Division Finance Lead

3 weeks ago

Oman, India iimjobs Full time
Direct Reports: 3-7 depending upon size of the division

KEY ACCOUNTABILITIES:

Description :

MIS & Reporting :

  • 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.

  • 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

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.

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.

Key Result Areas:

  • 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

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.

Key Results Areas:

  • Individual objectives, training and development plans in place for all direct reports
  • Periodic training are imparted to the team
3. Routine tasks are outsourced to India

  • Efficiency of the division and delivery of outputs

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

Key result Area:

  • Monitor Debtor's KPI (days, provisioning, ageing) vs. LY and Budget
2. Inventory days are monitored vs. LY and Budget

  • Recoverable ageing should be aligned with the terms with Principal
  • Interest cost as per the plan.

Routine Operations:

  • 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.

  • 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 Key Result Areas
  • Day-to-day operations are consistent with established policies, processes and procedures
  • 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:

  • 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

Key Result Area:

  • Timely compliances
  • 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:

  • 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 Result Area:
Support business head on business analysis

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