Financial Accountant 1

Job Title : Financial Accountant 

Location: BKC Bandra, Mumbai 

Reporting To: Team Lead – General Accounting & Finance 

About Munich Re

As the world's leading reinsurance company with more than 11,000 employees at over 50 locations, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into a manageable risk we enable fundamental change. Join us working on topics today that will concern society tomorrow, whether that be climate change, major construction projects, medical risk assessment or even space travel.    Together we embrace a culture where multiskilled teams dare to think big. We create the new and the different for our clients and cultivate innovation.   

Does this sound like you? Push boundaries with us and be part of Munich Re.   

JOB PURPOSE

This is a hands-on, operationally focused role responsible for the day-to-day financial activities of the India Branch. The individual in this role will be responsible for end-to-end accounts payable, cash management, bank reconciliation, statutory compliance and general ledger hygiene, while continuously driving process automation and digital efficiency. 

This role is critical to ensuring that all financial obligations—vendor payments, statutory dues, employee reimbursements and regulatory filings—are discharged accurately and on time, and that the organisation’s idle funds are optimally deployed to maximise interest income. 

KEY RESPONSIBILITIES

1. Accounts Payable

• Process vendor invoices end-to-end: receipt, verification, three-way matching, approval and payment release as per defined SLAs. 

• Ensure all payments are adequately supported by valid contracts, purchase orders, invoices and appropriate internal approvals. 

• Monitor the AP ageing dashboard and proactively resolve overdue or disputed invoices to prevent interest or penalty exposure. 

• Liaise with procurement and business teams for prompt invoice receipt and query resolution. 

• Reconcile vendor statements monthly and ensure zero long-outstanding open items. 

• Ensure TDS / withholding tax deductions are correctly applied and accounted for. 

2. Employee Reimbursements

• Administer the employee expense reimbursement cycle—receipt, policy compliance checks, approval routing and payment within defined turnaround times. 

• Validate expense claims for adherence to the company’s Travel & Expense Policy and flag exceptions to management. 

• Process medical, meal, fuel and other allowance reimbursements accurately and within payroll cut-off dates. 

3. Cash Management & Treasury Operations

• Maintain and update the daily cash position statement, ensuring sufficient liquidity for all outgoing payments and obligations. 

• Monitor surplus idle funds and place them in short-term or overnight bank deposits or approved instruments to optimise interest income. 

• Track maturity of fixed deposits and renew or redeploy proceeds in a timely manner. 

• Interface with bankers for operational banking requirements, limits and interest negotiations. 

4. Bank Reconciliation & Monthly Closing

• Perform monthly bank reconciliations for all bank accounts and ensure reconciling items are resolved within the month-end close timeline. 

• Drive complete and accurate monthly expense closing, including accrual of provisions, validation of cost-centre allocations and clearance of unposted items. 

• Support the preparation of quarterly and annual financial statements under Indian GAAP and IFRS, as required. 

5. GST & Direct Tax Compliances

• Prepare and liaise with consultants for filing monthly GSTR-1, GSTR-3B and annual GST returns accurately and on time. 

• Reconcile GST books with GSTR‑2A / GSTR‑2B and follow up with vendors on mismatches to enable timely ITC availment. 

• Ensure correct TDS deductions across all payment categories under relevant provisions of the Income-tax Act, as amended from time to time, and coordinate with consultants for filing quarterly TDS returns. 

• Ensure compliance with MSME reporting and payment requirements. 

• Handle GST and income-tax notices, assessments and refund follow-ups in coordination with tax consultants. 

• Ensure compliance with other applicable statutory payments, including PF, ESI, PT and any insurance-sector levies. 

6. Audit Support & Regulatory Reporting

• Act as the primary operations contact for statutory, internal and concurrent auditors by providing schedules, reconciliations and supporting documents on time. 

• Ensure timely resolution and closure of audit queries and management points through an audit tracker. 

• Support preparation of regulatory returns and submissions to IRDAI and other regulators, as required. 

• Maintain audit-ready books by ensuring postings, reconciliations and document archiving are up to date. 

7. Finance Automation & Process Improvement

• Identify manual and repetitive finance workflows and support automation initiatives using tools such as Excel Macros/VBA, Power Query, Power Automate, Power BI or RPA solutions. 

• Build automated reconciliation templates, dashboards and exception reports to reduce manual effort and turnaround time. 

• Create and maintain live cash management and accounts payable dashboards for real-time visibility for the Finance Team Lead. 

• Proactively bring industry benchmarks and best practices to continuously improve process efficiency. 

Your Profile :

• Qualified CA with experience ranging from 2 to 3 years in accounts payable, cash management, general ledger and statutory compliance. 

• Working knowledge of GST, TDS/TCS provisions and their operational impact on day-to-day transactions. 

• Basic knowledge of accounting software (SAP or equivalent ERP). 

• Advanced Excel skills, including VLOOKUP, Pivot Tables, Power Query and basic Macros. 

• Experience in financial services, insurance or a regulated BFSI environment is preferred. 

• Familiarity with IRDAI regulatory returns and compliance calendars. 

• Working knowledge of e-invoicing, the GST portal, TRACES and income-tax e-filing portals. 

“We see DEI as a business imperative, helping us to attract, grow and inspire a diverse, inclusive, and equitable workforce that better enable us to serve our customers, investors, and communities. Globally, we strive to build balanced teams across all aspects of difference. If you are interested in the role and believe you could contribute, we encourage you to apply even if your experience doesn't perfectly match every qualification.”