2. Key Responsibilities
A. Accounts Payable Operations
Invoice Processing & Validation
- Review and validate supplier invoices for accuracy, completeness, and supporting documentation.
- Ensure invoices are matched with approved Purchase Orders (POs) and Goods Receipt Notes (GRNs), where applicable.
- Verify approvals are obtained in line with Delegation of Authority (DOA).
- Ensure correct accounting treatment and GL coding.
- Process invoices within agreed turnaround times.
- Resolve invoice discrepancies with business stakeholders and vendors.
Payment Processing
- Prepare and execute supplier payment runs.
- Ensure timely payments according to contractual terms.
- Validate bank details before payment release.
- Review payment proposals and obtain required approvals.
- Support daily, weekly and monthly cash flow planning activities.
B. VAT & Regulatory Compliance
VAT Validation
- Review invoices to ensure VAT treatment is correct.
- Validate VAT registration details of vendors.
- Ensure tax invoices meet UAE VAT requirements.
- Verify recoverable and non-recoverable VAT treatment.
- Review VAT codes before posting transactions.
- Support VAT return preparation and reconciliations.
- Maintain documentation required for VAT audits.
- Ensure proper retention of tax documentation.
C. P&C Insurance and Reinsurance Accounting
Reinsurance Payment Management
- Process facultative, treaty, and excess of loss (XOL) reinsurance payments.
- Review bordereaux and settlement reports before payment.
- Ensure payments are supported by complete contractual documentation.
- Follow up on outstanding documents required for payment processing.
Reinsurer & Broker Reconciliation
- Perform reconciliation of Statements of Accounts (SOAs) received from reinsurers and brokers.
- Match SOA balances company records and ledger balances.
- Investigate and resolve differences in a timely manner.
- Maintain reconciliation trackers and aging reports.
- Coordinate with underwriting, claims, finance, and reinsurance departments to resolve discrepancies.
P&C Claims Settlement Validation
- Validate claim settlement amounts before payment.
- Review approvals and supporting documents.
- Ensure claim payments comply with treaty terms and reinsurance agreements.
- Confirm allocation of recoveries and reinstatement premiums where applicable.
- Verify accuracy of claims accounting entries.
Technical Reinsurance Accounting
- Reconcile outstanding claims balances.
- Review and reconcile commission statements.
- Validate profit commission calculations when applicable.
- Review cash calls and recoveries.
- Reconcile treaty accounts on a monthly basis.
- Monitor aged balances and drive timely settlement.
Financial Reporting Support
- Prepare monthly reconciliation reports.
- Support month-end and year-end closing activities.
- Prepare schedules for auditors.
- Assist in management reporting related to AP and P&C operations.
Key Controls & Responsibilities
- Ensure all payments comply with company policies and procedures.
- Perform maker-checker validations.
- Maintain complete audit trails.
- Identify process improvement opportunities.
- Recommend automation and efficiency enhancements.
- Participate in internal and external audits.
- Ensure adherence to service level agreements (SLAs).
4. Qualifications and Experience
Education
- Bachelor’s degree in accounting, Finance.
- Professional certification is preferred such as ACCA or CMA.
Experience
- 5 years of experience in Accounts Payable and Finance.
- Minimum 3 years of experience in Insurance or Reinsurance accounting.
- Experience in P&C insurance operations.
- Strong background in supplier payments and reconciliations.
- Experience handling treaty, facultative, and XOL settlements.
Preferred
- Experience with large insurance companies.
- Experience with ERP systems (Oracle, SAP, EBS, Dynamics, etc.).
- Experience managing high-volume payment environments.
