Management Reporting General Ledger

EMMANUEL ARHINFUL

Emmanuel Arhinful has been working in the field of Accounting and Finance related jobs for more than 20 years across Oil and gas, Marine shipping, manufacturing and Services sectors. Currently he is employed as a Management Accountant at Chase Petroleum Ghana Limited years) with exposure to management positions.

A versatile and results oriented man who can work efficiently with little supervision. Possess very good human relations, capable of assimilating new ideas and a pleasant personality with profound integrity, strong negotiation, organizational and communication skills PROFESSIONAL EXPERIENCE

Job Title: Management Accountant

Grade:

Reports to :Head of Finance

Supervises: Account Officers

Last Update:2019

Subject Description

Job Purpose • Responsible for the overall integrity and accuracy of the General Ledger as a basis for the preparation of Financial & Management Reporting

• Provide support to the Head of Finance on all matters relating to the operation of the Finance Department including management reporting, project analysis, Cost management, profitability analysis, Group reporting, regulatory reporting, Strategy Input / Budgeting and embedding the Finance discipline

• Custodian of the General Ledger, chart of accounts and the central repository for MI for Chase

• To provide technical leadership with regard to all reporting standards

• Preparation of Economic and Value Added reports

Key Accountabilities Financial & Management Reporting Brief Description: Preparation of monthly financial & management reports

• Ensure the overall integrity and accuracy of the General Ledger as a basis for the preparation of Financial & Management Reporting

• Monthly, Reconcile the differences that exist in the cashbook and bank statement, making the necessary adjustments, Signing off reconciled accounts and file copies

• Monitor all Balance sheet and Income Statement accounts movements and timely report inconsistencies, inaccuracies, and unreasonable trends for correction

• Ensuring that all internal management reporting requirements are Cell Phone:+233-***-******

E-mail: **********@*****.**.**

P. O. Box DS 1018

Dansoman – Accra

timeously met including preparation of weekly, monthly and quarterly management accounts and statutory returns

Prepare weekly Sales report in approved format to financing banks for the sales of the bank(s)’ financed cargoes

Prepare weekly coverage and total coverage report in approved format to financing banks for the sales of the bank(s)’ financed cargoes

Preparation of monthly projected performance report (Flash Report) and subsequent reconciliation with actual monthly performance and provision of comments for the Flash vs Actual variances.

Costing of (Stock valuation) all the imported cargoes and local purchases to ascertain landed cost of all stocks for each month

Determine monthly cost of all product volumes lifted from various depots and charge out each product from stocks to Cost Of Sales.

Production of monthly Management Information System

(MIS) which include – Balance Sheet, Income Statement and Statement of Cash flow Analysis with succinct commentary on all variances in comparison with budget and year-on-year targets

Generation of Monthly Customer profitability report.

Generation of monthly Cargo profitability report

Preparation of monthly projected performance report (Flash Report) and subsequent reconciliation with actual monthly

Monthly preparation of a detailed Year-To-Date (YTD) SG&A variance analysis report, comparing current YTD line by line cost items with both prior year and the YTD budget targets, providing detailed commentary on the variances and highlighting opportunities and threats to the Head of Finance for Mgt, BRM and Board meetings.

• Investigate all unusual trends in management reports and proactively flag and report to the Finance Manager

• Monitor and report Revenue and expenditure against budget for each Business Unit

• Prepare and consolidate monthly Business Review Reports for a discussion with management and ensure timely submission to the Group Office ahead of agreed dates

Budget and Budgetary Control

• Be fully responsible for the Company’s annual budgeting process and the translation of the company’s annual Strategic Plan into annual financial budgets to the Head of Finance for presentation to Management and the Board.

• Monitoring progress towards their achievements, thereby drawing management’s attention to important trends, the opportunities to maximize income, reduce cost and minimize risk.

• Provide support to all other departments in the formulation of marketing plans, budgets, business development and the analysis of the operational business trends for the achievement of overall plans and objectives. Regulatory, Statutory & Compliance

• Responsible for all external audits of the company including tax audits by the tax authorities and the interim and final annual audits of our financial transactions by the company’s external auditors.

• Reporting to NPA on Monthly basis reconciled sales volumes of all products across the depot network Bi-weekly i.e. from APD, Kumasi, Buipe, TOR, Takoradi and Tema Tank Farm (TTFD)

Other Responsibilities

• Perform any other adhoc assignment given by the Head of Finance

• Prepare business cases for all projects and new business initiatives to justify the investment for management consideration

• Regularly appraise the implemented Projects and business opportunities to assist in addressing short comings and improve performances

Key Performance

Indicators

Financial & Management Reporting

1. Outputs/Outcomes:

• Accurate Income Statements

• Timely & Accurate preparation of Balance Sheet

• Timely Provision of Historical Cash Flow Statements

• Projected Cash Flow statement

• Annual Financial Statements

• Timely preparation of Business Review Reports

• Response to Ad Hoc Reports requested by the Business Budget and Budgetary Control;

