Title: Finance Controller Description: Job Summary To work in close proximity with the Head Finance and lead and execute the finance activities including credit control, treasury operations, costing, MIS and budgeting and internal financial control, and thus ensure appropriate financial and regulatory health of the business unit
Roles & Responsibilities Design long term strategy and governance mechanism around Credit Control and collections management for the respective business unitSupport the senior leadership team in designing Financial Control strategies, targets and initiatives and ensure existence of a robust framework for internal Financial Control at the business unitSupport the senior leadership in conducting budgeting exercise for the business unit including collation, consolidation and communicationSupport the Head Finance in finalization of the overall pricing strategy in close coordination with the Marketing departmentEnsure adherence to the budget at the business unit level, undertake analysis of any deviations and suggest corrective action if neededPrepare the budgeting schedule for the business unit and assist each department in budget preparation by providing formats, guidelines, assumptions and principles for the sameReceive changes in budgets from each department and collate final budget by incorporating changes suggested by senior leadership and provide support in presenting the revised budget to MD/ CEO for approvalUpload final budget on ERP system and regularly monitor the budget for deviationsDefine processes in collaboration with senior leadership for managing credit limits, arrears and advance payments etc.Monitor data points including credit limits, customer wise amount aging and outstanding on revenue collections before and after due dateLead identification of collection related risks and ensure that a mitigation plan for settlements is implementedIdentify low cost sources of funds for business unit operations and conduct effective negotiations with banks and financial institutions for best ratesProvide timely and accurate cash/ funding requirement forecasts to the senior leadership to enable timely disbursementsGuide the team in day to day Treasury Operations activities including Receipts and Payments Processing, Bank Reconciliations, period end closing and management of cash positions in order to ensure efficient cash flow for the business unitGuide the team in monthly/ quarterly/ annual costing for required components and assist the business unit in new product costing by providing data and costing templatesEnsure timely preparation and submission of costing related MIS and prepare monthly MIS variance report of planned Vs. actualsGuide the team in accurately allocating the direct and indirect expenses to the components and cost centres, calculate the man-minute costs of each component & overall component cost and submit the same for review on a monthly/ quarterly/ annual basisConduct historical variance analysis to identify reasons for cost variance and take corrective action if neededProvide support to audits to ensure timely completion of internal audit and external statutory audits of the business unit records; ensure compliance with applicable laws and audit requirements and achieve closure of deviations/observations well before the audit closure deadlinesStrengthen and improve internal controls, including potential implementation of controls programs, identify process improvements and make recommendations to streamline the budgeting and costing processesAllocate work to subordinates, nominate for training as per guidelines, conduct performance reviews and manage leave and overtime to ensure efficiency.Participate in the identification of training and development initiatives for all subordinates
KPIs 1. % adherence to timelines for development of budgets
2. Deviations from projected cash flows
3. % reduction Cost of Capital
4. % reduction in Non-Compliance Reports (NCRs) regarding Finance / Accounting SOPs
5. Time taken to achieve closure on audit observations
Work experience requirement 8+ years of related experience in managing finance fucntion, preferably in a similar industry
Qualification Chartered Accountant and/or Finance qualification, MBA in Finance
Competencies Ownership & Result Orientation
Business Acumen
Financial Reporting
Financial planning and Analysis
Financial Compliance
Forecasting
Self and Team Management
Planning & Decision Making
Strategic Thinking
Change Management
Business Unit: PTSON (5300)
Business Group: Oils and Fats (PTSON)
