The principal purpose of the role is to undertake a range of tasks related to the timely settlement of receivables and payables and minimise the Company's overdue debt and unallocated cash receipts
Key responsibilities
Review and understand Global (underwriting system) endorsements processed by the underwriting team and associated contractual documentation, invoices etc
Review and understand Global (claims system) entries processed by the Claims team - in particular outwards reinsurance recoveries
Monitor the due dates of pending items (receivables/payables) and contact the relevant counterparty ahead of the due date to obtain a timely settlement
In the even that the pending item becomes overdue, engage with the counterparty to expedite settlement as soon as practicable
Collaborate with the underwriting team if endorsements are required to reconcile the original pending items to updated values advised by the policyholder
Investigate cash receipts to ascertain which pending items have been settled in the eyes of the counterparty
Recommend cash payment/receipt offsetting against pending items to other members of the Accounting team
Advise other Accounting staff if the offsetting triggers any related activity (eg, IPT payable)
Produce MI for the CFO, other teams, the Board, Head Office as appropriate
Develop a database to record actions on overdue items and unidentified cash to make it easier to follow what actions have been undertaken
Investigate historical uncleared pending items with a view to collecting, paying or writing them off
Assist the CFO with his MI for (i) pending item management (ii) Global contracts (iii) Global claims and (iv) reinsurer database
Any other tasks that the company may reasonably assign from time to time, according to business needs
Required Qualifications, Skills and Experience
Qualifications:
Accounting/Finance degree or equivalent desirable
Progression towards a professional qualification such as ACCA, ACA or CIMA
Skills & Experience
Knowledge of accounting practices and principles including thorough practical experience of bookkeeping or maintaining accounting ledgers. Comfortable with debits and credits. Can relate the technical features of the work to the trial balance and accounting outputs