CA / Account Manager

Role & responsibilities :-

• Maintain Accurate Financial Records: Oversee the preparation and maintenance of day-to-day financial records, including sales, purchases, payments, and receipts related to jewelry transactions.
• Reconcile Accounts: Reconcile bank statements, vendor, and customer accounts to ensure accurate data in the books.
• Journal Entries: Ensure correct journal entries for all financial transactions, especially for inventory management, raw materials (precious metals and stones), and finished goods.

2. Inventory Management & Valuation:

• Jewelry Inventory Control: Jewelry businesses deal with precious metals and gemstones that fluctuate in price. The CA ensures the accurate valuation of these inventories and ensures that they are recorded appropriately.
• Stock Audits: Conduct regular inventory audits to check for any discrepancies between physical stock and recorded stock.

3. Cost Accounting:

• Costing of Jewelry Products: Determine the cost of raw materials (gold, silver, diamonds, etc.) and labor involved in producing jewelry. This helps in pricing products correctly and understanding the profit margins.
• Cost Allocation: Ensure that direct and indirect costs are properly allocated and monitored, especially in the manufacturing process of jewelry.

4. Tax Compliance:

• GST and Tax Filing: Ensure compliance with Goods and Services Tax (GST), Income Tax, and other applicable taxes. Calculate and file GST returns, making sure taxes are accurately applied to jewelry sales, purchases, and imports/exports.
• Tax Planning: Assist the business in tax planning strategies to minimize tax liabilities while ensuring compliance with the law.
• Custom Duty & Import/Export Compliance: Jewelry businesses often deal with the import and export of precious metals and stones. The CA will ensure that customs duties, import-export regulations, and other compliance requirements are met.

5. Financial Reporting & Analysis:

• Preparation of Financial Statements: Prepare monthly, quarterly, and annual financial statements, including balance sheets, profit and loss statements, and cash flow statements.
• Financial Analysis: Provide analysis of financial performance, highlighting key performance indicators (KPIs), profitability, working capital, and other financial metrics.
• Management Reporting: Provide reports to the management team, offering insights into business performance, cash flow, and profitability for better decision-making.

6. Cash Flow Management:

• Monitor Cash Flow: Ensure that the jewelry business has adequate liquidity to meet its obligations. This includes monitoring cash inflows and outflows, and ensuring that the business can pay for raw materials, labor, and other operating expenses.
• Credit Control: Manage credit extended to customers and ensure timely collections to maintain healthy cash flow.

7. Auditing & Internal Controls:

• Internal Audit: Establish internal controls to prevent fraud and ensure that financial transactions are properly documented and verified.
• External Audit Coordination: Facilitate the external audit process and ensure that all financial records are transparent and in compliance with industry standards.

8. Legal & Regulatory Compliance:

• Compliance with Industry Regulations: Ensure that the business adheres to regulations specific to the jewelry industry, such as hallmarking, licensing, and industry certifications.
• Legal Documentation: Assist with legal documentation, contracts, and agreements with suppliers, customers, and other stakeholders.
• Business Licenses & Permits: Ensure that the business has all the necessary permits, licenses, and certificates to operate legally in the jewelry industry.

9. Financial Planning & Budgeting:

• Budgeting: Develop annual budgets, forecasting revenues and expenses, and making sure the business stays within financial constraints.
• Financial Projections: Create projections for future revenue and expenses based on market trends, allowing the business to plan for growth or contraction.
• Investment and Funding Advice: Advise the business on financial strategies, including investments, loans, and financing options.

10. Advisory Role:

• Strategic Decision Making: Provide insights and advice to the business owners and management regarding the financial health of the business, growth strategies, and potential investment opportunities.
• Risk Management: Assess potential financial risks such as fluctuations in metal prices, exchange rates (for international business), and advise on mitigating strategies.

11. Banking and Fund Management:

• Liaise with Banks: Manage relationships with banks, ensuring the business has access to financing if needed. Negotiate terms of loans, credit facilities, or lines of credit.
• Treasury Management: Oversee the effective management of funds to ensure the business has enough liquidity to meet its obligations and fund growth.

Preferred candidate profile :-

A Chartered Accountant in the jewelry industry takes on a pivotal role, ensuring the financial integrity of the business. From managing day-to-day accounting tasks to strategic financial planning, compliance, and advising on business decisions, the CAs role is indispensable for ensuring the business operates smoothly, stays profitable, and remains compliant with regulations.