Division Finance Lead

Direct Reports: 3-7 depending upon size of the division

KEY ACCOUNTABILITIES:

Description :

MIS & Reporting :

1. Preparation, Review and submission of periodically financial reports - P/L, Balance sheet along with necessary Annexures and commentary.

2. Timely submission of the required information/reports to the concerned HoDs to meet with their operational requirements.

3. Highlighting major variance (i.e. >5%) between Actuals vs. previous year / Budget of Profit & Loss and Balance Sheet items to be prepared and submitted to respective HoD & HO/Cluster-Finance.

4. Review General / Sub-ledger before closing books.

5. Review Gross Profit by Agencies / Product categories

Key Results Areas:

1. Month-end closing on time (including review)

2. MIS reports submitted to HoD on time

3. Monthly Report on key control areas along with variance report to be submitted to HO/Cluster-Finance by 15th of subsequent month.

Policies, Systems, Processes & Procedures :

1. Review and report the exceptional items like Legal & corporate non- compliance, slow & non-moving inventory, abnormal expiry, damaged & stock differences/shortages, thefts, cash shortages, Recoverable Ageing, Receivable Ageing, etc. to Cluster Finance & HO-Finance.

2. Ensure implementation of Accounting guidelines/policies from HO

3. Ensure proper accounting & maintenance of General / sub Ledger

4. Review of all Suppliers payment and capex proposals before forwarding it to HO/Cluster-Finance for payment/approval

5. Provisions for aged inventory & receivables as per company's policy.

Key Result Areas:

1. Compliance with procedural and legislative requirements

2. Effective communication of policies and procedures and periodic training to the team

3. Timely reporting of exceptions

4. Accounting records are well maintained and update

Management and Division's Team structure:

1. Manage the effective achievement of the divisions objectives through the leadership of the subordinates- setting individual objectives, managing performance, developing and motivating staff, provision of formal and informal feedback and appraisal - in order to maximise subordinate and the performance of the division.

2. Recommend an optimum team structure for the division's financial accounting and outsource routine tasks to India team.

Key Results Areas:

1. Individual objectives, training and development plans in place for all direct reports

2. Periodic training are imparted to the team

3. Routine tasks are outsourced to India

4. Efficiency of the division and delivery of outputs

Working Capital Management:

1. Managing effective utilization of working capital deployed in the Division

2. Review of borrowing from Head office / banks

3. Facilitate external borrowings for the JV company's

4. Ensuring timely deposit of Customer Collections

5. Inventory and Receivables are reviewed and adequately provided as per HO guidelines.

6. Reconciliation of Customer account, Vendor Account, Principal's Recoverable account, Bank account periodically and highlight any exceptions

Key result Area:

1. Monitor Debtor's KPI (days, provisioning, ageing) vs. LY and Budget

2. Inventory days are monitored vs. LY and Budget

3. Recoverable ageing should be aligned with the terms with Principal

4. Interest cost as per the plan.

Routine Operations:

1. Review and recommendation on receivables to HO-CCC in the following cases;

- Sales order release request when there is overdue in days/amount

- Review of credit limit of customer.

- Review of PDC details in the system & PDC to be deposited on due date.

- Raise legal recovery claims for overdue above 1 year

2. Review of all the purchases above threshold limit before release of purchase orders to the suppliers.

3. Ensure all promotions, display and other A&P spends are captured in system as per company guidelines. Escalate any exceptions.

4. Ensure Timely capturing of all transaction in books Key Result Areas

1. Day-to-day operations are consistent with established policies, processes and procedures

2. All balances are reconciled and reviewed. Exceptions are highlighted.

Internal Audit compliance:

- Review of past Internal Audit Reports and report the progress made on areas highlighted for improvements by Audit.

Key Result Areas:

- Timely response

- Corrective actions

- Minimize audit queries

Tax & legal Management:

1. Prepares tax returns as per law within timelines & coordinates with Auditors for annual financial closing

2. Review of commercial/legal documents eg. Agency Agreements, Contracts, Sub-contracts, Rental contracts etc. and liaise with HO/Cluster-Finance & HO Legal.

3. VAT & other tax compliances as per law

4. Coordinate for secretarial requirements related to JV's

Key Result Area:

1. Timely compliances

2. Avoidance of penalty and extra tax

Budgets & Plan:

- Prepare and monitor financial performance versus the budget so that the business is aware of anticipated costs/revenues, and areas of unsatisfactory performance are identified, rectified promptly and potential performance improvement opportunities are capitalized upon.

Key Result Area:

- All reports are prepared timely and accurately and meet company policies and requirements.

New Business Initiatives:

1. Review & active evaluation of new business opportunities eg. Exports, Agencies, Projects, etc. with concerned HoDs before forwarding it to Cluster finance head / HO-Finance for approval.

2. Implementation of new initiatives related to Finance & IT.

3. Any other areas to be assigned by Cluster CEO and HO-Finance in addition to the areas specified herein-above

Key Result Area: Support business head on business analysis

Note Only candidates who have worked with FMCG companies are acceptable with SAP experience.