Financial Controller - Textile Manufacturing Industry

FINANCE CONTROLLER - ROLES AND RESPONSIBILITY

FINANCE CONTROLLER is a business process facilitator for optimum resource utilization to ensure achievement of financial deliverables, protect company's assets and ensure statutory compliances.

Qualifications: CA, CMA, or MBA in Finance with relevant experience.

Experience : 5-10 years of experience in finance, preferably in the textile manufacturing industry.

Skills: Strong analytical, problem-solving, and communication skills.

OBJECTIVES OF THIS ROLE:

- Take responsibility (either directly or via staff) for all cash management, investments, insurance, budgeting, and financial reporting, and help drive the company's financial strategy

- Coordinate development of annual operating and capital expansion program budgets, as well as reporting for the same

- Ensure cash flow is compatible with operations by overseeing day-to-day accounting, recording, reporting, and internal-control activities of the organization

KEY RESPONSIBILITIES:

Investment Evaluations:

- Prepare the annual financial plan / budget in line with the business strategy and get the necessary approvals from the MD / Board

- Plan for investment needs in tune with the annual plan in collaboration with the business heads

- Evaluate investment feasibility, present the investment case to the MD / Board and get necessary approvals for funding capital expenditure

- Monitor the progress of project implementations in terms of fund utilization and understand any delays on the project progress and the financial implications of the delays

Cash Flow Management:

- Ensure that the business is well funded through proper cash flow from operations and long term funds for investment needs

- Ensure timely and error free collection of receivables of the business and proper credit control is implemented and followed

- Evaluate and finalize the best funding options with financial institutions and other alternate funding options

- Monitoring Profitability of Business

- Define the budgetary allocations and controls

- Monitor the budgeted top line performance

- Monitor the operating expenses to maximize the margins

- Monitor the non-performing assets and take appropriate action

- Define cost control measures and explore cost saving / cost reduction strategies

- Control overhead costs

- Analyze and report variances in profitability to all the stakeholders

- Define the process of insuring all business related risks

- Ensure coverage of all insurable risks of the organization

- Maintaining Internal Controls and Processes

- Define processes for proper work flow planning

- Define processes to ensure validation of financial transactions

- Define processes for periodic review of books of account and other statistical records

- Ensure internal audits take place on time and also ensure adherence of the processes to the audit requirements

- Ensure integrity and hygiene of financial data and books as per the required standards

Reporting & MIS:

- Define and develop the format and content for various operational reports

- Define the process for effective and timely management of information from the reports and validation of the information

Statutory Compliances:

- Ensure all tax / non-tax and legal compliances are met

- Handle assessments, audits and litigations related to the business

People Management:

- Build, nurture and groom the team to ensure the required performance standards are met

KEY RESULT AREAS ( KRAs) and KEY PERFORMANCE INDICATORS (KPIs):

- For a Finance Controller, Key Result Areas (KRAs) and Key Performance Indicators (KPIs) may include:

- Particulars of Role

1 Financial Planning and Analysis

- Develop and execute financial strategies to ensure sustainable growth

- Accuracy of financial forecasts.

- Timeliness of budget preparation and adherence to budgets.

- Analysis of financial trends and performance metrics.

2 Treasury Management

- Ensure efficient cash flow management and optimal utilization of funds

- Cash conversion cycle

- Working capital ratio

- Return on investment for surplus funds

3 Risk Management

- Identify and mitigate financial risks to protect company assets

- Effectiveness of risk management strategies

- Compliance with regulatory requirements

- Reduction in financial losses due to risk exposure

4 Financial Reporting

- Provide accurate and timely financial reports for decision-making

- Accuracy and timeliness of financial statements (income statement, balance sheet, cash flow statement)

- Compliance with accounting standards and regulations

- Audit ratings and findings

5 Cost Management

- Implement cost control measures to optimize operational efficiency

- Variance analysis of actual vs. budgeted costs

- Cost reduction initiatives and savings achieved

- Cost per unit produced or processed

6 Strategic Financial Leadership

- Collaborate with executive team to drive strategic initiatives and investments

- Contribution to strategic decision-making

- ROI on strategic projects

- Alignment of financial objectives with overall company goals

7 Stakeholder Relations

- Build and maintain relationships with investors, lenders, and other stakeholders

- Investor satisfaction surveys

- Successful debt financing initiatives

- Positive feedback from stakeholders on financial transparency and communication

8 MIS Implementation and Management

- Implement and maintain effective MIS systems to support decision-making and enhance operational efficiency

- Timely implementation of MIS projects

- User satisfaction with MIS functionalities

- Reduction in manual data entry errors

- Improvement in data accessibility and reliability