• Timely Provision of Annual Budget and Quarterly Budgets

• Monthly variance analysis reports with commentary and recommendations

• Periodic Forecast reports

• Projected appraisal and project monitoring reports Regulatory & Compliance& GL;

• Regulatory Compliance

• Achieving Cost Control

Educational &

Competency

Requirements

Minimum Education & Desired Experience

EDUCATION

Member ; Certified Management Accountant – Australia (2021) Ghana Institute of Management and Public Administration ( 2010-2012) MBA Accounting & Taxation

Methodist University College([2005-2007)B.B.A. Banking & Finance Institute of Professional Studies [1996- 1999]ICA (PART 1 & 2 & 3) Takoradi Polytechnic [1988-1990] Ghana Commercial Examinations (RSA) Stage 3 (Advanced)(Accounting, Commerce-Finance and Business mathamtics)

Deloitte Academy: Corporate Income Tax (CIT) Masterclass (April 2021) Deloitte Academy: IFRS Introductory Course( April 2020) Knowledge, Skills & Attributes:

Microsoft (Word, Excel and Power Point Presentation) Accpac International & Gescom Accounting (AS 400),Quick Books 2006 Sun Accounting Package and Vision and Pastel

Accounting system

Conflict Resolution management

Delegate to African Business Club 15th Annual Conference at Harvard Business School, Boston

Delegate to Global Petroleum Show 2018 @ Calgary, Alberta, Canada Oil and Gas Accounting & Finance by Professor Mathew Tsamenyi, University of Birmingham and Dr. Sam Agyei-Ampomah, University of Surrey, UK Organized by National Banking College 9th – 13th August, 2010 @ GIMPA Environmental, Health and Safety Co-coordinator for Finance and Administration, L’Air Liquide (Gh.) Ltd Knowledgeable in Prevention and Detection of Fraud Global Petroleum Show 2018 @ Calgary, Alberta, Canada

• Good written and oral skills

• Negotiation skills

• Critical thinking

• Good interpersonal and communication

• Team player

Coach

PROFESSIONAL SOCIETIES

Member: Certified Management Accountant (CMA Australia) Student Member – Institute of Chartered Accountants Ghana (ICA) Certified Financial Modular

Member: Certified Internal Control Professional

(2015)

Alumina Group- AIESEC Ghana

Critical Success Factors

(What you must do to be

successful in the Job)

Apply current accounting concepts and principles (IFRS) treat to various accounting transactions

• Abreast with contemporary laws and regulations relating to BDCs operation in Ghana and its financial and accounting implications

•Adequate and accurate reporting systems of the nature and volumes of various financial transactions

Full and adequate disclosure relating to performance Chase Petroleum Ghana Limited.

Key Performance

Indicators

(What indicates that you

are winning)

Reporting errors, misstatements and omissions should be around 0.1% Financial reports and presentations should less ambiguity and clear. Working Relationships Internal

Harmonious relationship within finance team and various departments of Chase Petroleum Ghana and other companies of CH group Language Proficiency English, Fanti, Twi, and Ga partially Working Environment

Stocks Accountant 2008 - 2014

Work closely with the operations, commercials, IT and risk and compliance departments, Petroleum regulatory bodies, trader supplier, facilities providers and financial institutions.

Gain a strong knowledge and understanding of oil trading, distribution and storage petroleum products. Organize annual and other periodic stock-taking exercise for the purposes of ascertaining the accurate stock values for management reporting.

Responsible for developing a standard method to be used to track all expenditures related to a project. Also estimate and manage the cost to purchase products and accounting models to help determine the price of production, the price to consumers and how much money the company can expect to make on any given product. This analysis includes pricing product from vendors necessary to creation of the product, incidental costs, any necessary transportation. Involve in the day to day management of finance and accounts as follow:

• Accurate costing/valuation of cargos purchased and ensuring appropriate treatment in financial statements

• Charge out monthly issues of stocks from all sales depots to cost of sales in respect of Gasoline, Gasoil, ATK, Kerosene, RFO,LPG, etc. to determine monthly cost of sales and analyse them to various cost elements.

• Bi-weekly liftings reports to National Petroleum Authority on quantities of product sold, reconciliation of OMCs liftings

• Bi-weekly computation of ex- ref differential amount on sales volumes of all Gasoil, Gasoline, ATK, Gasoil Mines, Kerosene, LPG, Premix, MGO, MGO Mines, RFO Etc)

• Accrue and reconcile monthly of trade payable accounts(Trafigura Beheer bv, B P International, Glencore U, Gunvor SA, GNPC, TOR, VIHAMA Energy, Oil Channel to ensure accurate balances of trade payables, & write off over/under value of invoice amount

• Reconcile other payable accounts- storage and loading racks charges(TOR storage, Bost Storage, Petroleum Warehousing, Inspectorate Ghana etc)

• Prepare and Issue Monthly credit Notes to customers for rebates granted and other trade payables/receivable customers

• Checking of commission due to customers on monthly basis.

