disbursement Accounting specialist-1FWD Group

About FWD Life Philippines
FWD Life Insurance Corporation (FWD Life Philippines) launched its commercial operations in September 2014. As of end-2022, FWD Life Philippines ranks 3rd and 6th in terms of Paid-up Capital(1) and New Business Annual Premium Equivalent(2), respectively.
FWD Group is a pan-Asian life insurance business with more than 10 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.
For more information, please visit fwd.com.ph.
1 www.insurance.gov.ph > Statistics > Life > 2022 > Based on Paid-Up Capital
2 www.insurance.gov.ph > Statistics > Life > 2022 > Based on New Business Annual Premium Equivalent
Responsible for the accurate and timely processing of payments to local vendors and VIP policy clients in accordance to FWD Governance Framework i.e. Authorization, Execution, Certification and Disbursements. Ensures that RTR (Record to Report), including applicable taxes, are consistently done in accordance to defined Chart of Accounts, reconciles vendor Statement of Account, performs assigned Balance Sheet account reconciliation, prepares and releases Certificate of Withholding Tax to vendors and provides support to the whole Disbursement Accounting Team.
Processes payment commitments of the company and ensures that these are accurately recorded in the books and are paid on time.
Conducts same day review of Payment Requests to determine validity and correctness (properly supported, authorized, contract, within plan, accurate footings/extensions) and returns the same to the requestors if PRF did not pass QA.
Coordinates with requestors issues identified during review of invoices, billings.
Records transactions in accordance to defined Chart of Accounts to ensure financial records are accurately reported.
Ensures that appropriate taxes are applied, that is withholding or final tax for every disbursement transaction.
Conducts AP Closing to reconcile payments vs. booked AP in the system.
Coordinates with Investment Specialist for funding requirements.
Processes policy-related payment requests of the company's VIP clients such as claims, withdrawals, refunds, etc. and ensures adherence to the committed turn-around time (TAT).
Conducts same day review of Payment Requests to determine validity and correctness (properly supported, authorized, etc.) and returns the same to the shared folder if PRF did not pass QA.
Coordinates with requestors issues identified during review of payment request and supporting documents.
Ensures correctness in the bank account details and amount for every disbursement transaction.
Records required journal entries.
Coordinates with Investment Specialist for funding requirements.
Sends payment notification to stakeholders for all successful policy-related disbursement transactions
Coordinates with internal/external customers for any queries and resolves issues regarding unpaid invoices and payment details through vendor account reconciliation.
Prepares Certificate of Withholding Tax (BIR Form 2307) and releases approved form to local vendors.
Monitors status of accruals and ensures that there is either re-accrual or record of actuals in the succeeding months.
Assists Senior Manager and Head of Disbursement Accounting on initiatives and projects.
Updates Disbursement Accounting Team's vendor Masterfile every time there are changes in the vendors' information.
Provides support to the whole Disbursement Accounting Team to ensure goals are delivered.
Privacy Notice
Your privacy is a priority for FWD. The Company keeps your personal information with us in confidence. To know more about how we process your information, kindly refer to our FWD Recruitment Privacy Notice.
FWD has partnered with Talocity Instasolutions Private Limited ("Talocity") to manage the initial filtering of candidate's profiles through video interviews, social profile mapping, and video analytics using artificial intelligence engine that is offered within the Talocity platform. The platform evaluates the candidate on the five well-known dimensions as per OCEAN Personality Model that influence occupational success and help understand workplace behavior. For more information, please refer to Talocity Privacy Policy.
When you apply, FWD will share your name, phone number and email address to Talocity to contact you and conduct the initial screening and profiling process. Shortlisted candidates will then be contacted by FWD for the face-to-face interview.