Position Summary:
The Settlement and Product Control Officer will be responsible for overseeing and executing various financial operations, including the settlement of Letters of Credit (LC), preparation of Cost of Goods Sold (COGS) reports, and ensuring accurate accounting and reconciliation of COGS-related transactions. This role requires strong analytical skills, attention to detail, and collaboration with internal and external stakeholders to ensure the smooth execution of financial operations.
Key Responsibilities:
Settlement of Letters of Credit (LC):
- Ensure timely and accurate settlement of LCs in accordance with terms and conditions.
- Coordinate with relevant departments (finance, procurement, logistics) to gather necessary documentation for LC processing.
- Liaise with banks and financial institutions for LC issuance, amendments, and settlement.
- Monitor the status of outstanding LCs and ensure compliance with regulations and company policies.
- Review and reconcile LC-related transactions to ensure accurate recording in financial systems.
Cost of Goods Sold (COGS) Preparation:
- Collaborate with the finance team to calculate and verify COGS, ensuring accurate and timely reporting.
- Analyze production, procurement, and inventory data to accurately determine COGS.
- Identify discrepancies in cost reporting and work with relevant teams to resolve any issues.
- Prepare regular COGS reports and present insights to management for decision-making purposes.
COGS-Related Accounting:
- Record and monitor COGS-related transactions in the accounting system to ensure accuracy and completeness.
- Perform monthly, quarterly, and annual reconciliations of COGS accounts.
- Assist in the development and improvement of internal controls related to COGS accounting.
- Support audits by providing necessary documentation and explanations related to COGS.
Financial Reporting and Analysis:
- Prepare and review financial reports related to product costs, profitability, and LC settlements.
- Conduct variance analysis between actual and budgeted COGS and provide explanations for deviations.
- Support the preparation of management reports, including profitability analysis and cost reduction opportunities.
Process Improvement and Compliance:
- Continuously identify areas for process improvements related to LC settlements, COGS preparation, and accounting processes.
- Ensure compliance with local and international financial regulations and company policies.
- Collaborate with cross-functional teams to optimize financial processes and enhance efficiency.
Stakeholder Management:
- Liaise with internal departments (finance, procurement, logistics, sales) to ensure alignment on financial processes.
- Communicate effectively with external stakeholders, including banks, suppliers, and auditors, to facilitate smooth financial operations.
