Head - Shared Services - Account Receivables/Payables/Vendor Payments - CA - Retail

Head Shared Services (Acct Receivalbes/payables/ Vendor payments), Gurgoan for Retail company

- To develop and implement best in class processes and systems in Accounts payable, Cash Office and Vendor Allowances

- To establish controls that ensure compliance at an organizational level in order to comply with US Foreign Corrupt practices Act, Anti corruption policy, Corporate governance, and local laws, Fiscal policies, Procedures, and DOA.

EXPECTED END RESULTS MAJOR ACTIVITIES :

- Ensure timely and accurate payment to GFR vendors

- Ensure timely and accurate payment to GNFR (Vendors and Associates)

- Pivotal role in developing various processes and policies in Accounts Payable in order to ensure robust control in Accounts Payable.

- Develop processes and control to ensure timely and accurate payment to vendors.

- Merchandise Payable processing for all 20 clubs and overall 3500 vendors out of which 1500 approx are the active vendors across India that includes scanning of invoices till payment processing

- Manage Processing of 40-45K invoices through retail Legacy systems includes coordination with clubs, Outsourcing partner and Vendors.

- Processing Payments twice a week i.e. Monday and Thursday for INR 65-70 CR approx for merchandising vendors by coordinating with treasury team for fund forecast and liasioning with bank.

- Performing Vendor Reconciliation of top 60% vendors on the basis of prior year purchases comprises quarterly balance confirmation and reconciliation. These top 60% vendors are all FMCG companies that involves connecting with their KAMs to ensure Supplies are not getting impact due to delay or non payment, also meeting with them for the closure of open issues related to reconciliation

- Reviewing payable compliance score to ensure that payment to vendors are releasing on time. Currently per month volume is approx. 42000 transactions and score is 98.48%

- Regular meeting with finance heads of merchandise vendors in order to strengthen finance to finance partnership.

- Conceptualised & effectuated SOPs for effective controls and management of Accounts Payable.

- Timely redressal of payment related issues of vendors and providing solution to them.

- Develop processes and control to ensure timely and accurate payment to WMI vendors and associates within a TAT of 15 days from receipt of correct invoice.

- Ensure Processing of 4.5-5K (3000 vendors + 600 TPI vendors + 1400 Associates) invoices through ERP systems (SAP) includes coordination with user function, Outsourcing partner and Vendors.

- Addressing payment related issues of WMI and WMT vendors on a timely basis and providing solution to them. Closely interacting with user function for resolving invoice related issues.

- Ensure timely processing of all Statutory licensing payments (FSSAI, Trade Licenses, L&M, compounding fees, fines, penalties etc.) for all stores.

- Also there are complexities of accounting for new sites where licence and other payments like stamp duty and registration fees need to be recovered from the landlords.

- Coordinate with user function for correct provisioning of expenses for stores and HO and support them to resolve the issue raised by them and vendors.

- Ensuring there is no or minor findings in Level I and Level II monthly / quarterly audits in non-merchandising process (vendors and associates)

- Providing remediation plan of the findings within timelines of findings if any.

- Ensure TPI Invoices are thoroughly scrutinized before disbursement to ensure that no payment is processed which is not in compliance with FCPA policy and guidelines.

- Ensure checking of Preventive cases from AC Compliance Tracker before releasing payments to various vendors so that no incorrect payments are made to the vendors.

- Ensuring Vendor Reconciliations covering 60% of purchase for the previous year and closure of the open item with user functions.

- Meetings with user function for clearing of provisions outstanding, GRIR and other related issues to maintain the hygiene of the balance sheet.

- Reviewing payable compliance score to make certain that payment to vendors are releasing on time. Currently per month volume is about 5000 transactions and score is 99%. Also maintained the average payment days.

- Ensuring token money, Security deposit, Advance rent and other real estate payment are released as per agreement and in line with fiscal and corporate governance principle.

- Develop processes and control to ensure timely and accurate rental payments for WMI and WMT & CLA as per lease agreements terms. Also to look at the growth of new stores in this year and coming year.

