

V. Ships is a Manning and a Ship Management Company. It is a multinational company. The Manila office is the one who supplies the majority of its crew forces and handles at least 700 fleets.

Mainly my job role focuses more on Management and Financial Reporting. I am the one who prepares and consolidates the Monthly Financial Statements submitted in the head office in Glasgow, United Kingdom. Also, other Financial Reports such as Variance Analysis, KPI’s, Cash Flow, Bridge Analysis and Cost Analysis. I am supervising the accounts team that is checking and reviewing their journal entries prior to posting, their prepared bank reconciliation, daily cash position, Accounts Reconciliation and other reports deemed required to them. I am also approving the cash advances and its liquidation, fund requests and petty cash requests.

I am directly reporting to the Finance Manager for local concerns and to the CFO Asia for Management concerns. I am presenting to the Executive Members their financial performance of their own business units on a monthly basis. I am monitoring the Budget of each business unit.

Handles all facet of accounting, from recording to reporting and is direct reporting to General Manager for any financial concerns and issues. Specific tasks done are the following but not limited to:

● Prepares the Month End Financial Report such as: Income Statement, Balance Sheet & Bank
Reconciliation and Sales Statistics
● prepares the annual budget (together with the projected income and losses statement) and monitors the budget in a monthly basis to make sure that amount allocated to each cost centers will not exceed
● doing the cost allocation for each of the products with all the overheads incurred
● prepares the Break Even Analysis to determine the units of the products to be sold to avoid losses
● Product Costing and Pricing (Determines the price of each product being offered in the market based on the percentages given by the management)
● prepares the Profit Margin Analysis for each sales transaction
● contacting the customs regarding inventory shipments from our suppliers outside the country
● Facilitates the annual audit, prepares necessary schedules and coordinates with the auditors (Deloitte and Touché) of the specific accounting reports needed for them to successfully finish the audit+
Transacts and coordinates with the bank personnel for any banking issues encountered and solve it on my level before escalating to the management
● The basic bookkeeping tasks done are: Preparing the payment vouchers, sales invoices, petty cash vouchers and Telegraphic Transfers, Doing the physical count of inventories each quarter end, Prepares the Daily Cash Position. Prepares the Payroll
Prepares the Payroll
● prepares the monthly cash flow position
● monitors the Receivables (aging of the A/R, contacts the customers for payment update) and the Payables
●Follow up the delivery from the suppliers to update and to eliminate the Advances accounts from the records

Every month end management meeting, I am presenting to the management the company’s monthly performance and position. In addition to my job responsibilities as accountant I am handling the sales representatives by preparing quotations for their clients and monitoring and give updates to their sales target. I am also doing admin tasks such as Reviewing the Supplier’s Agreement and take notes of some points and present to the GM, also doing the Financial Aspect of the Tender (Project Bidding)

Henkel is a Multi National Company, and I am handling the Sales Tax for the company’s transaction in North America. I am handling the tax transactions for all the 45 states In North America:


Responsibilities:

• Monthly Consolidation of reports from affiliates
• Preparation of Sales Report, Samples and Donation Report
• Computing the tax amount from the different reports prepared
• Preparing the General Ledger Report for the different tax accounts
• Preparing the Monthly Tax Summary Report, Audit Detail Tax Report
• Making adjustments whenever there is tax discrepancies between the system and the books
• Preparing and filing the Tax Returns to the 45 taxing state
• Preparing all necessary working papers as a support to the concluded tax amount to be paid.
• Doing the Payment Processing either via ACH Debit, Checks, EDI filing process
• Doing the Month End Activities such as Journal Entries, Account Reconciliation and responding to the notices from taxing jurisdictions
• Runs the invoices from the system of all customers who are under audit
• Doing the Canadian Tax Reporting and that involves Reconciling the Canadian Tax Accounts, Data Analysis of Transactions ( i.e. Determine the tax credits and tax debits to determine the tax payable)
• Updating the Vertex ECM Tool (tax system) by the Tax Exemption Certificate of the customers
• Meeting the requirements prescribed by the auditors during the tax audit.
• Determining the taxability of the company’s vendor before issuing the tax exemption certificate
• Facilitates a videoconference meeting with our US counterparts whenever the Manila team encountered a critical issues in the process
• Trains and orient the new employees of the whole process and its importance

• Monitors the Daily Expenditures and Revenue (Preparing summary report on month end)
• Audit the Payment Vouchers, Journal entries (check if the entry is right, the cost center used and if correct account name are being used for a specific transaction) prepared by accounting staff.
• Prepares the Cash Flow Statement
• Prepares the monthly valuation of Peso to Dollar ( the client of the company are all foreign, so the mode of payment to us is in US Dollar Currency)
• Prepares the monthly reconciliation of Inter-company transactions
• Prepares Payment Requisition and Vouchers
• Prepares Journal Vouchers for different transaction and adjustments
• Prepares Payment Schedule
• Prepares the monthly Bank Reconciliation for Peso and Dollar Account