Overview
FINANCE CONTROLLER – ROLES AND RESPONSIBILITY
FINANCE CONTROLLER is a business process facilitator for optimum resource utilization to ensure achievement of financial deliverables, protect company’s assets and ensure statutory compliances.
Qualifications: CA, CMA, or MBA in Finance with relevant experience.
Experience : 5-10 years of experience in finance, preferably in the textile manufacturing industry.
Skills: Strong analytical, problem-solving, and communication skills.
OBJECTIVES OF THIS ROLE:
– Take responsibility (either directly or via staff) for all cash management, investments, insurance, budgeting, and financial reporting, and help drive the company’s financial strategy
– Coordinate development of annual operating and capital expansion program budgets, as well as reporting for the same
– Ensure cash flow is compatible with operations by overseeing day-to-day accounting, recording, reporting, and internal-control activities of the organization
KEY RESPONSIBILITIES:
Investment Evaluations:
– Prepare the annual financial plan / budget in line with the business strategy and get the necessary approvals from the MD / Board
– Plan for investment needs in tune with the annual plan in collaboration with the business heads
– Evaluate investment feasibility, present the investment case to the MD / Board and get necessary approvals for funding capital expenditure
– Monitor the progress of project implementations in terms of fund utilization and understand any delays on the project progress and the financial implications of the delays
Cash Flow Management:
– Ensure that the business is well funded through proper cash flow from operations and long term funds for investment needs
– Ensure timely and error free collection of receivables of the business and proper credit control is implemented and followed
– Evaluate and finalize the best funding options with financial institutions and other alternate funding options
– Monitoring Profitability of Business
– Define the budgetary allocations and controls
– Monitor the budgeted top line performance
– Monitor the operating expenses to maximize the margins
– Monitor the non-performing assets and take appropriate action
– Define cost control measures and explore cost saving / cost reduction strategies
– Control overhead costs
– Analyze and report variances in profitability to all the stakeholders
– Define the process of insuring all business related risks
– Ensure coverage of all insurable risks of the organization
– Maintaining Internal Controls and Processes
– Define processes for proper work flow planning
– Define processes to ensure validation of financial transactions
– Define processes for periodic review of books of account and other statistical records
– Ensure internal audits take place on time and also ensure adherence of the processes to the audit requirements
– Ensure integrity and hygiene of financial data and books as per the required standards
Reporting & MIS:
– Define and develop the format and content for various operational reports
– Define the process for effective and timely management of information from the reports and validation of the information
Statutory Compliances:
– Ensure all tax / non-tax and legal compliances are met
– Handle assessments, audits and litigations related to the business
People Management:
– Build, nurture and groom the team to ensure the required performance standards are met
KEY RESULT AREAS ( KRAs) and KEY PERFORMANCE INDICATORS (KPIs):
– For a Finance Controller, Key Result Areas (KRAs) and Key Performance Indicators (KPIs) may include:
– Particulars of Role
1 Financial Planning and Analysis
– Develop and execute financial strategies to ensure sustainable growth
– Accuracy of financial forecasts.
– Timeliness of budget preparation and adherence to budgets.
– Analysis of financial trends and performance metrics.
2 Treasury Management
– Ensure efficient cash flow management and optimal utilization of funds
– Cash conversion cycle
– Working capital ratio
– Return on investment for surplus funds
3 Risk Management
– Identify and mitigate financial risks to protect company assets
– Effectiveness of risk management strategies
– Compliance with regulatory requirements
– Reduction in financial losses due to risk exposure
4 Financial Reporting
– Provide accurate and timely financial reports for decision-making
– Accuracy and timeliness of financial statements (income statement, balance sheet, cash flow statement)
– Compliance with accounting standards and regulations
– Audit ratings and findings
5 Cost Management
– Implement cost control measures to optimize operational efficiency
– Variance analysis of actual vs. budgeted costs
– Cost reduction initiatives and savings achieved
– Cost per unit produced or processed
6 Strategic Financial Leadership
– Collaborate with executive team to drive strategic initiatives and investments
– Contribution to strategic decision-making
– ROI on strategic projects
– Alignment of financial objectives with overall company goals
7 Stakeholder Relations
– Build and maintain relationships with investors, lenders, and other stakeholders
– Investor satisfaction surveys
– Successful debt financing initiatives
– Positive feedback from stakeholders on financial transparency and communication
8 MIS Implementation and Management
– Implement and maintain effective MIS systems to support decision-making and enhance operational efficiency
– Timely implementation of MIS projects
– User satisfaction with MIS functionalities
– Reduction in manual data entry errors
– Improvement in data accessibility and reliability