Design long term strategy and governance mechanism around Credit Control and collections management for the respective business unit
Support 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 unit
Support the senior leadership in conducting budgeting exercise for the business unit including collation, consolidation and communication
Support the Head Finance in finalization of the overall pricing strategy in close coordination with the Marketing department
Ensure adherence to the budget at the business unit level, undertake analysis of any deviations and suggest corrective action if needed
Prepare the budgeting schedule for the business unit and assist each department in budget preparation by providing formats, guidelines, assumptions and principles for the same
Receive 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 approval
Upload final budget on ERP system and regularly monitor the budget for deviations
Define 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 date
Lead identification of collection related risks and ensure that a mitigation plan for settlements is implemented
Identify low cost sources of funds for business unit operations and conduct effective negotiations with banks and financial institutions for best rates
Provide timely and accurate cash/ funding requirement forecasts to the senior leadership to enable timely disbursements
Guide 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 unit
Guide the team in monthly/ quarterly/ annual costing for required components and assist the business unit in new product costing by providing data and costing templates
Ensure timely preparation and submission of costing related MIS and prepare monthly MIS variance report of planned Vs. actuals
Guide 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 basis
Conduct historical variance analysis to identify reasons for cost variance and take corrective action if needed
Provide 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 deadlines
Strengthen and improve internal controls, including potential implementation of controls programs, identify process improvements and make recommendations to streamline the budgeting and costing processes
Allocate 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
