Head - Finance - Retail

Purpose of the Role/Job Objective :

- Provide strategic direction towards the financial policy development and implementation at Savemax as well as monitor the firm's overall financial performance.

- This includes overseeing the budget preparation; enabling compliance to audit and establishment of financial control mechanisms liaison with the financial institutions for funding requirements

- Conducting financial analysis and preparing financial reports developing and implementing an effective system of accounting

- Enable timely payouts and maintaining accurate and current bylaw records.

Key Responsibilities Areas :

Major Activities and Responsibilities :

Financial Planning : Provide effective financial planning in sync with the business plan

- Participate in the provision of effective strategic and financial planning and information; provide financial advice and guidance to the Executive Management Team of SAVEMAX.

- Provide guidance in development of financial policies and procedures for the organisation.

- Plan and manage the provision of accurate and timely financial information and data that represents an accurate and fair view of the financial performance of the firm in compliance with all regulatory and legislative requirement

Financial Control and Monitoring :

- Ensure effective financial health of the firm

- Provide comptrollership functions in order to ensure Savemax's finances are managed according to legislation, policies and procedures and established accounting principles.

- Assist in the preparation of the annual budget guidelines; ascertain and validate budgetary requirements

- Regularly monitor flow of funds and cash, adherence to the budget, expenditures, income, and other udgetary items

Tax Management :

- Provide direction to the operational and procedural requirements under various taxation laws (direct and/or indirect) and guide the team to interpret the legislations/changes in legislations that impact the business operations; develop strategies to ensure effective compliance

Forex Management :

- Formulation of Forex risk management policy and policy on exchange rates and its approval by Board.

- Timely hedging of the open forex exposure through forward contracts/options/cost reduction structures (call /put spread options,IRS,COS,FRA,Sea Gull,Range Forward )

- Annual Statutory Auditors certificate on hedged and unhedged forex exposure, Qtry submission of unhedged forex exposure report to banks

- Initiated the AS-16 treatment of forex G/L on Buyers credit financing

- Forex accounting on call spread option/ECBs/long term capex liability

- Finalisation of newsprint imports accounting and hedging the long term exposure using options

Financial Accounting and Reporting :

- Ensure maintenance of timely and accurate accounting books for the firm that commensurates with the relevant legislation and regulatory requirements.

- Oversee all the operational finance and accounting activities of the firm; identify the areas of improvement and ensure efficient control and utilization of all financial resources.

- Review all financial transactions of the firm for accuracy and completeness; payments, cheques and transfers prepared by the Finance Team.

- Manage annual consolidation and closing in co-ordination with other functions.

- Review and approve all financial reports and ensure adherence to established standards.

- Oversee the maintenance of a timely and accurate set of accounting books for the firm reflecting all its activities in a manner commensurate with the relevant legislation and regulatory requirements

- Coordinate with external auditors; review the audit plan as well as the audit results and recommend improvements, where necessary

Fund Management :

- Ensure efficient fund management and availability for managing and running the business operations

- Assess the long term and short term capital requirements of the business, formulate strategies to design and establish an optimum capital structure, and identify, analyze and manage the various sources of funds

- Evaluate the cash-equity structure for the firm and evaluate IPO considerations/ processing needs as per the statutory norms and terms.

- Monitor trial balances on a periodic basis, review cash projection and make recommendations/request funds accordingly.

- Coordinate with banks for commercial related transactions; review the evaluation of various current banks and provide appropriate recommendations.

- Review offers from new banks for financing and other required facilities

- Arrange working capital and CAPEX facilities to support operational growth