HOD Accts CFD

Job Description

Job Purpose

To plan, organize, ensure, co- ordinate, communicate and manage all activities of the CFD Accounts Department, Investment Subsidiaries & Retirement Funds including maintenance of books of account, software development, budgetary control system, legal & taxation compliance, MIS and periodic financial results within the time schedule, with accuracy and in accordance with the legal requirements and policies of the Company so as to meet the financial objectives of the CFD.

Job Context & Major Challenges

- Grasim CFD is a unit of Grasim Industries Limited, provides a strategic and specialised services to various businesses which operates in 5 businesses involving more than 50 accounting entities including 16 subsidiaries, 7 joint ventures spreading across three sub-continents working in diverse regulatory environment.
- CFD Accounts Function is for maintenance of Books of Accounts, Software development, budgetary control system, legal and taxation compliance.
- Function is responsible for submission of monthly MIS and other reports within the scheduled time.
- Function is responsible to ensure that all expenses are within the allocated budget, or else in case of deviation approval is attached.
- Function is responsible to ensure that accounting in respect of long / short term investments and disinvestments, mergers and amalgamation, business restructuring, computation of tax on the transactions is done in absolute.
- To monitor and ensure that corporate expenses, group common expenses and aircraft expenses are within the allocated budget and is accounted for correctly.
- To monitor and ensure that unit accounting and reconciliation is done correctly.

Major Challenges

In view of the fast changing requirements of accounting standards, indirect & direct taxes, keep self & the department updated and ensure proper statutory & reporting compliances within timeframe.

Providing accurate accounts & MIS is critical. To provide timely MIS to management.

Compliance with IND AS/ IFRS and revised Schedule VI would be a major challenge and also to ensure legal compliances within the due time.

Develop & review systems & controls to prevent any revenue leakage and ensure accuracy of financial statements.

Key Result Areas

KRA (Accountabilities) Supporting Actions

KRA1 Plan & control the activities of CFD Accounts to ensure that accounts are prepared and maintained as per requirement of applicable Accounting Standards, Companies Act & other laws. To oversee the general accounting function, which includes inter-company accounting, financial reporting, balance sheet management.

To ensure accurate & appropriate recording & analysis of all accounts --> assets, liabilities, income and expenditure.

To check and scrutinize the accounting vouchers and the general ledger on time.

To analyze financial information to recommend or develop efficient use of resources and procedures, provide strategic recommendations and maintain solutions to business and financial problems.

To provide a high level of professionalism reflected in a sound budgetary policy resulting in maximum profit.

To kept abreast of any significant implications arising from changes in accounting rules.

To monitor and review activities of CFD to ensure adherence to policy, systems and guidelines.

To ensure that an appropriate financial policy framework is in place.

To review bank reconciliation and take corrective action on pending entries within stipulated timelines.

To Coordinate with Units, auditors, group companies etc. and provide management response to the auditors.

KRA2 Accountable for Internal Control To ensure financial statements are prepared and being audited on time and ensure the coordination of the same.

To establish and monitor the implementation and maintenance of accounting control procedures.

Recommends and maintains processes to ensure proper internal controls exist and are followed to maintain the integrity of the financial data.

KRA3 Accountable for Legal Compliance including Income Tax, Wealth Tax, Service Tax, VAT, PF etc Taking Service Tax / VAT credit and distribution thereof to units, payment of VAT on sale of assets, Service Tax return.

To ensure the compliances in respect of TDS, Advance Tax and other statutory compliances.

Accountable for ensuring timely completion of tax audit, computation of income, assessment details, Wealth Tax Return and other tax requirements

Keep track of new rules /amendments.

KRA4 Accountable for MIS/Reporting/Cost Control Produce rolling cash flow forecasts, monitor cash position daily and ensure creditors terms are met.

Undertake such other financial analysis and reporting as requested by the senior management.

To analyze and advise on business operations including revenue and expenditure trends, financial commitments and future revenues.

To compile and analyze financial information to prepare financial statements including monthly and annual accounts. Ensure that timelines are met.

Detailed variance analysis of actuals with budgets & target.

