Business Finance - Head
Department - Finance
Grade - M3/M2A
Education & Experience - CA with 12 -15 years
Designation - GM/DGM
Location - Bangalore
Role Summary :
Lead the team to provide financial guidance to the concepts through detailed insights and analysis on consumer spending patterns, product and competitor performance
Key Job Responsibilities:
Budgeting and Control :
Assist the Concept Head in the finalization of annual targets along with other functional heads to implement the agreed directions
Adhere to financial policies/procedures for the Concept within the framework of the group policies aimed at achieving the business growth and controls and ensure that the Finance Team follows internal control measures to safeguard financial interests
Monitor annual purchase budgets as per plan
Ensure that the annual financial budgets for the Concept are drawn based on the corporate strategy
Review budgets of the Concept and Regional operations monthly and revise allocations if necessary
Prepare project feasibility reports with respect to expansion of stores.
Exercise necessary budgetary controls on all costs incurred by the Concept, ensuring that they comply with the drawn budgets
Review and discuss monthly financial accounts and variances against budget achieving cost control on the controllable expenditures
Ensure that the overall margins to be achieved are as per budgets
Monitor the income and expenses versus budget, track the variances, recommend corrective actions and follow-up on remedial actions to ensure the adherence to the budget and to support the effective monitoring of performance within the budget
Monitor import shipments and control costs
Review management analyses from the quarterly data to identify variance from trends and budgets
Ensure delivery of set standards of MIS reports for various departments, ensure periodic MIS generation and interpret data to suggest ways of cost optimization and store performance improvement
Review and provide exceptions, variance, retail productivity, stock, sales, financial and budgetary analyses through MIS reporting
Provide sell thru analysis and Price Per Play & ATV, NOB, Revenue per Sq Ft ratio analysis to the concepts
Provide pre and post promotion analysis to the relevant stakeholders
Analyze and share updates on the impact of regulatory changes (opening of FDI in retail, Government policy changes, imposition of excise duty on branded garments, GST, change in market dynamics etc.)
Define the norms and guidelines for PO control (in terms of timelines and process)
Accounting and Audit (In Liaison with Group Accounts Team)
Manage payables and receivables for each Concept
Approve, authorize all payments and ensure accuracy in timelines and accuracy in all payments
Set up controls and procedures for debtors invoices and for monthly cash certificates
Develop and maintain systems for prompt and accurate collection of financial and accounting information
Maintain accounting by ensuring expenses are properly accounted for
Ensure thorough checking of the entire MIS prior sending to various top management teams while adhering to agreed timelines
Ensure generation of monthly and quarterly financial statements - Balance Sheet and P/L statements in compliance with the statutory/regulatory norms
Supervise timely and accurate internal audits and finalize Accounts for the Concept
Ensure Compliance to Company policies, practices and accounting standards
Ensure that the annual financial statements of the company are drawn up in time in line with the Corporate guidelines
Set up controls and procedures for debtors invoices and for monthly cash certificates
Supervise on-time preparation of statutory accounts and liaise with external auditors when required
Supervise Banking transactions - daily fund management, liaison with banks for utilization of funds / bank limits, analyze banking facilities
Vendor Management :
Provide debit confirmations to Group Accounts from vendors
Facilitate Vendor reconciliation
Inventory Control:
Analyze and ensure adequate action is undertaken on aged inventory across all trade types
Provide support in building inventory NOD norms and ensure performance is within the norms
Legal and Insurance Matters (In Liaison with Group Accounts)
Ensure safe custody of all company assets
Liaise with Legal department and coordinate with the Corporate legal and local legal offices on legal matters
Ensure timely renewal of Trade Licenses / Lease Agreements / Commercial terms with the different authorities, with PR support
Ensure renewal and registration of Trade Marks
Implement SOAs
People Management
Select the right team members
Set expectations and give regular feedback to team
Provide adequate support and motivate the team to deliver on the job
Guide, coach, train and develop the team
Key Result Areas (KRAs)
Financial
Concept profitability
Concept margin realization
Customer
Promotion and mark down control
Inventory and control
MIS reporting and analysis
Process
SOP and SLA Adherence
People
Retention
Team Engagement
Team Development
Building capability of the team
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