Financial Control & Settlement Lead
Financial Control Lead
- Responsible for ensuring correct Fair Value & Accounting adjustments applied to Trading transactions including derivatives, turnover and inventory in SAP reported numbers.
- Create and publish financial reports, including disclosures, for the trading organization, complying with the accepted accounting standards (IFRS), on a monthly, annual, or ad-hoc basis. Demonstrate strong understanding of the business and provide period-on-period financial analysis. Ensure period-end close performed within the Group timelines in a strong controls environment.
- Work closely with the Product Control & Financial Operations to ensure invoices and related costs are complete, accurate and recorded correctly in the Accounts (e.g. finance charges, inspections costs, terminal and tankage fees, shipping costs, port costs).
- Ensure all Trading P&L entries by Strategy/Book (Profit Centre in SAP), related adjustments and other costs are captured on the right GL Account.
- Develop and maintain an efficient, accurate and timely process to operate the exchange margin accounts for margin calls, so to only deploy the strictly needed cash in those accounts.
- Allocate in SAP the P&L impacts of the margin account activities, and cross check and verify all exchange accounts activity and reconcile that with SAP P&L reports.
- Interface as necessary with other Finance teams to ensure all needed payments and withdrawals from exchange accounts occur in a timely and efficient manner.
- Ensure MI to IFRS P&L reconciliation is performed and clearly explained.
1. Build a trading settlements function in a startup environment, develop settlement procedures and ensure settlement procedures are continuously updated.
2. Lead invoice creation, distribution, reconciliation, checkout and settlement of physical, financial and freight LNG trade settlements including contract terms review, from CTRM system and SAP.
3. Manage offset between counterparties through applying the knowledge of IFRS requirements and working with Legal to prepare offset arrangements.
4. Review contracts/service agreements for settlement purposes, record and check payment due dates, perform price confirmation with counterparties, apply netting where applicable and billing/invoicing of sales both provisional and final invoices where applicable.
5. Ensure compliance with trading standards, applicable regulatory requirements and ensuring correct tax treatment of invoices.
6. Process secondary costs such as: freight, insurance, inspections, demurrage and port costs ensuring costs are settled timely and accurately
7. Supply weekly cash forecasting for Treasury detailing purchases, sales in order to provision cash flow.
8. Liaise with traders and operators proactively to resolve disputes, clear overdue AR/AP items and non-allocated cash.
9. Provide KPI and Trading performance analysis information to manage business expectations, provide commentary / actions and address root cause of issues
10. Proactively and timely liaising with reporting teams to resolve issues arising in MI to Accounts rec/ month-end.