- Ensuring accurate accounting of COOPS & Other income generated by Merchants Ensuring accurate and timely accrual of COOPS for Cash and carry business in line with GVA policy.

- Ensuring COOPS are accrued in line with TOT and vendor confirmation.

- Ensuring reporting of correct margin of COOPS.

- Ensuring timely approval of COOPS by AR team.

- Ensuring timely and accurate recovery of COOPS from vendors

- Meeting with merchants and GMMs for timely raising, approval and recovery of coops to manage the working capital.

- Ensuring reporting of tracker outstanding COOPS is reconciled with Coops approvals every month.

- Ensuring debit and credit note / invoices are raised on time for GST Tax related coops monthly.

- Ensuring adherence of COOPS process and GVA policy followed in accrual, recording, approval and recovery of coops.

- Managing Shared Service Managing Outsourcing partner Source HOV end to end as invoice processing is outsourced to third party.

- Ensure review of various daily dashboards like MR Exception, AP Exception, Tax Exception, EON Ack etc., resolving the issue and providing feedback to HOV team.

- Working on various merchandising projects with HOV team like Vendor Portal, Vendor Ledger, and GRIR.

- Ensure reconciliation between Inward report and BancPay portal to bridge the gap if any.

- Managing in house Source HOV team for non-merchandising process successfully.

- Special Projects (SAP in Legacy System and Shared Service Re-engineering)

- Ensure required data gathering to Genext team and timely testing of the process related requirement.

- Regular interaction and follow up with Genext team for discussion and exceptions.

- End to end closure of the Genext requirement in the process.

- Identify routine transactional activities in shared service and move them at a centralized vertical to support the expected expansion.

- To work upon shared service and enhancing vendor's scope and efficiencies with existing vendor partner

- Enhanced Financial Controls

- Ensuring compliance of global policies and international market specific procedures to address compliance with current A/C laws and regulations, including the U.S. Foreign Corrupt Practices Act.

- Designing of continuous monitoring process to validate the ongoing effectiveness of internal financial controls and compliance with retail A/C policy and procedures.

- Ensuring review selection of non-merchandise disbursement transactions to assess adherence to the A/C Compliance procedures before they are executed to identify and prevent non-compliant transactions from being processed.

- Weekly review of open items with embedded resources and closure of transactions routed to business for clarifications.

- Compliance under US Foreign Corrupt Practices Act, Anti corruption policy and retail Statement of ethics. Ensure proper review of all TPIs and non TPIs transactions and identification of potential risk as per anti corruption policy and FCPA.

- Ensure designing and implementation of process and methodology to prevent and detect payment to any TPI without approval of AC compliance team.

- Providing guidance to function to support them to understand FCPA requirement and compliance under the same.

- Coordination with AC compliance team and business unit for TPI invoices and guiding business unit to comply with requirement of AC compliance team for payment to TPI.

- Providing visibility to functions about TPI invoices.

- Ensuring closure of open items with user function and pending for approval by AC compliance by follow up meetings.

- Month end closing and reporting timelines and Audits Review all Accounts Payable and Accounts Receivable schedules and vendor allowance open items are taken with functional heads for closure.

- Reviewing and ensuring correct booking of coops and purchases so that accurate and correct margins are reported.

- Ensuring provisions for expenses is correctly recorded in books and all expenses are correctly knocked off from books in order to present correct and accurate financials.

- Ensuring that bad debts and provisions for bad debts are correctly recorded in books and policy is adhered to.

- Ensuring month end schedules to be updated in ABS

- Ensure Level I and Level II audits, internal audits and statutory audit completed within the timelines with no or minor findings.

- Review all controllable expenses on regular basis so that no adjustment entries are passed in statutory audit.

- MIS Reporting Review and ensuring circulation of below dashboards / trackers to highlight various open issues impacting financial governance to functional heads

- Coops tracker and weekly reporting to escalate coops pending for approval and pending for recovery from the vendors by GMM/DMMs and vendors so that corrective action is taken

- Monthly Compliance Score card for Accounts Payable performance to update leadership on payable performance.

