Job Title:Division
Finance Head
Reports to:Direct
reporting: Division Head
Line reporting: Cluster Finance Head
Function:Finance
Business Unit - Cluster: Consumer Product
Division: Commodity
Products Handled: Distribution of Parachute, Al Alali, Amul,
Sunwhite, Syrenn Saffron, Rice, Sugar, Flour and Pulses
• To manage financial & sales accounting in their
respective divisions/group including JV’s and new project to ensure proper
controls, policy adherences and periodic reporting’s.
• Report and drive Financial KPI (including appropriate
escalations for major variances)
Key
Accountabilities
Description
MIS
& Reporting
Preparation, Review and submission of periodically financial
reports – P/L, Balance sheet along with necessary Annexures and commentary.
Timely submission of the required information/reports to the
concerned HoDs to meet with their operational requirements.
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.
Review General / Sub-ledger before closing books.
Review Gross Profit by Agencies / Product categories
Policies,
Systems, Processes & Procedures
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.
Ensure implementation of Accounting guidelines/policies from
HO
Ensure proper accounting & maintenance of General / sub
Ledger
Review of all Suppliers payment and capex proposals before
forwarding it to HO/Cluster-Finance for payment/approval
Provisions for aged inventory & receivables as per
company’s policy
Management
and Division’s Team structure
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
Recommend an optimum team structure for the division’s
financial accounting and outsource routine tasks to India team.
Working
Capital Management
Managing effective utilization of working capital deployed
in the Division
Review of borrowing from Head office / banks
Facilitate external borrowings for the JV company’s
Ensuring timely deposit of Customer Collections
Inventory and Receivables are reviewed and adequately
provided as per HO guidelines.
Reconciliation of Customer account, Vendor Account,
Principal’s Recoverable account, Bank account periodically and highlight any
exceptions.
Routine
Operations
Review and recommendation on receivables to HO-CCC in the
following cases;
o 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
Review of all the purchases above threshold limit before
release of purchase orders to the suppliers.
Ensure all promotions, display and other A&P spends are
captured in system as per company guidelines. Escalate any exceptions.
Ensure Timely capturing of all transaction in books
Internal Audit compliance
Review of past Internal Audit Reports and report the
progress made on areas highlighted for improvements by Audit.
Tax
& legal Management
Prepares tax returns as per law within timelines &
coordinates with Auditors for annual financial closing
Review of commercial/legal documents eg. Agency Agreements,
Contracts, Sub-contracts, Rental contracts etc. and liaise with
HO/Cluster-Finance & HO Legal.
VAT & other tax compliances as per law
Coordinate for secretarial requirements related to JV’s
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
New
Business Initiatives
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.
Implementation of new initiatives related to Finance &
IT.
Any other areas to be assigned by Cluster CEO and HO-Finance
in addition to the areas specified herein-above
Key
Results Areas
Month-end closing on time (including review)
MIS reports submitted to HoD on time
Monthly Report on key control areas along with variance
report to be submitted to HO/Cluster-Finance by 15th of subsequent month.
Compliance with procedural and legislative requirements
Effective communication of policies and procedures and
periodic training to the team
Timely reporting of exceptions
Accounting records are well maintained and update
Individual objectives, training and development plans in
place for all direct reports
Periodic training are imparted to the team
Routine tasks are outsourced to India
Efficiency of the division and delivery of outputs
Monitor Debtor’s KPI (days, provisioning, ageing) vs. LY and
Budget
Inventory days are monitored vs. LY and Budget
Recoverable ageing should be aligned with the terms with
Principal
Interest cost as per the plan
Day-to-day operations are consistent with established
policies, processes and procedures
All balances are reconciled and reviewed. Exceptions are
highlighted.
Timely response
Corrective actions
Minimize audit queries
Timely compliances
Avoidance of penalty and extra tax
All reports are prepared timely and accurately and meet
company policies and requirements
Support business head on business analysis
Communications
& Working Relationships
Internal
Communication:
Logistics, Demand
Planning, HR, Sales & Marketing, Internal Audit, IT, Legal
External
Communication:
Banks, Auditors, Customers, Vendors / Principals, Tax office, JV partners
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