Accounts Receivable Specialist

Job Purpose:

Perform accurate and timely processing of invoices for Bahri's regional office and follow up on collections to prevent and mitigate cases of overdue payments. Processing of invoices for bunker and other direct costs. Reconciling accounts receivable balance. Assist in booking of monthly accruals for assigned voyages/vessels. Perform any additional tasks as assigned by team leader/management.

Key Accountabilities:

1. Revenue Invoicing: Review all contracts of the customers and issue the sales invoices as per the contract terms. Ensure enough supporting documentation for posting receivable invoices. Create accurate entry for posting of the receivable invoices in Bahri accounting system. Coordinate with concerned parties in case of discrepancies and post invoices specifying the terms of payment as per the contract.
2. Processing Invoice for Bunker and Other Direct Costs: Verify vendor invoices against contract terms and final delivery note of goods/service and accurate recording of invoices within assigned time frame. Ensure proponent approvals as per line of authority for payment and tax & other legal compliances.
3. Follow Up: Follow up with concerned departments to get relevant approvals on time.
4. Reconciliation: Perform periodic reconciliations of the receivables booked to revenue Chart of accounts. Reconcile aging report of all receivables to the main GL control accounts and submit to GL section on a monthly basis. Periodically reconcile receivable balances with customers' statements of accounts.
5. Collections: Prepare accounts receivable aging report as per the accounting policy and guidelines and follow up with concerned parties at Bahri in case of overdue amounts. Escalate significant delays to be considered for provisions against delinquent payments.
6. Reports: Prepare/generate all monthly/quarterly regular and ad-hoc receivable reports as required by management.
7. Documentation: Prepare and maintain all accounts receivable invoices in a sequential order along with invoice legitimate copy, supporting documents, and related approvals. Maintain official approved documentation for all related accounts receivable procedures in compliance with accounting policy and guidelines.
8. Monthly Accruals: Assist AR specialist in preparing monthly report for amounts to be accrued by reviewing voyage estimates made by operations team. Prepare accrual for bunker subsidy claim and follow up for its settlement.
9. VAT Compliance: Review invoices and apply tax codes properly in line with FTA rules. Assist team leader with any VAT related queries raised by FTA or consultants and reconcile VAT payable/receivable with GL in a timely manner.

Qualifications & Experience:

Bachelor’s degree in finance & accounting or equivalent.
Min 2 years relevant experience including experience of ERP financial modules.
Part qualification in CA or equivalent is preferred.
Experience in shipping industry will be preferred.