Job Description
Empowering you to protect the future of families !
Head of Finance
Join with BIMA and partner with our Vision to protect future of families In the world. You will experience discovering technology and Business models bring benefits of health services to people who are under-served. In a culture of respect, you will work with a friendly and supportive team of people who always inspire you to be extraordinary.
BIMA OVERVIEW
At BIMA (MILVIK) we believe in showing up every day with the intent of making a difference to the lives of over 25 million people. We are an international organisation innovating the digital health space and we achieve this by working together with passion and commitment to our work.
We build products our customers love and need. joining BIMA at this stage provides an opportunity for you to truly help us become a global fast-growing product, data and technology focused company. Our people are our greatest asset and we are as diverse as our customers. With us you have opportunities to grow, develop and deliver real impact in a company where innovation, diversity and respect are at the heart of our culture
LOCATION
Colombo 6
REPORTS TO
Country Manager; Chief Finance Officer – Group
TYPE
Full-time, permanent
THE ROLE
The Head of Finance owns the financial integrity, cash control and regulatory compliance of the BIMA Sri Lanka group across the three legal entities. The role leads reporting, budgeting, treasury, tax and internal controls, and is the finance business partner to the Country Manager for growth, partnerships and new business deals.
RESPONSIBILITIES
1. Finance leadership and business partnering
- Lead one finance function across all three BIMA Sri Lanka entities.
- Act as finance business partner to the Country Manager and SMT on strategy, growth and investment decisions.
- Set finance policies, procedures and the delegation of financial authority.
- Represent finance with Group Finance, the parent company, banks, auditors and partners.
2. Financial reporting, close and consolidation
- Run month-end close: estimations, journal review, salary entries and the cost allocation file.
- Prepare and review balance sheets and schedules for each entity, plus consolidated group management accounts.
- Manage intercompany transactions, cost allocations and eliminations, including with Milvik AB and Milvik Singapore.
- Prepare quarterly BIMA reports and annual financial statements; lead external audits to a clean opinion within statutory deadlines.
- Own the chart of accounts, accounting policies (SLFRS) and the fixed asset register.
3. Head Office reporting, budgeting and forecasting
- Submit group reporting packs and presentations to Head Office on time.
- Lead the annual budget, rolling business forecasts and the cash flow forecast for each entity and the group.
- Prepare variance analysis against budget with explanations and corrective actions; produce ad-hoc management reports.
- Track profitability by product, channel and partner, including contribution margins.
4. New business, partnerships and pricing
- Evaluate the financial viability of new products, partnerships and corporate deals.
- Model returns, commission, revenue-share and profit-share terms with underwriters, telecom and B2B partners.
- Support commercial teams to negotiate and close profitable deals; monitor deal performance after launch.
5. Revenue and receivables
- Ensure all income is recognised and collected: brokerage commissions, fees, B2B onboarding and service income.
- Oversee B2B invoices and debit notes, revenue templates and journals, and receipting.
- Run weekly debt ageing and follow-up; reconcile commission and partner statements monthly and reconcile short-paid amounts.
6. Payables, payroll and payments
- Approve the two monthly payment cycles, cut-offs and bank transfer lists, within approved limits.
- Oversee weekly B-Care claims payments, petty cash, advances and IOU follow-up, and purchase orders.
- Verify payroll, sales incentives, agent commissions and business introducer fees before payment.
7. Treasury and client money
- Manage cash flow, working capital and bank relationships for all entities; invest surplus funds within approved policy.
- Manage segregated client premium accounts and ensure premium payments and remittances reach underwriters on time.
- Control bank mandates, dual authorisation of payments, bank statement updates and bank reconciliations.
8. Taxation
- Manage corporate income tax, VAT (input and output), SSCL, stamp duty, WHT and APIT for all entities.
- Maintain the tax tracker and issue WHT certificates.
- Lead tax planning, tax assessments, tax audits and correspondence with the Inland Revenue Department.
9. Regulatory compliance, controls and risk
- Prepare and submit financial returns and audited accounts to the IRCSL within prescribed deadlines; handle IRCSL inspections and queries.
- Monitor the broker entity's tax risk and solvency against IRCSL requirements.
- Maintain the compliance tracker and ensure Registrar of Companies and other statutory filings are on time.
- Maintain internal controls over revenue, payments, cash, client money and payroll with segregation between preparer, checker and approver.
- Coordinate internal audit and close audit findings; support AML/CFT compliance with the Compliance Office.
10. Team, systems and process improvement
- Lead, coach, and allocate work to the finance team; build depth so no task depends on one person.
- Improve and automate finance processes in Dynamics ERP and Excel.
- Maintain accurate, timely and secure financial records.
- Oversee the MIS team (this may move to Operations in future).
THE CANDIDATE
- Fully qualified accountant (CA Sri Lanka, ACCA, CIMA or CMA); a degree in accounting or finance, or an MBA, is an advantage.
- Minimum 8-10 years of post-qualification experience, with at least 3 years in a finance leadership role.
- Finance experience in insurance, insurance broking or the wider financial services industry; insurance experience is an advantage; exposure to microinsurance, healthcare, telecom-partner or B2B distribution is an advantage.
- SLFRS, statutory reporting and consolidation; IRCSL reporting and broker solvency requirements; client money controls.
- Experience with ERP or a similar ERP; advanced Excel (modelling, reconciliations, forecasting).
- Deal evaluation, revenue-share and commission modelling, product and channel profitability, cash flow and business forecasting.
- Ability to work as a bridge between the business and the finance team; communicate clearly and effectively.
- Integrity and sound judgment, strong leadership and communication skills; ability to build and maintain relationships with key stakeholders.
Please visit www.bimamobile.com to learn more about BIMA, our team and the success and impact we've had so far.
Please send a CV and tell us why you would like to work in BIMA to: [email protected]
30 – 3/1, Galle Road, Colombo 6