Ensure the production of accurate monthly management accounts

Discuss draft P&B with functional heads & CFO for approval.

To co-ordinate with other related departments for various input data.

Financial decision-making and development particularly in relation to reserves, expense ratios and income streams.

Review the D:E of various business and prepare proposal for changes and recommend changes in D:E to Sr. Management.

Review information given by units on monthly basis to ensure transfer of profit to CFD.

Ensuring fund transfer to units within budgeted limits and control for efficient utilization of working capital by units.

To ensure that accounting discrepancies and irregularities are resolved on time.

KRA5 Accountable for Software development compliances and updation of SOP Responsible for managing and controlling the Chart of Accounts

Monitor the compliances by a compliance scheduler

Ensure that an appropriate financial policy framework is in place

To ensure that the SOP, and other policies are regularly revised and being updated.

Identify & suggest improvement in systems & procedures.

Take corrective actions for deviations.

KRA6 Accountable for Additional job/Assignment To ensure multi-skilling of team members by planning on job training and also to nominate for other relevant trainings.

Fixing up of performance objectives and goals

To prepare monthly, quarterly and annual financial management reports within the alloted timeline.

KRA7 Plan & control the activities of Retirement Fund to ensure that accounts are prepared and maintained as per act To ensure accurate & appropriate recording & analysis of all accounts --> assets, liabilities, income and expenditure.

To check and scrutinize the accounting vouchers and the general ledger on time.

To analyze financial information to recommend or develop efficient use of resources and procedures, provide strategic recommendations and maintain solutions to business and financial problems.

To review the MIS on time and suggest measures to management for decision making.

KRA8 Software / systems development ERP implementation (SAP), payroll package & other computer programs

Ensure proper and timely accounting of all transactions.

- Check and scrutinize accounting vouchers.
- Monitor and review activities of CFD to ensure adherence to policy, systems and guidelines.
- Set processes to ensure requirement of AS & various regulations / laws.
- To review bank reconciliation and take corrective action on pending entries.
- Monthly review of all accounts, assets, liabilities, income and expenditure.
- Coordinating with Units, auditors, group companies etc.
- Ensure proper internal control and take corrective action wherever required.
- Monitor accuracy and timeliness
- Analyze variations & report to FH/CFO
- Provide sr. management information for strategic decision making

KRA9 Monitor the compliances by a compliance scheduler * Check and monitor timely submission of various returns required under Direct and Indirect Taxes.

- Keep track of new rules /amendments.
- Certify compliance report
- Ensure proper deduction & payment of taxes (Advance Tax, TDS) on due dates.
- Taking Service Tax / VAT credit and distribution thereof to units, payment of VAT on sale of assets, Service Tax return.

* Accountable for ensuring timely completion of tax audit, computation of income, assessment details, Wealth Tax Return and other tax requirements

- Checking of all the transactions & entries of Treasury Investments.
- Check & verify proper disclosure in books & results according to Sch 6.
- Checking & review of funds utilization / cash flow on a daily basis.
- Monitor & ensure lower finance related costs.
- Review & analyze previous year expenses and check projections.
- Discuss draft P&B with functional heads & CFO for approval.
- Monitor actual against budget
- To co-ordinate with other related departments for various input data.

Ensure compliances.

- Identify & suggest improvement in systems & procedures.
- Take corrective actions for deviations.
- Identify & suggest improvement in systems & procedures.
- To attend the auditors report, their observations and to give management response on the audit reports of statutory, tax and internal auditors and to take any follow-up action on the recommendations of the auditors
- Coordinate with auditors & finalize reports / returns.
- Review the present situation of D:E of the company
- Prepare the D:E of various business and prepare proposal for changes.
- Propose/recommend changes in D:E to Sr. Management.
- Review information given by units & ensure transfer of profit to CFD.
- To ensure multi-skilling of team members by planning on job training and also to nominate for other relevant trainings.
- Fixing up of performance objectives.
- Study the GAP between as is process & to be process as per package & work out solutions
- Confirm the flow of data & finalize conceptual designing.
- Confirm the results of test runs