Hiring For Division Finance Head in Oman

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