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Philips Senior Accounting Specialist-Hedge Accounting in Chennai (ex Madras), India

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About Philips

Philips India Limited is a subsidiary of Royal Philips of the Netherlands, a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology, deep clinical, and consumer insights to deliver integrated solutions. The company is a leader in diagnostic imaging, image-guided

Therapy, patient monitoring and health informatics, as well as in consumer health and home care.

About Philips Global Business Services (GBS)

Philips Global Business Services delivers excellence in the execution of business services, enabling an agile repeatable framework to leverage market opportunities that contribute to extending our leadership as a Health Technology company. Our people are a key part of the transformation program in Philips and at GBS, you become part of a global team of professionals that form the backbone of this journey.

Job Description Summary

As part of Accounting Operations, Hedge Accounting your main activity is to manage the FX risk exposures of the organizations in scope. You ensure that hedging activities are performed in accordance of the guidelines of Group Treasury. The goal is to eliminate fluctuations in profit and loss from currency rate changes by hedging outstanding invoices in foreign currency and by hedging future expected cash flows based on input of business partner.

The function is to be performed in close cooperation with the businesses and Treasury team in order to incorporate changes in invoice flows timely. Your tasks would include, but not limited to

  • Hedge the currency risks (committed / anticipated) for organizational reporting units (ORU’s) in scope,

  • Ensure that FX risks for the ORU’s in scope are hedged in accordance with the requirements (business, FX policy, IFRS, SoX) and deadlines

  • Perform Month End Close activities for Hedge Accounting (Reporting, Signaling, Analysis, Balance sheet specifications)

  • Provide advice to business to improve or sustain quality hedging estimation process,

  • Responsible for alignment with NL Hedging Team on all processes changes, and

  • Work as a team with improvement projects (stakeholder management and other upcoming project

Key Relationships

The position reports to the COE Lead RTR team in Chennai HUB. You have very close interaction with the NL Oversight Team, Business Partners worldwide and with Group Treasury. You also collaborate with various other stakeholders affecting hedging to drive process improvements. You are responsible end to end for your organizations’ hedging activities and the point of contact for external service provider (Infosys) and make sure that they provide the right input. You are the point of contact of your organizations for hedging related external and internal audits.

Your team

Accounting Operations provides financial services to Philips businesses worldwide. Aim is to create benefit for Philips by delivering best-in-class processes through driving innovation in cooperation with Philips FEN, Infosys and customers and achieve a high level of cross-sector harmonization and automation in the areas order-to-cash (O2C), procure-to-pay (P2P), record-to-report (R2R) and transactional controlling.

The Hedging Team is a global center of expertise within Accounting Operations. This team provides hedging activities for ORU’s globally. The team is responsible for the hedging currency risks, providing advice, driving improvements and assessing (upcoming) changes and opportunities for global hedging operations. The Global Hub Hedging Team is reporting to NL Hedging Team.

Your profile

  • CA/MBA from a Tier 1 B School

  • Good understanding of accounting and balance sheet, proven experience in various accounting processes, working knowledge of financial ERP system (SAP Preferred) is a plus,

  • 3-4 years’ experience in an general or treasury accountant function

  • Advanced Excel skills,

  • Basic knowledge of FX risks, hedging and treasury is a plus

  • Accurate, accountable and proactive

  • Team player who takes full ownership and holds self/others accountable for outcomes

  • Experience with data analytics and logical thinking

  • Excellent communication with various stakeholders and within a team (in English )

In return, we offer you

  • A challenging, innovative environment with great opportunities to explore. Our benefits are very competitive and designed around your preferences:

  • A rewarding career in Philips with attractive package. `

  • A variable bonus based on both Philips results and personal performance

  • Extensive set of tools to drive your career, such as a personal development budget, free training and coaching

  • Attractive collective health insurance package

  • Opportunity to buy Philips shares and products with discount

Why should you join Philips?

Working at Philips is more than a job. It’s a calling to create a healthier society through meaningful work, focused on improving 3 billion lives a year by delivering innovative solutions across the health continuum. Our people experience a variety of unexpected moments when their lives and careers come together in meaningful ways. Learn more by watching this video.

To find out more about what it’s like working for Philips at a personal level, visit the Working at Philips page on our career website, where you can read stories from our employee blog. Once there, you can also learn about our recruitment process, or find answers to some of the frequently asked questions.

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