• Reconciliation of Product Swapped during year 2011 with other BDCs to ascertain net stock position

• Liaise with Auditors for annual audit of Chase Petroleum and provide them with relevant information

• Valuation of closing stocks quantities to determine their the values in balance sheet' Acted for Accounts Controller:

• Monthly Management Accounts.

• Establish letter of Credit with Banks for imported cargos.

• Prepare Oversees Telegraphic Transfers (OTT) for foreign payments and transfers

• Weekly Management Coverage Report - Liquidity (includes –Stock values. Bank balances. Contract values/debtors balance, LC status, reconciled debtors accounts and Ageing of receivable balances)

• Update bank balances on daily basis for management

• Match revenue receipts to sales invoice to update debtors balances

• Supervise the accounts staffs and review of their works Ghana Oil Company Limited (GOIL) 2005-2008

Accounts Officer (Contract & Permanent)

• In charge of Monthly Bank Reconciliation Statement, Capturing cost stock transfers to Zonal Regional) Offices and prepares Cost issues for Sales promotions

• Monitors Internal consumptions, Maintenance of Stations throughout the country, Fixed assets to various filling stations, Cost additives used in production by Tema Lube and Oil Company

• Obtain invoices for payment to vet for cost item with budgeted line to ascertain over or under expenditure Tema Container Terminal Ltd 2002 - 2005

(Bollore Africa Logistics Group – France)

Management Accountant

• Supervise and review of subordinates of Accounts department, Act for Chief Accountant, Prepare periodic revaluation of foreign account for reporting purposes, Management information in respect of consumable per various department, Generate cost information for Centre, Monthly accruals schedule, monthly creditors schedule, Daily Cash flow report, Bank reconciliation, Inter-company reconciliation, Filing of monthly VAT returns, Preparation of PAYE, WHT, SSF & Payroll for Senior, Junior and Casual staffs. Prepare monthly expenses accrued schedule.

• Supervise cash collection on daily basis by reconcile daily invoices and cash receipts report and bank lodgment by cashier

• Daily update of bank account balances to management

• Supervise End of year and mid-year stocktaking, journalize stock losses, analyses and journalize monthly stock issue to maintain equipment and buildings.

• Prepare cheques and vouchers for payments, correct and journalize wrong posting of vouchers. Disbursement of Account for Messina Shipping line.

L’Air Liquide Ghana Ltd. 2000 - 2002

Inventory Controller

• Plan and set up stock levels, process stock receipts and issues, update inter depots transfer of stocks within the inventory system. Produce monthly stock valuation reports, conduct periodic physical stock counts and reconcile to ledger accounts. Generate quarterly report on stock difference, check damages obsolete for appropriate adjustment, and generate summary report of year end and quarterly stocktaking.

• Ascertain the landed cost of imported stocks, issue and analyze of stocks for production and factory maintenance cost, and credit Note for all returns to stock. Compile monthly Withholding Taxes deductions and process for payment, reconcile of Receivable and payable bills of imported items, calculate commission for distributors, operate petty cash disbursement system,

• Act for Internal auditor and Import and Export officer Association of Students Interested in Economics & Commerce (AIESEC) Ghana Accra 1999 – 2000)

Member Committee - Vice President, Finance

• Preparation of Annual Budget, Receipts and payment Accounts, Income and Expenditure Account and Balance Sheet, Project Account, cash flow statements and Bank reconciliation Statements, Registration of trainees for work permit, arrangement for host family, organize orientation for trainees

Global Auditors (Accountancy Services) 1999

Team Member

Management appraisal of District Hospital Administration and District Hospital in Ashanti region for Budget Management Centre of Ministry of Health, Ghana.

Ghana Ports & Harbour Authority, (AMA) 1998 – 1999 Internship – Internal Audit

• Expenditure Audit – Verification and vouching of staff medical bills, overtime hours claims of casual staff, monthly deduction of staff loan and Operation- End –of- year stocktaking.

Accra Metropolitan Authority, (AMA) 1997 – 1998

Internship – Accounting Research Unit

• Monitors revenue collection receipts, Investigate discrepancies in the payment of Business Operation License Fee for over and Under Assessment of Shops, firms and Businesses.

Barclays Bank Ghana Limited 1993

• Temporary staff for Ashanti Goldfield Shares Floatation Mr. Moses K Temanu

Group Finance Manager

Bollore Africa logistics

P. O. Box 148 Tema

Email:*****.******@*******.***

Mr. George Quartey

Head of Department

Institute of Chartered

Accountants, Ghana

P. O. Box LG 149

Legon

Mr. Sampson Dontoh

Human Resource Director

Unilever Ghana Limited

Tema *******.******@********.***

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