Key Functional Activities and responsibilities:
- Lead, implement and facilitate the annual financial planning and budgeting process with the Division heads, Plant Accounts Head and other support function HoDs,
- Evaluate the various Capex proposals by the departments and develop them further if found suitable.
- Initiate, coordinate, and prepare Plant and LoB specific budgets in line with the guidance provided by Corporate,
- Conduct the annual budget meeting with the Department heads, Plant Finance Head and other support functions,
- Liaison with the Department Heads and support functions in submitting their projections and targets in a timely and accurate manner,
- Extract information of the financial performance of the business from the historical databases,
- Extract expenses information from the databases relating to direct costs, indirect costs, fixed costs and variable costs;
- Project the operating costs for production and the project execution by building various scenarios with variables like labor, material cost, time, etc.;
- Conduct analysis of budget vs actual adherence to budgets for departments on monthly basis and analyse and conclude on the reason for variance in line with discussions with each department HoDs and assess the need to further amend the budget on rolling basis,
- Ensure control over expenses by regular feedback on budgets and actual expenses,
- Keep control over the Budgeted Capex and Actual Capex spends and highlighting any deviations,
- Lead and participate in developing requirements for budgeting standards.
- Ensure implementation and maintenance of relevant cost management systems like those of standard costing and activity base costing systems,
- Ensure reconciliation between the financial accounting and costing system to ensure seamless financial reporting and analysis,
- Perform product costing and raw material costing, to accurately assess product profitability,
- Provide required information for cost benefit analysis,
- Ensure timely coordination, preparation and analysis of financial information including monthly financial results, preparation of recurring management reports, budgeting /forecasting support,
- Track and monitor Conversion cost on daily, weekly and monthly basis and highlight any deviations to key stake holders to discuss upon the resolution,
- Conduct physical inventory checks and resolve issues with regards to any variance if observed.
- Keep Cost and other Financial Records as required for Annual Cost, Statutory and Internal Audits,
- Interact with internal and external auditors in completing audits,
- Ensure adherence to Statutory Requirement of Auditor & complete relevant Audits on time,
- Analyse BOM Vs Actual RM Consumption Analysis,
- Providing Key Financial Data to outside Agencies (as required)
Review and management of records
- Review and manage the maintenance and filing of true and fair periodical Financial Statements and relevant activities with support of a team,
- Review and manage the Direct and Indirect Tax records and relevant filing work with support of a team.
Documentation and Reports
- Attend and prepare for monthly meetings for reviewing progress of current initiatives and make future forecasts for the same,
- Analysis and review of all reports and suggesting strategies for improving profits, device universal templates for preparation and presentation of various reports, to be used by all the teams.
- Prepare MIS report containing appropriate representation of actual v/s budgeted performance and also portrays a variance analysis,
- Ensure inclusion of cost variance parameters at plant level, market level and covering of balance sheet in the MIS report,
- Ensure timely preparation of report to be presented to the CFO and other Management members which shall be covering matters pertaining to product-plant profitability, working capital and cash-flow management,
- Implement and perform variance analysis in ERP of all reports and thereby work towards automatization and efficiency building up,
- Support on all Management initiatives and active participation in its execution.