- Trackers for RE and Cash and Carry Business to update leaders on various open issues so action plan can be framed out to close these open items

- Daily dashboard for HOV to review performance and fix gaps in the process.

- Payable days to track payment period and credit period availed by organization from vendors

- Daily review of TPI and NON TPI and weekly of associates reimbursement dashboard to improve payable days and compliance score.

- GRIR Dashboard to functions so that invoices can be arranged from vendors and submit with Accounts payable for payment.

- Reporting by exception: ensure the timely escalation of non adherence / violation of process and ensure the timely corrective action is taken.

- People & motivation development

- Managing team size 6 on roll associates and 16 outsource resource.

- Ensuring creation and development of successor of each Job within AP and AR function.

- Ensuring necessary training, Job aids, work manuals provided to the team,

- Recruit the right team with the desired skill sets

- Ensuring develop their talent and guide them in professional front so that they use their capabilities up to maximum potential.

- Build competencies within team.

- Immaculate Controls over cash office and cash management Ensuring timely closure of cash office in all stores and escalating abnormalities in cash office closure to format heads.

- Ensuring cash is reconciled between balance in books and balance in bank and there is no misreporting in cash office.

- Ensure reporting of various cash office reconciliation thru the Dashboard to the concern stakeholders on a weekly, fortnightly and monthly basis.

- Ensure proper tracking of advance received against sale

- Performing timely and accurate reconciliation of e-Commerce sale and make sure that there is no mismatch in sale of e-com and credit received.

- Helped in Launching new payment Solution from Finance control perspective highlights the issues to concern department. Ensure that reconciliation done for new payment solution in accurate manner.

- To Develop and implement best practices in Accounts Payable and Accounts Receivable function to facilitate timely and accurate payments of GFR and GNFR vendors.

- Interface with approximately 3000 GFR and 1000 GNFR vendors respectively from retail Prospective to resolve issues related to payments, reconciliations and deductions.

- Connecting with Stores for issues related to scanning of invoices, RTV of Merchandise, Vendor Queries regarding operational issues, GR/IR reconciliation and user function for their day to day query.

- Coordination with outsourcing partner to ensure smooth running of P2P process.

- To develop and implement best in class processes and systems in Accounts payable, Cash Office and Vendor Allowances

- To establish controls that ensure compliance at an organizational level in order to comply with US Foreign Corrupt practices Act, Anti corruption policy, Corporate governance, and local laws, Fiscal policies, Procedures, and DOA.

- To Develop and implement best practices in Accounts Payable and Accounts Receivable function to facilitate timely and accurate payments of GFR and GNFR vendors.

- Interface with approximately 3000 GFR and 1000 GNFR vendors respectively from retail Prospective to resolve issues related to payments, reconciliations and deductions.

- Connecting with Stores for issues related to scanning of invoices, RTV of Merchandise, Vendor Queries regarding operational issues, GR/IR reconciliation and user function for their day to day query.

- Coordination with outsourcing partner to ensure smooth running of P2P process.

Candidate Profile :

EDUCATIONAL QUALIFICATIONS :

- Chartered Accountant or Cost Accountant

RELEVANT EXPERIENCE :

- Minimum 7-8 years experience (preferably in Retail)

- Knowledge of Financial Accounting

- Have thorough knowledge of AP and Vendor Allowance process, procurement to payment process, Shared Service Management and Vendor Management.

- Hands on experience in ERP system and SAP & good command over excel

- Experience in handling a minimum team size of 25 persons.

PERSONAL CHARACTERISTICS & BEHAVIOURS :

- Excellent communication skills

- Have skills to coordinate and interact with top management.

- Have strong aptitude to work with cross functional leaders and strong negotiation and influencing skills

- Leadership qualities and should be able to lead and develop team by example

PG Qualification : CA (CA)